Scammers alert: loans

abishek

I had applied for a loan from low rate loans for a sum of £700, they then called from India and said I would need to pay £87 which is 1 month upfront as my credit score is bad and they want to know that I can afford to pay it so I did. Then another person called saying he was the manager and asked me to pay another £149 and they will refund it and send me £849. This was for corporate tax purposes apparently which is when I pulled the plug. I told them I wasn't told this before I paid £87, the guy told me my loan will be in my account within 15 mins of paying £87 but then said they were unaware that I had to pay £149 due to my credit score and their system wouldn't allow them to process payment unless I paid in more. They did not accept a card payment over the phone, so I had to make a Bank transfer payment which means I can't now get my money back. They are regulated by Financial Conduct Authority and their website looks perfectly fine. It is a sister company of Quint Ltd based in the UK. These guys have many sister sites, and have already conned others with the same tactics. When I finally found their number and called them they are trying to tell me someone cloned it and it has nothing to do with them. I find it hard to believe that this same BS has happened on many occasions under different names!

Why have they not been shut down yet. Complained to Action Fraud and the Financial Conduct Authority, who have started an investigation. Hopefully this is the end for these scum.

Mad as hell:mad::mad::mad:

[Deleted User]

Rule #1.

Lenders lend you money. You don't lend it to them first.

People will fall for this until the end of time.

Shakin_Steve

Low rate loans? Hmmmm.......should change it to no rate loans, because no one ever actually gets one.

PeacefulWaters

abishek wrote: »

Mad as hell:mad::mad::mad:

Absolutely insane to try and borrow in such a manner.

[Deleted User]

<shakes head>

DCFC79

Nothing new there OP, you need get more up to date on the other scams around.

OP any lender or broker who says they need x amount of money to progress the loan, dont do it.

Why did you not approach your bank ?

Maybe you need to consider looking at your spending and cut back.

SnowTiger

LowRateLoans is a credit broker:

LowRatesLoan is promoted by Monevo Ltd and acting as a credit broker, will receive a commission direct from the lender or broker we introduce you to, Monevo Ltd trading as Monevo.

Basically, they collect punter's details and sell them on to bottom feeding 'lenders' and, oddly, other brokers.

Calls from Indian call centres asking for money rarely end happily.

OP will likely be on a suckers list now.

27cool

The mere fact that they mentioned your "credit score" should have set off warning bells. Because you are the only one who can see this fictitious number.
Perhaps you should be asking someone to explain the basic facts about personal finance before you fall for yet another scam.
Did you at no time think that it was strange, that a firm you were trying to borrow money from, was asking you to send them some money.

worried_jim

Why don't people just call their bank (or go online) and say "I'd like to borrow £700 please"- how hard can it be?

Robisere

Sometimes the whole "NEWBIE ALERT" notification, is completely ignored by responders here.

No one can tell, from the OP's post, how desperate they are for money. OP gave this post as information, having already learned a big, expensive mistake. abishek, please check all your emails thoroughly, you may be on a "suckers list" as SnowTiger says. I advise changing all your passwords ASAP, beginning with your email address(es), which you should also change.

minitrail

ha I did a search for a low rate loan today and found this thread, which I read out of interest.

I cannot post links due to being a new user myself but have a search on Google for

Low Rate Loans (clone of FCA authorised firm)

:j