Online Loans and Cons

Now, this one I know a lot about and it is not just about charging you for setting up the loan!
The bank says no to your request for a loan. The only thing left to do is to get online and search the internet.
You are now swimming with the sharks and you will be bitten!
 What the websites say!

• No credit checks.
• Guaranteed offer.
• Same day loan.
• County court judgment? No problem.
• Bad credit? No problem.
• Same day payment.
• Money in your bank account the same day.
• No set up fees.
• And much much more!

The Con:
The moment you pick up the phone you are now swimming in their pool. They will tell you what you want to hear and they will give you hope.  Their first objective is to get all of your personal information.  Next, they need to get your credit card details to process the set up fee, which could be around £60 pounds. They do this by telling you that they have just processed your application and the great news is that “you have been pre-accepted for the loan and all we need to do now is process it and the money will be with you in no time” They say!
 
You have just been coned out of £60 pounds and all of your personal information.

It does not stop there. They will not tell you about the setup fee until you give them all your personal information. Only then they tell you that you have to pay the £60 pounds set up fee. You will of course respond “if I had £60 pounds I would not be asking you for a loan” they reply “Ok we will cancel this application and that will be the end of it”!

End of it, are they joking?

Well I am sorry to say it is only just starting. They pass all your information onto loads of other companies at a fee, so they don’t care if you pay or not. They have all your information which is worth money to them and this is the basis of the con. Getting £60 out of you is just a bonus! It is your information that they want.

Next come the phone calls and the emails offering you everything under the sun. They don’t stop and now you have little chance of ever getting any good credit scoring as they damage your reputation.

You will get emails thanking you for your loan application from a company you have never even talked to. Then there is the one that tells you that your loan is ready for you to collect and really it does not stop. I have known people to have an emotional breakdown over this type of con.
I really hope that what I said here did not scare you. I only want to open your eyes to the risk. There are of course legitimate companies that don’t do this; but finding them is like finding a needle in a haystack.

This con has to be stopped. It is not just about money, now it is about peoples lives!
Kind regards COO,
www.dontbeconned.com