Read the media release from the NCR here: Be careful of “fake” credit provider scams during the covid-19 pandemic
Here are some key points to take note of:
- The impact of the pandemic has left many consumers desperate for money and some having to resort to borrowing
- Criminals and unregistered companies are posing as registered credit providers offering loans via SMS and email
- Scammers inform consumers that a loan is approved and before the loan is paid out, demand an “upfront payment”
- Once consumers pay this upfront payment, the scammers will disappear with no trace and no loan will be paid out to the consumer
- According to the National Credit Act (NCA), an “upfront payment” for a loan is unlawful and not allowed, consumers are warned not to fall for this scam and never pay any upfront fee for a loan.
- Everyone giving out credit, must be registered with the NCR and apply the rules in the NCA. All registered credit providers’ details are listed on the NCR’s website (www.ncr.org.za) and consumers are encouraged to check before doing business with anyone offering credit.
- Those who have fallen victim to this scam and have paid upfront fees should open criminal cases at their nearest South African Police Service (SAPS).
We here at Rhino Money Loans have received a couple of inquiries from people that have fallen victim of these types of scams. There are criminals out there using the name "Rhino Loans" and "Rhino Lenings" to trick people into making "upfront" payments. Please contact the MFSA (www.mfsa.net) or the NCR (www.ncr.org.za) if you are unsure about the legitimacy of a credit provider you are dealing with.
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