Drip loans migrate to mobile applications, warns Condusef

Through a mobile application that is downloaded to the cell phone, it is the new way in which alleged lenders offer loans quicklywithout reviewing history and with low interest rates, in exchange for sharing personal data, access to contacts and photographs.

The National Commission for the Protection and Defense of Users of Financial Services (Condusef) warned that It is a new form of scam of the so-called “drop by drop” loans.

The mode of operation is that the requested money is deposited through the bank account, and in the same way the payment of the loans must be made through a SPEI reference or in convenience stores; however, applicants experience threats against themselves or their families, including physical violence.

The Condusef assured that se deals with criminal practices that began two years ago with the pandemic of covid-19, but that has intensified in the last six months with small loans ranging from 500 to 2 thousand pesos and that are delivered in a matter of minutes.

Loans are granted and requested to be sand pay in less than three months, but by having misleading advertising, interest rates from 10 percent appear, but it is not detailed that these amount to up to 40 percent daily or weekly interest.

The Condusef clarified that they are not duly registered financial institutionsbut of frauds that ask for personal information to threaten or extort applicants and their families, for which he asked users that before requesting a loan remotely it is necessary to make sure that it is a duly registered company.

AMP

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