Like every other fraud, loan frauds too are on the rise. Fraudsters trick people who need a loan and cheat them out of hard earned money. You might often receive an email, message or phone call stating that you are eligible for an interest-free loan, loan without credit score check and so on. This may not be true. These are tricks used by fraudsters to attract people and cheat them. In this blog, we talk about the real-life story of a woman who lost Rs 50,000 while availing a loan of Rs 1 Lakh.
Recently, a woman from Chandigarh had read an advertisement in the newspaper, which offered a loan of Rs 1 Lakh. The advertiser had even mentioned the contact number. Thinking the advertisement to be true, the woman called up the number mentioned in the newspaper.
The person who picked up the call promised her a loan of Rs 1 Lakh, after requisite documentation. To process the loan, the victim was asked to deposit the processing fee of Rs 3,000 to a bank account number of a nationalized bank. In the hope of getting the loan, she deposited Rs 3,000 to the given bank account number.
After sometime she was again asked to deposit Rs 17,000 and the fraudster told her that the amount would be refunded within 3-4 days. She was asked to deposit money into a different bank account.
She deposited Rs 50,000 in total, to the fraudster’s bank account. Even after depositing Rs 50,000, she was not sanctioned the loan. Instead, the fraudster asked her to deposit more money. She refused and asked him to return the money deposited by her. The fraudster stopped picking her calls.
1. Do Research on the Lender
It is very important to do proper research on the lender before availing a loan. This is because there are many fraudulent lenders in the market, whose main intention is to cheat people and make quick money.
2. Do Not Pay the Advance Fees
It is advisable to stay away from lenders who ask you to deposit an advance for sanctioning loans. No reputed lender will ask you to deposit advance fees. However, you will be asked to pay a certain fee, but this is at the time of signing a loan agreement.
3. Do not Provide your Personal Information Over the Phone
If the lender is asking you to provide personal banking information over the phone for sanctioning the loan, never do so. No bank or reputed lender asks you for personal information over call.
4. Avoid Offers Which are too Good be True
You must shy away from the loan offers which are too good to be true. If the lender is providing too good a deal, think twice before availing loans. Providing attractive deals is a trick used by fraudsters to attract people.
Read More: Avoid Loan Fraud
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