LOAN SCAM - Equity Financial Management

They are a ''Loan company'' - EQUITY FINANCIAL MANAGEMENT - that offers loans at a very low interest rate (3.5% to 4%) and also approve loans very easily.

They first ask you to make a 2% (of the repayment sum) deposit as a "Admin fee". Thereafter they require another payment that is equal to one installment. This fee is an "Insurance fee" that is "required by law" to 'insure' the amount loaned.

At first they only tell you about the "admin fee" (which is the bigger amount) that is payable, making promises of the loan amount being ready to be transferred to your account. As soon as you make the payment, then all of a sudden there is another amount payable that they never thought to mention - the "Insurance Fee".

They make sure that you receive the documentation (ie. banking details) so that there is just enough time to make the payment and confirm with them (All payment must be Immediate pmt's), and then thereafter NOTHING. They don't answer their phones or reply to their email?

The banking details they send you, is not in their company name - No, it in a persons name (ie. N. Kodia @ Absa Bank OR P.A. Makhale @ Nedbank). When you query this, they will tell you that these are the persons responsible for the transaction (your loan)...


Your bank will NEVER EVER ask you to make a deposit before lending you money. All those fee's are already included into your payment installment.

When it sounds to good to be true - It usually is!!! Trust me!

Report ID: 11125
Crime Category: Fraud
Province: Free State
City/Town: Bethlehem
Address: 40 Killarney Avenue, Killarney Gardens, Cape Town, 7441
Crime Date/Time: 27 Nov 2015, 00:11 AM
Reported By: Shalene89641
Reported Date: 3 Dec 2015, 14:12 PM
Related Link: View

Start the conversation

Popular categories