Written in ECONOMY the
Have you heard of drop by drop loans? Careful! Don’t be fooled and don’t fall for this type of scam.
In these December holidays it is very common to have extra expenses, between gifts, dinners, New Year’s Eve parties and something brand new, we can stay with some debts.
And this is where some criminals take advantage of these cases by making ‘easy loans’, but in reality they leave a very high cost.
What are drip loans?
They seem like a solution to problems, but in reality they are an extra problem, the system known as ‘drop by drop’ consists in granting cash for later apply excessive interestforcing people to pay through physical or psychological violence.
These loans are mainly aimed at people who have businesses, who are interested supply quantity what are they going from 2 thousand to 60 thousand pesosand for this you don’t need to sign a contract, incredible, right?
Obviously, this is interesting because they promise to charge small amounts per day, but per month the interest rates range from 20 to 50%. In other words, the amount that ends up being paid is very high and the default interest is excessive.
It is there, when the borrower is in difficulty paying, e these operators credit accuse of violence or steal merchandise from merchants to exact payment.
Tips to avoid falling victim to these scams
In order not to fall into this type of fraud, the National Commission for the Protection and Defense of Financial Services Users (Conducted) She shared three simple tips for not being another victim.
Through the Bureau of Financial Institutions, the Commission recommends:
- Before taking out any loan, check that the finance companies are authorised. To do this, consult the credit office page, click here.
- Check all the financing methods that exist on the market for small business owners and thus avoid this type of fraudulent loan.
- Remember that if the entity offering you the loan is not in the Bureau of Entities, it is because:
- It is not a financial institution.
- Or said “institution” could violate the law.
Don’t be fooled! Remember that what seems easy and without a contract can cause a lot of problems; so be careful with them drop by drop loans and follow these advices from Condusef.
