Sniff out Loan Sharks – Beware of the Man in the Grey Suit

Mar 07, 2016

More loan and credit providers than ever before, are operating online.

Many financial institutions and sites are indeed trustworthy – but, loan fraud exists. These online loan sharks succeed in taking a person's money or banking information to arrange loans that will never materialize, and leave many victims in their wake. There’s usually no way to recover the cash, so tread lightly. They will also flood those that enquire about loans with unwanted calls and texts for all eternity.

Let’s take a look at these loan sharks!

These fraudsters usually offer tempting long-term repayment options, with an enthusiastic promise to ease your financial burdens. But, in return, you have to pay a somewhat hefty sum upfront for the loan arrangements to commence. Loan Sharks call it ‘activating’ the loan. They prey on people stuck in financial difficulty by placing numerous ads online in search of potential victims.

 

If you dare contact them, you’ll be told that getting a loan wouldn’t be a problem, but this is where they corner and circle their victims that are now oh-so-happy and relieved to get a loan. Unsuspecting South African borrowers have poured out thousands of Rands for these ‘loans’ - only to find the money never actually appears. Ouch.

Here at Fincheck, we’ve got your best interests in mind, so we only do business with registered, accredited, and trustworthy lenders. You can thus be at ease and feel free to make use of the Fincheck loan comparison page to compare the loans of various lenders!

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