The Three Major Risks when Borrowing Money Online

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On the internet everything is easy, from ordering takeaways to paying your bills. However the stakes become a little higher when you’re looking to apply for a loan.

When it comes to a personal loan, you need to provide private information to someone you might not even know, so you have to be sure to be completely safe online, especially when you’re thinking of loaning a large amount of money.

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What are the risks when it comes to borrowing money online?

Here are the three major risks that you could be facing if you do not look out for the red flags when borrowing money online:

LOSING MONEY

This is the most obvious risk. Fake loan providers will easy set up a fake business, promise you the world and then charge you fake fees to approve your loan. In the end you don’t ever get what you paid for.

PAYING TOO MUCH

Even if you do end up getting a legitimate loan, you may end up paying an arm and a leg to a bad loan provider. A loan provider that is reputable will give you a reasonable price for a loan at fixed prices.

IDENTITY THEFT

This will happen to you if you give out your private information to a fake loan provider that is actually looking to steal your identity. You may be asked to go to a fake website and fill in your personal information such as ID number, date of birth, address, etc.

Overall you could be simply wasting your time and effort trying to borrow from a fake loan provider!

Don’t become the next victim of a personal loan scam, here’s how!


I think I’ve been scammed – Now what?

Please contact OSINT immediately on 021 110 0422 or email contact@osint.co.za otherwise learn more about our open-source intelligence & digital forensics services on www.osint.co.za or www.tcgforensics.co.za

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