Just like in other markets, there are also a lot of scams in the loan market. How can borrowers protect themselves from predatory lending practices and scams in the loan market?
Just like in other markets, there are also a lot of scams in the loan market. How can borrowers protect themselves from predatory lending practices and scams in the loan market?
Read less
The biggest scam in the loan market are the loan sharks, especially in the 3rd world countries, they know that people are in need of money so they process out loans at a very exorbitant price, and when you mistakenly default on your payments, they'll keep on adding ridiculous interest on the loan. TRead more
The biggest scam in the loan market are the loan sharks, especially in the 3rd world countries, they know that people are in need of money so they process out loans at a very exorbitant price, and when you mistakenly default on your payments, they’ll keep on adding ridiculous interest on the loan.
There’s also other ways they make it hard for people, when you take loan they’ll copy all of the contacts in your phone and call them, telling them you’re a scammer and you run away with company’s funds.
See less