In a world where technology is king, it's made it easier and easier for scammers to target already financially vulnerable people. These scammers will claim to be from a 'phoney' credit provider that usually targets their unsuspecting consumers via SMS or email. If you are approved for a loan and they ask for any upfront fee in order to either process the loan or for insurance purposes, it is highly likely to be a scam. This is illegal, the lender is a fake, and more often than not that 'upfront fee' has been stolen.
Who Are These Scammers Targeting?
A situation like this is very common among financially stricken consumers who have been blacklisted or have a bad credit score and are unable to get a loan through an accredited lender. As a result, they fall prey to scammers offering a 'financial quick fix' of sorts when they have nowhere else to turn.
How to Identify a Legitimate Lender
Mpowa Finance is registered with the NCR (National Credit Regulator) and they warn people to do research into their loan provider before accepting anyone to lend them money. If a lender is claiming to offer out loans, they have to be a part of the NCR to be considered legitimate. An accredited loan provider can charge application, appraisal, or credit report fees depending on their policies - but they do NOT require any upfront fees for a loan.
Know Your Rights and Stay Safe
Mpowa Finance wants its consumers to know their rights, stay informed, and at all costs avoid falling for any 'upfront fees' in order to get a loan. Before providing any personal information or funds to a lender, verify that they are registered with the NCR at www.ncr.org.za.
If you are in need of a loan, trust in Mpowa Finance to deliver the best service with a same-day, instant, 100% online loan of up to R7,000. No upfront fees. No hidden charges. Just a fast, transparent application process from a lender you can trust.
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