When in need of money, people generally go for private money lenders after not being entertained by any bank. The world is full of messiahs and monsters. A genuine and legitimate private money lender can be a messiah in times when the chips are down however a fake money lender can be as horrible as a monster. Here is what happened with my friend Sarah when she was in sheer need of money. She told me the whole story as she was about to pay my money back. I too suffered because she did not get the loan and she was unable to pay me back. After hearing what happened I decided to pen down the whole article so that simple and straight forward people may safe themselves from such fake scoundrels.
My friend Sarah works in a private school .She took some money from her friends including to purchase some jewelry. Now to return that money she opted to go for loan from a bank. After being refused by many banks in the city, she thought to search for private money lenders on internet.
Money lending can be on the basis of collateral or non-collateral process. Collateral process involves any fixed asset as a security and non-collateral involves a processing fee as a security.
After applying to different private money lenders she got the reply that she has to pay $250 but she had $150 only .She told all money lenders that she had only $150 but every one replied her to pay $250 for processing the loan. That was fine however one money lender from Ghana agreed to pay the loan of $5000, if she promises to return the remaining amount as soon as she gets the loan. The accountant of the company called it as the payment of ALUBASA DEPOSIT which was equal to $260.She was very happy that now all her worries will be over. The money lender from Ghana asked her to pay the amount of $150 via Western Union and send the scanned receipt of payment. She did the same and asked the company to provide the loan via bank. She send all her accounts details to that company but when she did that the accountant of the company replied by email that the transfer officer is not willing to transfer the loan unless she pays the remaining amount that was $110.Sarah was very disappointed to read that email and tried to remind him about what he said in his previous but her sheer disappointment ,the accountant reluctantly added that he was sorry and he can't help her out because he can not go against the policy of the company. Sarah had no choice and she agreed to pay the remaining amount the next month when she gets the salary. Next month ,before going to make the payment, she reminded the company via email that today she is going to make the payment which will be equal to $110.The accountant of the company quickly responded that she has to pay $150 because the transfer officer will want $40 to stamp the transfer papers. Poor Sarah agreed to this term also because she had already paid $150 so as to avail the loan. She was fully assured by the company that this was the last payment and after this payment she will definitely get the loan. She made the payment of $150 and sends the scanned receipt of the payment via Western Union. There was no reply till 36 hours. Next day, the accountant of the company replied that she has been transferred the loan via Western Union however provided her with only first eight digits and hide the last two digits of the MTCN with the excuse that the transfer officer has hidden the last two digits which he will provide when she pays the origination fee of $200.
He showed the receipt of payment by Western Union.
Poor Sarah had no money to pay and had already paid $300 .When I got there to take my money she told me about the whole matter and showed me all emails by that company .I was so shocked to see that the receipt of payment shown by that company containing eight digits, had the same MTCN . that was printed on the last payment receipt by Sarah. That was a complete fraud. Another act of cheating I suppose was the delivery of $5000 via Western Union because Sarah had asked the company to pay her through Bank. A friend of mine told me that in Pakistan, Western Union do not send the money abroad if it exceeds the limit of $3000.It was sheer cheating on company's part, after promising her to provide the loan when she made the payment of processing fee.Atleast, it should have told her about the whole expenses or simply rejected her application .She would not have been hurt so badly because she had promised all her friends that she will pay us back.
I strongly forbid her to pay that company any more because every time, she made the payment, new charges appear. She lost her $300 in addition to that she paid the Western Union every time made the payment and got nothing in return. God teach those fake scoundrels.
My purpose of writing this whole story is to protect simple and straight forward people like Sarah from falling into the trap of such fake money lenders who are not genuine and much eager to rip off people from their hard earned money.
Sunday, August 22, 2010
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