Spot scam lenders with bad credit reports

Do not let yourself be victimised by scam lenders

08:21 02 February 2014

Even individuals, who have managed to escape the effects of rising inflation, job loss, or interest hikes unscathed, may at some point in their lives need to borrow some money, or sometimes, a lot of money.  If your credit score is not up to par, then you could have a problem getting the loan that you sorely need.

 

Lenders base their assessment on credit scores and people who rank low are considered as bad risk.  Needless to say, most lenders will not touch you with a ten-foot pole.  

 

This is where loan scammers see the opportunity to earn by victimising people who are weighed down with bad credit scores.  They come like wolves in sheep’s clothing purportedly bearing good news and a solution to your financial problems.  Despair and rejection can make an individual easy prey of the scam lenders.

 

No matter how desperate you are for money, you should never let your good sense leave you when you encounter people who appear to be too willing to help.  If that person shows some or all of these signs, start to wonder:

 

1.The person asks for your UKash code as means for payment.  If you give your Ukash code to this person or lender, you can as well say goodbye to whatever cash you have in that account.

 

2.Wrong grammar and wrong spellings in most communications, which is trademark of foreign scammers such as the Nigerians, Chinese and Russians.

 

3.Offering a loan scheme that is too good to be true.

 

Do the following to check if you believe that the company or the individual offering you are loan scammers.

 

1.Check with the local office of the Trading Standards if the company is licensed to conduct such business; if not, you have to report them so they can be apprehended under the Fraud Act.

 

2.Call 0300 123 2040 to report the crime. This is UK’s top reporting centre handling financial fraud.