Fake Credit Provider Scams
The National Credit Regulator (NCR) has been receiving lots of complaints about scams where consumers are asked to pay upfront fees to access loans that then never happen. As a result, they recently issued a statement warning consumers to be very cautious when dealing with people claiming to be credit providers and offering loans that appear to be too good to be true.
It is always hard to know what is real and fake online. Recently your inbox is probably being filled up with offers of loans from silly email addresses that are obviously not legitimate. As a result, it takes a sound mind to make sure you are not being scammed. It also requires a little common sense to keep a look out for some common indicators that you may be dealing with a scammer.
Signs That The “Credit Provider” You are Dealing With May Be Fake
An email address that is not the official email address of the company website. Eg. scamartist@ABSA.co.ru or firstname.lastname@example.org instead of email@example.com
Advertising which says that you can apply even if ‘blacklisted’ or under debt review (blacklisting doesn’t exist and consumers under debt review can’t afford new credit).
When a credit provider offers you credit without asking for bank statements and doing credit checks and asking for a budget and discussing your other debts (an affordability assessment).
If a credit provider asks you to make a payment to them so that they can then later give money to you. This is a classic 419 type scam that has been around for years and years. If you are asked to pay any sort of fee before you get credit then you are dealing with a scam artist who will rip you off.
Fake Credit Providers
The NCR are seeing many consumers fall into the hands of fake credit providers or unregistered credit providers who do not do what the National Credit Act requires of them. If you come into contact with any offers like this please report the matter to them (even if they don’t immediately take action it is good to tell them and maybe help others avoid being scammed).
Fake Debt Restructuring
If you are offered some sort of debt restructuring (or even debt intervention – which is the latest scam that is going around) and asked to pay upfront you are also dealing with a scam artist. if they tell you the matter won’t be put onto your credit bureau report, then you are dealing with a scam artist. Beware. Please report these unregistered scam artists to the NCR and stay away from them.
If you are desperate for a loan to make ends meet, then in all likelihood you are over indebted and should rather look to end your reliance on credit to simply get by. Don’t dig yourself deeper and deeper into debt each month. Rather, look into debt review which can help you reduce your debt each month and finally get rid of it.