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Avoid these 5 Loan Scams this Year

By: f2cpvtltd

Do you get these texts & emails frequently? 

Pre-Approved Personal Loan of Rs up to 30 lacs. Apply Now! 

Personal Loan Approved For Rs. 1500000. Get Money to Your Bank Account Now. 

Quick Disbursal of funds up to Rs. 25 lacs. Get the Money in Less 25 Minutes. 

You neither checked your credit score nor enquired about any credit facility. But you’ve still been bombarding lucrative offers. Watch out as your little greed can be an expensive affair.

There are no motives from your end in 90% of the cases these communications have. You may not have checked your credit report, may not even need a personal loan, but you are already a possible client. There are some questions you may have immediately after seeing these messages – “How do you know that I am relevant if I did not supply them with my documents? “Without even uploading my data, do they know my credit score? “And the big question is, is this a SCAM?”. The third question is the most real doubt one may have, and let us be honest: Yeah, a message like this is likely to be used in a banking scam.

Therefore, look at the sort of fishy communications to stop in 2020 and be a smart customer. Get your loan ethic straight in 2020 and stay away from mortgage fraud and loan scams:

  1. Pre-Approved Credit Facility Without Your Information: Loan scams

    Always think that how come you’re a potential client when even you don’t fulfill the eligibility criteria. For example, a person just earning 25K can get a personal loan of Rs 15 lacs. Someone who doesn’t know your full name, age, or professional details is ready to give you a massive sum of money. It’s most likely to be a banking scam, nothing else.

  2. The Document Game for Phishing & Vishing

    As you already know, KYC details such as Aadhaar Card & Pan numbers are mandatory to apply for any loan. You got a fantastic offer & and as a part of the traditional procedure, you shared these documents. Now, fraudsters can use these details to gain access to your bank account. Apart from this, they can use your details to process a loan, but money disburses to someone else’s account.

  3. The loop of Rate of Interest

    It would be best if you always kept your eyes open when you discuss or seal the deal for any credit facility, especially regarding the rate of interest. The majority of borrowers don’t pay much attention to the interest rate. And due to rush, they proceed without a second thought, resulting in a scam.

  4. Advance Payment in the name of the processing fee: Loan Scams

    It’s one of the typical bank frauds nowadays. Fraudsters can ask you to make an advance payment as a processing fee. Once you make the payment, they become ghosts. Never pay cash, or create a bank transfer to any bank account as you won’t get anything out of this but only invite trouble for yourself.

  5. Don’t Fall Prey on Credit Rebuilt or Debt Management Offer

    Always say no to any credit building service or debt management offer. If an organization promises you to increase your credit score overnight, you’re most likely to lose your hard-earned money. Suppose a company offers a smooth balance transfer or taking over your existing loan with a minimum interest rate. Stay alert as this is too good to be true.

[ Must Read: How to Deal with a Debt Trap? ]

The question is still the same: how to authenticate that the text, email, or phone call from a bank representative is authentic & genuine.  It’s the reason when a loan consultant comes into the game. Who authenticate, analyze, verify on your behalf before you share any of your confidential information.

Whenever you’re unsure, feel free to reach out to Fair Fincorp anytime. Our trained & qualified financial advisors have got your back during your borrowing journey. From filling up your loan application to the disbursal to your account, we’re there with you. Over 14+ years of experience, quality service to thousands of customers makes us the leading Personal Loan Consultant in Dehradun.

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