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.

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