Loan Scams

MDzzlr199

I have recently been made aware of an organisation using a website unsecuredloans dot ie who are allegedly operating a scam. I would welcome any stories anyone has of any dealings they've had with them and whether or not they are legitimate. From what I can see they are not registered with the Central Bank of Ireland and whilst they purport to have an address in Cork and an Irish number, the phone number leads to an answering machine, and when you send in an application, you are called from someone claiming to be located in Ireland, but with a distinctly Asian accent and a poor grasp of the English language. They take you through a very brief "application" process, say you are approved and they can transfer the money through in 2 hrs, but because your bank is different to their bank, they ask you to use a specific app to make the payment. This is the second alarm bell. If you ask them to send on their bank account details and the necessary reference details in order to make the payment, you get an email from a very dodgy sounding email address not linked at all to the website. I think people need to be made aware of this operation, as many people with bad credit will think they are in luck, spend some of their well earned money on "the first instalment" as they are chosing an unsecured loan, and will end up worse off for their effort.

ohnonotgmail

are they expecting the first installment before giving out the loan?

stronglikebull

How exactly is this a scam? Are you saying that they don't give out the loan at all and you end up paying them for something you never get?

It's just another high interest rate loan service, not far off some credit cards, and not good value for the borrower. Their example shows that on a 4 year loan you'd end up paying 100% in interest on top of the premium. It's a loan for people who really shouldn't be borrowing money.

The domain is owned by Finance for you ltd, who are regulated by the Central Bank, and are registered with the CRO in Killarney.

I don't see an actual scam here, just a really bad idea aimed at desperate people.

Sir Oxman

Jaysus!

---> Amount of credit: €3,800 for 48 months at €155.05 per month. Total repayment of €7,442.61

Xterminator

payday lenders are allowed to charge 100% interest. its not right but its not a scam, when you are told the truth up front, and you accept the T's & C's.

i think someone was talking about bringing a private members bills to cap the interest that can be levied. problem with that is people will go to unlicensed money lenders who have no rules at all.

stronglikebull

In the UK, some of those Payday loans charge interest in the order of 5000%. They're intended to be paid back in a few weeks, so the actual interest accrued is probably more like 100% of what you borrowed, but 100% in a couple of weeks is absolutely criminal. The really bad thing is once you've paid the loan back on payday, you have no money left now for the rest of the month, and have to take another loan to get you by till next month. A vicious cycle, and really they should be severely limited by legislation.

L1011

Regulated UK lenders are limited to 100% interest over the lifetime of the loan but the daily rate is equivalent to about 300% still. This is why some of the big players have hit the wall as they had such high defaults they relied on the huge interest from the performing loans.

stronglikebull

I was thinking back to the likes of Wonga, that had interest in the order of 5600% or something like that. They went bust last year, no harm. I see now there're all limiting the interest to just under the amount of the loan. The APRs being quoted on knowyourmoney.co.uk are still showing in the order of 1000%, but of course the loan is not paid back over a year but more like 30-60 days, and you end up paying 100% in interest.

fritzelly

On Liveline now with people who were scammed

Zedyu

I think i have ben subjekt to a loans scam by so called loans ireland.ie. what should i do?

Zedyu

ohnonotgmail wrote: »

are they expecting the first installment before giving out the loan?

Yes. THATS what happend to me today. Then they task for more to pay as a tax to revenue, and then i startat to realize it's a scam.

fritzelly

Zedyu wrote: »

I think i have ben subjekt to a loans scam by so called loans ireland.ie. what should i do?

Report to gardai but probably nothing they can do

fritzelly

fritzelly wrote: »

Report to gardai but probably nothing they can do

Joe Duffy explained today that there is a scam out there relating to lending people money.

The exact website address I can't recall but it ended in .ie

Apparently they approve your loan but then ask for the first payment upfront. Then a few hours later they ask for more money, in whatever way they do this.

Some people have been scammed by this- many don't want to go on record as simply they feel "stupid".

For anyone feeling "stupid", because you have been scammed- DON'T!. Go to the Gardai, your local Garda station, and report- it's that simple. They will take action but they need you to report it- especially if it's an Irish scam i.e. based in Ireland.

You're not "STUPID"- it's just that you've been scammed, while probably in a very vulnerable financial situation. Don't ever think you're "STUPID"- you're not.

fritzelly

The website is the subject of the thread...

march1981

it is a scam... its precisley what happened to me needing money in a very urgent situation. they firstly requested a 'down payment' than an addition 600 euro to clear 'tax' which would be refunded when i paid! the third phone call, i just broke down. another 450 euro for revenue charges and the loan would be mine. i could not believe id been so stupid had i not panicked. ive reported it to guards, my bank ect... but ive been getting phone calls from them since goading me down the phone and laughing that i'll never get my money back.

rantyrebel

I think the same thing happened me they asked for the first month installment and I wasn’t thinking when I sent it as I was in work and said I would have the money tomorrow morning

Wheety

rantyrebel wrote: »

I think the same thing happened me they asked for the first month installment and I wasn’t thinking when I sent it as I was in work and said I would have the money tomorrow morning

Definitely a scam. How did you send the money? Bank transfer? Let your bank and the guards know.

geronimofinch

https://www.chillcredit.com/ This would also appear to be one of those sites, requesting upfront payment of the first installment for any unsecured loans. Characters.

Jaydee63

irelandloans.ie is one of these scam loan sites. They tell you that your loan is approved but you need to pay the first instalment in advance. You wont get the money. They will then explain to youthat the loan was cancelled due to your poor credit score but if you pay them more money they will be able to improve your credit score and the loan will be re-approved. It won't, there is no loan. If this happens to you report to Gardai and your bank. Gardai are making every attempt to shut these websites down but they keep popping back up under different domains

Jigsqw

Www.irelandloans.net.....its a scamb...I just lost 260 euros

dotsman

Guys, irelandloans.net is clearly a scam. After looking at their website for 30 secons, there are a number of very obvious red flags

• The address (www.irelandloans.net), the title (Theloanie) and the name of the website don't match.
• They seem very confused about currencies. The front page contains a mixture of pounds and euro.
• Nowhere does it state who regulates it.
• The website contains zero contact information - you have no idea what country you are even dealing with.
• They say you don't need to submit any documentation. Not only would that be extremely illegal, but it would be extremely dangerous for them - they would be lending money to a complete stranger, with no way of chasing them up, so it is clear they will never actually give you any money

dotsman

Just spent another 30 seconds on their website and found this: https://www.irelandloans.net/complaints.html

• Leaving aside the obvious unprofessional text/layout, they now seem to think their website is called "Loan ie", whatever the hell that means?
• They actually do give an address - for the US! A simple google of this address reveals that it is an apartment complex (the address they provide doesn't even state what apartment number!)
• They seem confused over their own company name, in some places referring to it a "Money Finance", in others, referring to it as "Everything Finance"
• They now claim to be regulated in the UK by the FCA. However, the registration number they provide is not them (it's an oil company). Also a search of the registry doesn't return any results for them.
• They don't provide a telephone number and want all communication over email. What bank even allows insecure email communication for financial matters?

TheBoyConor

A fool and their money are soon parted.