What are the Characteristics of Online Loan Fraud?

[Suba]

As we surf, we often come across sites/patfoms that offer online loans, usually we find them on Whatsapp, social media, short messages, or through advertisements, etc., which I suspect is an act of fraud with loans that are so easy, the interest and installments are very low. There are no special requirements, just a mobile number and ID card, your bank account to receive a loan. So we all have to know the characteristics of fraudulent/illegal online loans.

 

[Starmix]

I never entertain an invitation for an online loan that states that it's so easy and hassle-free. The more doubts it would give me because it is a hassle-free loan application.What if they keep on charging us with interest and deny our payments?

 

[HansonU99]

Some of the way which you can easily identify online loan frauo is they will ask you to pay some upfront fee or demanding for your credit card information

 

[eLdavis]

I usually tend to avoid any offer that is not from an existing and well known company or organization. Even when i see an offer from this well known organizations, i still take time out to check their official page for information.

 

[Starmix]

We need to get the feedback from the web if the site that transacts business is legit to avoid getting a trap of a fraudulent act. If money is involved that's one sign of fraud.

 

[aninditasen]

As we surf, we often come across sites/patfoms that offer online loans, usually we find them on Whatsapp, social media, short messages, or through advertisements, etc., which I suspect is an act of fraud with loans that are so easy, the interest and installments are very low. There are no special requirements, just a mobile number and ID card, your bank account to receive a loan. So we all have to know the characteristics of fraudulent/illegal online loans.

I don't support taking a loan. I better save the money. However loan is essential for heavy investment. I had to take a house building loan but I took that from a Nationalized bank by visiting the bank physically.

 

[Suba]

I don't support taking a loan. I better save the money. However loan is essential for heavy investment. I had to take a house building loan but I took that from a Nationalized bank by visiting the bank physically.

Your actions are very appropriate, but knowing the characteristics of online load fraud will be useful for anyone, especially those who want to take out online loans, so they don't get caught in fraud.

 

[Bisolami]

They will be asking you for some informations that are very personal to you so we have to be smart

 

[Kirubel]

I have seen some online loan giving organizations, and they try to convinces us with this fancy words and good offers they have and they are trying to make us trust them, but after we trust them and plans to work with them they turnout to be a big scammers and try's to take our properties and they show you a high interest rates too.

 

[Starmix]

I met someone on Facebook claiming she applied for an online loan but she was shocked because she was told that she made only 5 payments. She said she already fully paid her loan. She approached the NBI in my city and traced the fraudulent company. The site disappeared.

 

[Kirubel]

I met someone on Facebook claiming she applied for an online loan but she was shocked because she was told that she made only 5 payments. She said she already fully paid her loan. She approached the NBI in my city and traced the fraudulent company. The site disappeared.

This exact things are happening in my country, after peoples pay their entire loan money and they cover all the interests the organization tell them that they need to pay more money in order to get their documents, an some times they say you only paid half of the loan they take.

 

[Starmix]

This exact things are happening in my country, after peoples pay their entire loan money and they cover all the interests the organization tell them that they need to pay more money in order to get their documents, an some times they say you only paid half of the loan they take.

It's not advisable to transact a loan through online. Most of them are cheaters. Many can testify their acts especially the seniors who applied for another retirement but after collecting huge money they disappeared

 

[Kirubel]

It's not advisable to transact a loan through online. Most of them are cheaters. Many can testify their acts especially the seniors who applied for another retirement but after collecting huge money they disappeared

Yeah, they are bad and their rules are unethical and they do many immoral things to a person who took a loan from them.

 

[Starmix]

Yeah, they are bad and their rules are unethical and they do many immoral things to a person who took a loan from them.

It's not advisable to trust an online seller right away. We need to get the feedback before proceeding. They're wise people who have nothing on their heads but cheat.

 

[Kirubel]

It's not advisable to trust an online seller right away. We need to get the feedback before proceeding. They're wise people who have nothing on their heads but cheat.

Now days it is also hard to trust online reviews about platforms because those fake platforms pay for peoples to give fake review about the platform, i don't like the reviews.

 

[Starmix]

Now days it is also hard to trust online reviews about platforms because those fake platforms pay for peoples to give fake review about the platform, i don't like the reviews.

That could be possible. They can manipulate people through paying them just to get their attention unknowing it's a scam.

 

[Kirubel]

That could be possible. They can manipulate people through paying them just to get their attention unknowing it's a scam.

True, money can do a lots of things, and they buy fake reviews, so we need to do our own researches.