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?
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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 lessOne of the biggest loan scams is the loan sharks who give out online loans at really high interest rates. They take advantage of people's desperation for money to charge them high interests. That is why it is best to carry out research to know which platforms are best for taking loans. It is best toRead more
One of the biggest loan scams is the loan sharks who give out online loans at really high interest rates. They take advantage of people’s desperation for money to charge them high interests. That is why it is best to carry out research to know which platforms are best for taking loans. It is best to take loans from financial institutions that are regulated, they are best as they offer low interest rates.
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