With the festive season approaching, consumers are at heightened risk of falling victim to credit scams. Scammers offer large loans with tempting terms but often require upfront payments which rarely lead to actual loans. Ndimande from Sanlam Credit Solutions warns against low interest rates and lack of personalization.
It is easy to fall for credit scams as you try to find extra money quickly to afford everything you want to buy for the festive season .As the festive season approaches, scammers are rubbing their hands together at the thought of all the unsuspecting consumers they can scam.
How else do you spot a scam? Ndimande says these scammers use techniques that get increasingly more sophisticated to lure consumers in every year and therefore it is vital to know what to look out for. The branding may look legitimate but take a closer look. Even if you are unfamiliar with a company’s branding, subtle details can reveal that something is not as professional as it appears. Look out for inconsistencies in font styles and sizes, overly colourful designs, or a lack of polish.
Look for legitimate authority details. Trustworthy financial institutions are compelled to include their standard authority markers in all correspondence with consumers. Ensure that the lender is registered as a financial services provider and authorised by the Financial Sector Conduct Authority . Ndimande says if someone ‘stole’ your identity to access a loan, the best way to spot this is to check your credit report regularly for unusual activity.
Credit Scams Festive Season Sanlam Credit Solutions Ayanda Ndimande Low Interest Rates Personalization
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