How to recognize fraud from an application that lends money?


This article was translated from our Spanish edition. Opinions expressed by Contractor the contributors are theirs.

They will say that it is click bait but it’s true : There is currently a type of credit (called liquidity), offered by the internet and applications downloaded to the mobile phone which is generally intended for small unforeseen events. . These are very small amounts and very short-lived. That is, they lend it to you almost immediately with very few requirements to pay off in a month or less. Unfortunately the number of people in over-indebtedness for this type of loan is increasing exponentially and you should know that there are several risks in this regard if your project is to venture to apply for one.

First of all, you should know that there are two types of these financials: those regulated by CONDUSEF and those not regulated, in addition to other options that none of the companies are, but fraudsters with false promises of credit.

I’ll explain the difference to you.

We lend online and from financial applications registered with CONDUSEF

These are authorized, regulated and supervised by the National Commission for the Protection and Defense of Financial Services Users (CONDUSEF) and have the advantage of being required to comply with a series of financial transparency provisions so that contracts , account statements and operating receipts are clear, precise and do not contain unfair terms, and their publication is not misleading.

It is important to specify that when acquiring a loan from these financial institutions, CONDUSEF can take charge of any claim for abusive or abusive recovery from users.

Online loans and applications not registered with CONDUSEF

These lenders or “financiers” are not regulated or supervised by any authority that can respond to any abuse of their users and these days they abound.

The terms of these loans are generally abusive, with normal interest rates and a default rate well above the market average. These are often branches of the same company.

The apps when installed on the cell phone request excessive permissions such as access to calendar, location, gallery and other cell phone functions which can become a real nightmare for the cell phone. user in case of failure, because the collection used by these platforms is a real horror. The most common is that they send WhatsApp messages to the entire debtor’s calendar with messages advising of the debt at best, or slandering that the person is a fraudster, embargo threats and / or even openly insulting and degrading messages, trying in this way to put pressure on the debtor to pay as quickly as possible under the social pressure and the shame of the social circle that they provoke.

And all this for micro debts of 500, 1000 or 2000 pesos, which makes it unaffordable to give a legal follow-up before a competent authority since the cost in time and money could easily exceed the cost of the debt itself, making it more practical only pay him to stop this collectible terrorism.

Online phantom financial scams

Generally, people who are going through a financial emergency are more likely to fall into this type of fraud.

They offer high credits with minimum requirements, and they invariably ask you for money for whatever reason before giving you credit, insurance, administrative fees, or any other excuse, if that happens, that is. is a red flag. No serious credit institution will ask you to deposit anything before granting you a loan and worse, to the point that they usually ask you for money when you have already handed over personal papers, which can also be used for extortion or identity theft.

Faced with this situation, I leave you some advice before taking one of these credits and so that you do not fall into the fraud.

Signs of legitimate loans

  • They have a good reputation on the internet: Google the name of the institution. If he doesn’t have a web presence, you don’t bother him either, and if so, analyze his reputation, what other users think, and how long they’ve been working.
  • They offer money based on your ability to pay
  • They do not offer to “take you out of the credit bureau” (it is impossible).
  • They do not ask for keys or passwords at any time

Remember that, if it is absolutely necessary to contract this type of credit online, always favor companies registered in the Register of Financial Service Providers (SIPRES), on their page you can consult it for free , you just need to have the name of the financial company or you can call CONDUSEF directly and ask directly for the financial institution of your interest at 800 999 80 80.

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