Latest Posts
Home > Ask The Get Out of Debt Experts > Desperate Ex-Pat in Dubai is About to Become Loan Scam Victim

Desperate Ex-Pat in Dubai is About to Become Loan Scam Victim

“Dear Steve,

I am Mary an expat in Dubai. Ive been working here for almost 7 years. I have read your advices how to get out of debt. I have loans and credit cards here but unfortunately, It came to a point that i cannot pay even the minimum dues for my credit cards that’s wny im really having pressure from the debt collectors and it is really stressful. As much as i wanted to apply for a loan or a top up loan here in dubai, to close these cards, i cant do anymore. Due to global recession, banks became stricter in their requirements especially the salary. I am just an average employee here, and my salary does not qualify anymore to any loans.

That’s why i tried to apply loan through the internet. now, I ve been communicating online to a person claiming that he and his company is a legit lender. I already send some proof of identification but im not sending any of my account details yet. Recently, he send me an email saying that my loan is approve but before sending the money to my account here, (since, lender is from ecuador) i need to pay a fee called a LOAN ORIGINATION FEE which is 1.5% of the total loan.

My question is, is there really a loan happening online?

Is there really a fee called LOAN ORIGINATION FEE?

How will i know if he is a legit lender and not a scam?

Pls. see lender’s Details:

Mr. Bill Cox

Company Name: Micro Finance Company
( Bill Financial Loan Company)
Address: N39-234 y Gaspar de Villarroel Edificio Zambrano Quito.
Country: Ecuador
Email: [email protected] [email protected]

Mary”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

 

Dear Mary,

Let me assure you, this is a scam. The first warning sign are the free email address that the supposed loan guy gives you to contact him on.

You are a prime scam target. You are in a bind, hunting for a loan that no legitimate lender will give you, and willing to do just about anything for a loan.

Scammers will eagerly prey on you. They will promise you a loan but will ask for some upfront fee and ask you to send it via wire transfer or Western Union.

Another tip off that this is a scam is the fact that the lender asked you only for cursory information and did not make you complete an official loan application.

Big Hug!

Desperate Ex Pat in Dubai is About to Become Loan Scam Victim
Get Out of Debt Guy – Twitter, G+, Facebook

Desperate Ex-Pat in Dubai is About to Become Loan Scam Victim by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.