Lending Scam Deals

Here is a reader who had been duped in one of the numerous lending scam deals.

Lending Scam Deal Letter

Here is the letter I received. Read on because knowing about this could save you some big bucks!

“Dear Gary,

I may be receiving a substantial loan from Germany, through a contact, through a friend who is handling arrangements. Low interest rates, long-term, flexible pay back. It has been on and off and held up for almost a year due to various conditions. The US government will be taking 1/3 right off the top before it get’s here, with some sort of papers to be filed to get it returned to the recipient. According to the company representative, the paperwork is complete and notices via courier should be arriving in the next few weeks. Since this has been held up so much, I haven’t talked about it much with anyone. I thought you should know.”

Lending Scam Deals Reply

There is some important information in my reply about these
lending scam deals that you should note. Here is the reply.

“Gosh I feel like a cad writing back to all your messages saying ‘be careful’. What you have written does not make sense to me. One of the scams I come across again and again are lending scam deals where people offering loans with some special and unusual term. They often call them self liquidating loans. There are always endless delays (often the lender’s son is hurt at the last moment). At some stage money will be requested as a fee, bribe or something.

“Lending Scam Deal Questions

“Questions I ask are Lending Scam Deals Question #1: Why Germany lending to the U.S.? Usually the further away a borrower the less likely the repayment.

“Lending Scam Deals #2: Why the delay. Most loans have a system and are quick to accept or reject if you provide the information. Usually in a scam some fee or some cousin of some official etc. has to be paid to get the thing done.

“Finally Lending Scam Deals Question ##: 33% off the top? That is crazy. How can a person hope to repay a loan if so much is taken out up front. This seems unrealistic and does not fit the norm.

“I am always suspicious and ask you to beware. Don’t pay anyone if you already have not. If you have paid something, don’t pay more. If you can get full details, I’ll be able to give you a more accurate view.”

There are four types of scams I see most often. This is the first, an offer of a loan or some type of finance. You can learn about the other three at this site.

Good business and investing!

Gary

My novel the 65th Octave looks at scam protection issues. The hero is a scam catching expert who works for big banks. The book outlines why scams work and why suckers always lose. I recommend you read the book. It has some in depth economic information but is also a fast paced, fun read.

Order the 65th Octave at GaryScott.com

Sometimes one picture is worth a thousand words

scams

To avoid scams balance yourself in nature like this cabin at Gary and Merri Scott’s Merrily Farm where you are welcome to visit and stay at Little Horse Creek.