Beware scams by online loan sharks

UNFORTUNATELY, I read your article on Loan Hub too late! (https://www. iol.co.za/news/south-africa/are-youlooking-for-a-loan-be-warned-2064505)

Do you have any moreupdates on the practices of these companies? What they are doing is wrong. Even if just 1 000 people were scammed and charged R1 112 for the “cancellation” of the mandate, they would make R1 112 000. I am sure that they have conned more than 1 000 people.

Any more advice would be appreciated and if you have updates on the legal status of these companies. They do not reply to communication, except to resend the supposed “agreement”. A Nightingale

Georgie: Unfortunately no updates, but my advice is to stay away from these online loan providers and read the terms and conditions – always.