How do these "Loanstreet" scams actually work?
The most common tactic is Brand Impersonation. Scammers know that Malaysians trust Loanstreet for financial advice and loan comparisons. They will contact you via WhatsApp, Telegram, or Facebook, claiming to be "Loanstreet Consultants." They often promise "guaranteed approval" regardless of your CCRIS or CTOS score. Once you’re interested, they’ll ask for a "legal fee," "stamp duty," or "activation fee" to be banked into a personal bank account.
The Golden Rule: Loanstreet is a comparison and aggregator platform. We help you find the best deals, but we never lend you money directly, and we never ask you to bank money into a personal account.
5 Red Flags that scream "It’s a SCAM!"
If you encounter any of these, block the number immediately:
- Upfront Payment Requests: Real banks and licensed money lenders will never ask for a "deposit" or "processing fee" before the loan is disbursed. Any legitimate fees (like stamp duty) are usually deducted from the loan amount itself.
- Personal Bank Account Names: If they ask you to transfer money to "Ali Bin Abu" instead of a registered company account, it’s 100% a scam.
- Communication via WhatsApp/Telegram Only: Professional financial institutions use official email domains (e.g., @loanstreet.com.my) and secure portals. They won't conduct an entire loan application over a WhatsApp chat.
- Too-Good-To-Be-True Rates: With the OPR (Overnight Policy Rate) status in 2026, if someone offers you a 1% or 2% flat interest rate for a personal loan, they are lying.
- Urgency and Pressure: Scammers will tell you the offer "expires today" to stop you from thinking clearly.
Real Loanstreet vs. Scammers (Comparison)
| Feature | Official Loanstreet | Scammers / Impersonators |
|---|---|---|
| Primary Service | Loan comparison & education | Pretending to lend money directly |
| Fees | 100% Free for users | Ask for upfront "processing fees" |
| Payment Method | We never ask for money | Transfers to personal accounts |
| Contact Method | Official Website & Verified Socials | WhatsApp, Telegram, or Fake FB Pages |
| Loan Approval | Done by the Bank/Lender | Guaranteed approval (Fake) |
We believe that some of you (or someone you know) have been conned by these scammers because we’ve been receiving complaints on our official Facebook post. Here are some of them.
What should you do if you’ve been contacted?
If you have received a call/message like this, from somebody claiming to be from Loanstreet, PLEASE DO NOT HAND OVER ANY PERSONAL DETAILS or continue the call. When in doubt, please call/report to 03-7451 5283 or [email protected]. You can also engage with us on Facebook. We prefer you to be safe than sorry.
Also, follow these steps to stay safe:
- Don't pay anything: No matter how small the "processing fee" is, do not transfer funds.
- Report it: Call the National Scam Response Centre (NSRC) at 997. This is the 24/7 hotline for Malaysians to report financial scams immediately.
- Check the URL: Always ensure you are on loanstreet.com.my and not a copycat site like "loan-street-malaysia.com."
Summary: TL;DR
- Loanstreet is a comparison site, not a lender.
- We will NEVER ask you for "upfront fees" or "deposits."
- Never bank money into a personal account for a loan.
- If you've been scammed, call the 997 hotline immediately.
FAQ: Your Questions Answered
Q: Does Loanstreet ever call customers?
A: We may contact you if you have specifically requested a consultation through our official website. However, we will never ask for a bank transfer or your bank login details.
Q: Can I get a loan if I have a bad CCRIS score?
A: While some licensed moneylenders are more flexible than banks, "guaranteed approval" is usually a trap. Always check if the lender is licensed via the i-KrediKom mobile app by KPKT.
Q: I already paid a "deposit." Can I get it back?
A: Call 997 immediately. If you do it within the first few hours, there is a small chance the authorities can freeze the scammer's account before the money is moved.
Q: How can I check if a lender is legitimate?
A: You should verify their license through the KPKT database or the Bank Negara Malaysia website. Legitimate lenders will never use personal bank accounts for business transactions.
Q: Will Loanstreet ask for my IC copy over WhatsApp?
A: We do not process loan applications directly on WhatsApp. You should only upload sensitive documents through our secure website portal or directly to the bank's official platform.
Conclusion
Scammers are getting sophisticated, but they all rely on one thing: your hope for a quick financial fix. Stay sharp, verify every offer, and remember that if it sounds too good to be true, it probably is.
Loanstreet is here to help you navigate the Malaysian financial landscape safely. Compare your loan options at Loanstreet’s webpage to see which legitimate bank gives you the best deal without the drama.
