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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]

Do You Have a Question You'd Like Steve to Answer? Click Here.

Mary”

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.

READ  Coyle White Devine Solicitors is Trying to Collect My Dubai Debt in the UK. - Robbi

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.

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About the author

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.

4 Comments

  • i am Mr James Donald,I am sorry to just sent you an email without your
    notification..I am just a bussnessman.I offer loan to those that need loan
    and willing to pay me back..If you want a loan do email me but if you know
    you have any friend willing to get a loan do tell him to contact me.I mean
    Copy my email don’t Click Reply to okay. Via… Email:
    [email protected]
    Full Name:…………
    Sex:………….
    Phone:…………….
    Country:………………
    Contact Address:…………
    Loan Duration:………….
    Monthly income…………
    Amount Needed as Loan:……….
    Have you applied before?………..
    All you need to do is copy my address and reply me with it
    [email protected]
    Mr James Donald
    Loan Processing Officer

  • Hello,
    This is Mr Benedict .A private loan lender i render loan to those in
    financial problem at 3% rate personal loan , loan for paying of bills, if you
    have interest of taking a loan from me please contact us via E-mail: [email protected]
    LOAN APPLICATION FORM:
    Name:
    Age:………
    Sex:………….
    Country:…….
    Address:………
    Occupation:……..
    Monthly income:…….
    Loan Amount:………
    Loan duration:……..
    Phone No:………. Fax:……..
    Contact Name: Mr Benedict
    THANKS GOD BLESS YOU.

  • Dear Steve,

    Thank you for the advise. I m about to believe this scammer!

    Keep up the good work. You dont know how much your helping people like me.

    I pray that God will bless you and your family.

    regards,

    Mary

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