Alongside our sister website 1800sueyourlender, we are a company based around pointing out direct fraud made by lenders around the United Kingdom. There are so many lenders and banks that are practicing in outright fraudulent activities around the UK, and because of the regulations being slightly flexible towards some fraud, we felt we had to oust some of these companies for what they really are.
There are many ways to fraud customers without being obvious about it. One of these ways is to suggest that you are offering a lower interest rate than you really are. While we will get into the many ways that companies have operated in fraudulent activities throughout the years, one of the strangest and possibly worst ways I have seen is outright lying about the interest rates offered. But this really deserves its own blog post.
Another way some lenders get away with fraud is by changing the amount that the loan was
accepted for. As strange as this sounds, some companies do in fact offer an amount, but a part of that amount is considered an “immediate repayment portion”. Again, this deserves its own post one day, especially considering how horrible of a practice it really is.
Sometimes, there are cases of fraud that are a lot less harmful. I have seen some companies offer loans, but they are in fact a shell company for another lender. While this isn’t as harmful because the rates, amounts and so on doesn’t change, it is strange that some lenders will pretend to be other companies which are sometimes smaller. There are strange reasons that they do this too.
Fraud is a prevalent thing within the loans industry. Loans are essentially one step away with being illegal in the United Kingdom, but within the small space that they do have to operate, some companies can’t help but be greedy as they want to fill quotas immediately.