Online Lending Companies Fraudulent Activities Exposed As Public Goes “Wild”
Information reaches Connectghananews.com website indicates that many Ghanaians who have developed interest to seek loans from some online lending firms are not comfortable about the sort of treatment they (borrowers) are undergoing through on the hands of these financial institutions.
Majority of these online financial set ups are allegedly mainly from Nigeria and India who operates through their agencies in Ghana.
Having emerged in their numbers on the Google play store with the their applications (apps) such companies flexibly explain their terms and conditions of loan disbursement.
Under their terms and conditions, a customer can apply for a loan ranging from Ghc 100-300,000 with 30 days to 360 days repayment period
Interest rates are pegged at 1-35% annually based on th+e principal of the loans.
It was gathered that after convincing prospective borrowers to download their apps for loans , all their terms turn out to be false.
For instance their platforms will not ask borrowers to apply for their own loans.
Such alleged scamming online loan firms would quickly approve loans that are unconsented from the borrowers.
This is when they have approved your application with your full details.
On their loans, they would state for example ghc400 as loan applied then charged a platform fee of Ghc132 and pays a borrower ghc268 instead of the ghc400 it appears on the platform, and hardly states interest rate as stated on their terms and conditions.
They also gives only less than one week for a borrower to settle the loan, as the ghc132 is kept without justification.
Again they also fail to provide credible telephone numbers and valid email addresses for enquires.
This authoritative website have credible prove to back this reports and therefore call on the authorities to act immediately before these scamming online loan firms disrepute the well established banking firms in the society.
