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Beware of Fake Loan Aggregators

IamCheated.com Research Team | June 24, 2019  7:00:pm

Beware of fake loan aggregators

Loans help when you badly are in need of money to meet any expenses. There are different kinds of loans which help meet expenses like marriage expenses, emergency medical expenses, education expenses, and expenses when you are buying your own home or a car.

While availing loans is very important, sometimes we get confused on which lender to avail loans from. In such a situation, we normally take the help of a loan comparison website or loan aggregators. But, the sad part is fraudsters are using the loan aggregating concept to offer fake loans and make quick money.

Recently, Delhi police arrested a gang of fraudsters for cheating 500 people across the NCR by promising to get loans from reputed banks. 

See Also: How A Woman Lost Rs 50,000 To Loan Fraud?

Here is what exactly happened?

Nine youth, including some graduates, had set up a fake call center at Noida, to cheat loan seekers in the name of offering loans from reputed banks and NBFCs. They had already cheated as many as 500 people using this trick.

The fraudsters had created a fake website for their company and to make people aware of it; they had advertised it online and in the newspapers. In their website, they had mentioned that they were a Delhi-based start-up and they had pioneered the concept of online comparison for retail loans in the country. They had even mentioned that they were an online loan information and application portal, which provides information on loans available in India.

Those who view the advertisements posted online and on newspapers, call these people up on the mobile number provided on their website. The fraudsters from fake call centers would attend the calls and promise to process the loans amounting to Rs 1 Lakh to around a crore.

To process the loan, fraudsters would ask borrowers to pay Rs 3,500 as “filing charges” for processing loans amounting to Rs 1 Lakh to 9 Lakhs and Rs 4,130 to process loans ranging from Rs 9 Lakh to Rs 1 crore. They were even charging Rs 12,430 as processing fees for each loan. But, till now they have not processed even a single loan.

According to police reports, these fraudsters might have cheated people to the tune of Rs 50 lakhs. The fraud was uncovered after the police received a complaint from a person on this scam. Finally, police have arrested the gang of 9 people.

How to avoid this fraud?

1. To avoid this kind of fraud, you must check the reputation of loan aggregators before trusting them. Check the reviews of the company online. You must always prefer the most known and reputed aggregators.

2. Never pay the advance fees. If you are asked to pay the advance fees for sanctioning a loan, you should stay away from them. You are never asked for an advance fee before the disbursement of a loan. Of course, you will have to pay a processing fees, but this is part of the loan agreement.

See Also: The Most Common Frauds and How to Avoid Them

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