Guiding consumers since 2009

Beware the Old Mutual finance loan scam

By Jessica Anne Wood

An email is doing the rounds, supposedly from Old Mutual, offering loans valued between R20,000 and R2 million. Justmoney contacted Old Mutual who confirmed this is indeed a scam.

The email claims that you can get a loan with a five percent interest rate, and no credit check is required.

According to the National Credit Act (NCA) financial services providers are required to carry out affordability assessments on people who apply for credit. If an individual or company is offering to loan you money without doing this, be cautious, as this may be a scam.

The email further asks people for their full name, a copy of their ID, a contact number, three months’ bank statements and a copy of your payslip.

Old Mutual has warned customers about similar scams in the past, advising people not to respond or provide any personal information as requested in the letters received.

Recent Articles

Featured What to do when you’ve been denied a home loan

After months of scanning property sites and attending showhouse after showhouse, you’ve finally found what you’ve been looking for. But your dream of owning a home comes crumbling down when you receive the news that you’ve been denied a home loan. So, what now?

Can your retirement annuity be used as collateral for a loan?

If you have a retirement annuity, you may have wondered whether you can use this as collateral when you take out a loan. We decided to do the leg work and find out whether this is possible or not.

Best travel cards offered by top South African banks

Planning a trip abroad involves a lot of administration. You need to consider travelling arrangements, reasonable accommodation, and a daily itinerary. But have you considered how you’re going to pay your bills once you arrive? Besides considering bank costs, you also need to consider exchange rates.

Best ways to save your money short-term

For many, it seems close to impossible to save when spending on holiday getaways, Christmas gifts, while also trying to ensure there’s money left to survive January. Justmoney takes a look at the best ways you can save during the short term.

Deals

Takealot January Big Sale

Price: Available on request
When: Until 31 January 2020
Where: Online

Annique Restore Package Special

Price: From R600
When: Until 31 January 2020
Where: Centurion

Ster-Kinekor Senior Citizens Discount

Price: Available on request
When: Daily
Where: Nationwide