Credit fraud. Loans between individuals

Many people with bad intentions about small advertisements offer quick money on the web under the title of personal loan, also on Facebook or websites that are serious, you can find these types of ads.

We made our investigation to understand the mechanisms and pitfalls.

What are the signs of fraud?

credit loan

You should be careful about the following:

  • Everyone is ready to lend immense sums to whoever: millions of francs, even up to 100 million! (For a normal personal loan, the maximum is USD 250,000 and the conditions for granting the loan are very strict)
  • Extremely low interest rates: from 2% to 5% (minimum in Switzerland: 5.9% with Moneymind Bank
  • Repayment duration from 1 to 20 – 30 – 40 years and some even offer to start repaying after 6 months or from the month you are able to do so! (Maximum in Switzerland: up to 10 years with Earnlinks Finance)
  • They are mainly aimed at the people to whom the banks have refused, who have financial difficulties and are helpless.

Example of an advertisement

Swiss private person offers you a loan of USD 1,000 to USD 2,000,000 for anyone who is able to repay it at a low interest rate of 2%. We are serious individuals offering loans between individuals who need for small business, personal investment for only up to 2% interest asking for amount for rate, and a duration of 1 – 20 years. We grant local and international loans to people worldwide. Our organization is not a bank and we don’t need a lot of documents. Good loan and honest and reliable. Contact me today and tell me what amount you would like to borrow.

How do these fraudsters present themselves?

credit loan

They introduce themselves as very generous and rich private individuals who want to help the whole world, even those who can never pay back a cent.

Sometimes they also try to gain your trust by introducing yourself as a third party who can introduce you to a moneylender (who of course, as you understand, is a fraudster yourself) and tell you how they got that money.

The rip-off strategy on Facebook is to put credibility in the foreground:

  • Large number of members (who are of course wrong)
  • A lot of posts and I like

Funny though, if you’re a member yourself, you can’t post comments…?

Our investigation into 3 fraudsters

credit fraud

Our effects are not covered by 3 different arnaqueurs.

I introduce myself as someone who has been unemployed for 6 months, debt enforcement and debt … so the worst situation!

Answer of all 3: Woouaouuuh … Everyone is ready to give a loan even though it is almost 100% certain that I will not repay anything! However, you ask me to deliver the documents as soon as possible. One is even willing to lend me up to USD 1 million !!!!

However, one of the fraudsters has made a condition, I quote: “is in full possession of his mental powers”. To be “honest”, I informed him that I suffer from bipolar disorders and that I am undergoing severe treatment, but he agreed without hesitation, my state of health met the criteria!

At the center of the fraud: costs to be paid


After sending the documents, you have to pay costs to receive your money (supposedly for the notary, etc.). However, you were not informed of this at the beginning of your negotiations. These costs range from USD 100 to USD 600.

If you are hesitant to pay these costs, they will put you in touch with the alleged notary who will confirm that the costs are legally correct. You will also be surprised by an email from a stranger who guarantees that this person is absolutely «honest» and that he himself received money from him with whom he could solve all the problems!

Of course, once you’ve paid these costs, you won’t get a single cent in your account. Additional costs will be charged to release the money until you finally realize that you have been cheated! And after that, radio silence, the fraudsters have disappeared …

In conclusion, when you apply for a loan, you never have to pay any costs! If you are asked to make a payment, it is a fraud!

It is difficult to get a loan these days. The conditions have been tightening continuously since 2003. It is a lie that money can be obtained so easily and at such favorable conditions.

And finally, never give a copy of your ID card or confidential information about your private life to strangers, the word data protection does not exist for them!


The couple and the credit – Married, in a cohabitation

You are a couple, you want to apply for a loan and ask yourself the following questions:

Does it make a difference whether I am married, separated or in a cohabitation?
Will my partner’s data be taken into account and will he / she be informed of my application?


Married couples

Married couples

In theory, the partner’s data is not necessary if the applicant’s budget criteria are met. The loan amount is determined using the budget calculation. This means that the partner’s situation is usually not taken into account.

Then why is the information about the partner required when filling out the loan application form?


Partner with solidity problems

Specifically speaking, some banks require the partner’s information to check their solidity (ZEK + debt enforcement). If the bank determines that the partner has debt enforcement and / or loss certificates, you can refuse the loan despite the good situation of the applicant.


Partner with a good financial situation

If the partner has an income and his financial situation is stable, the applicant has 3 advantages to take the partner into account when calculating the budget:

  1. To increase his chances of a positive answer
  2. The possibility to increase the loan amount
  3. Improve the scoring and thereby negotiate a better interest rate


Discretion with regard to the partner

The partner’s information is only necessary for the bank in order to obtain a global and as realistic as possible overview of the couple’s situation. Under no circumstances will the partner be contacted or obliged to apply for the loan.

In case of separation …

Separated people are considered single people. So no obligation to provide the information of the ex-partner.


Significant other

financial loan

Spouses are usually treated like single people, with the exception of the BCGE (in French), which includes the partner in the budget calculation.


Law KKG: partners and married couples under the same framework

credit loan

Banks are trying more and more these days to get as much information as possible about the general situation of the couple and their decisions.

There are great chances that the new KKG law, which is planned for 2014, obliges all banks to systematically collect the partner’s data from married couples but also from couples who live in a cohabitation, and to categorically reject the credit if the partner becomes insolvent, even if the partner Applicant shows a solid situation and fulfills the budget conditions.


The interest rate at the bottom

Now that the Good Finance has reduced the repo rate to zero and the banks have changed their interest rates, we are at extremely low interest rates. In all likelihood, none of us will ever participate in lower interest rates than they currently are.

Sure they can go down with a little more but then we talk very small changes. It is therefore easiest to expect that the current level will be the lowest we will experience. As I write this, a number of lenders have an interest rate on their floating mortgages of 2.15%, which is not much.

Plan properly for the future


Must say that unfortunately I am a little worried about these low levels as there are very many who do not plan properly for the future. Of course, the Good Finance says that they do not expect to raise the repo rate in the near future, but we are still talking about a relatively short time when it comes to mortgages. The perspective when borrowing cannot just be a few years ahead.

When I lent to my house, the basic tip was to expect at least 6% in interest and to make sure the economy was doing well. This figure I thought was low so I counted 8% instead of being a little safer. These are levels that are almost 3 – 4 times the current interest rate. How many people are now borrowing but not counting in this way at all?

My concern is that many people do not think this way

My concern is that many people do not think this way

At all and thus run the risk of having problems in the future when interest rates go up. For up, it will go with the utmost security. 2 million in loans with 2.15% in interest costs about USD 3,600 a month. An interest rate level of 5% that is fully reasonable and even likely will cost USD 8,300 per month for the same interest rate level. Thus, this is almost USD 5,000 more each month that only has to be paid in interest. Then, of course, there is of course amortization that is the same regardless.

Not many of us would incur an increased cost of USD 5,000 every month without problems. If this increase is not taken into account, the risks are very large for serious problems. Therefore, the tip is to always think about the future when you borrow money.

A negative thing with lower interest rates

A negative thing with lower interest rates

Is that the house price has a tendency to go up as people can borrow more and thus compete more. So this could very well make people borrow even more which only increases the risks.

Although the newspapers now write that the interest rate is very low and you save money on this, you should not be too happy.

Anyone who already owns an accommodation and pays interest on this, while there are no plans at all to move, obviously wins at a lower interest rate. But those who are going to buy a home are not at all clear on that. But the newspapers do not want to put it in their headlines as it does not sell as well.


Borrow more for energy-saving measures

Borrow more for energy saving measures; only few homeowners do it. Read more about the possibilities for a higher maximum mortgage.

Take sustainability

Take sustainability

The Rutte 3 cabinet has set itself an ambitious sustainability objective in the coalition agreement. To reduce CO2 emissions, the coal-fired power stations will be closed in the long term and the gas connection to new-build homes will disappear.

Homeowners also have to make sustainability a step further

Homeowners also have to make sustainability a step further

According to (Home Affairs) this is not happening enough now. In an answer to parliamentary questions, she mentioned the lack of knowledge among homeowners and mortgage advisers about the financing options as a cause.

For example, in 2017 only 2.1% of NHG mortgages made use of the additional financing options under the guarantee. The Minister is therefore entering into a dialogue with the sector to resolve the bottlenecks.

Borrow more with energy saving measures

In 2018 you can only borrow 100% of the home value. You must therefore finance a renovation completely out of your own pocket. However, an exception is made for energy saving measures.

  • If you are going to make the home more sustainable, your maximum mortgage will be 106% of the home value.

The maximum mortgage is also higher when buying a sustainable home. Because the energy bill has less pressure on monthly costs, you can borrow more based on your income.

  • With an A ++ or higher you can add up to 9000 euros for your maximum mortgage.
  • If you buy a zero-meter meter, you can borrow up to € 25,000 more.

The above applies to mortgages with and without NHG and is not only interesting when purchasing. Homeowners who want to increase or refinance their existing mortgage with a view to making it more sustainable can also borrow more.

Not a goal but a means


Ultimately, a higher maximum mortgage is not the goal, but a means. The ultimate goal is to make the existing housing stock more sustainable and a lower energy bill for the individual homeowner.

A goal that we fully support at Dolly Varden. We therefore offer you the option of having an expert calculate the financing options for energy-saving measures without obligation.


The Credit Registration Office wants to register more types of debt

The Credit Registration Office has been arguing for a long time for a national system for registering all debts. BKR currently only records loans and any backlogs. Mobile phone subscriptions are also registered at BKR in many cases, but due to a conflict with a number of large telecom providers, these are not all registered anymore.

Debt problems

Debt problems

BKR notes that the number of people with debt problems has risen considerably in recent years. Debt problems often get out of hand because people try to resolve existing debts by taking out a loan. In other words, try to fill holes with holes. The result is almost always that people get into trouble so deeply that debt assistance ultimately offers the only way out.

BKR states that it would be better if rental debts and debts were also registered with insurance companies. In this way, debts would come to light sooner. At present, someone with all kinds of payment arrears can still often get a loan, as long as it does not concern arrears on other loans. The moment there is more insight into the total debts and payment arrears of someone, it can be prevented that someone goes further into debt to settle other debts.

Mini-loan is also increasingly causing problems.

Mini loans have been controversial for some time because of the high costs that are charged. In general, it is already financially weaker families who use the mini-loan out of necessity. Often this happens to pay a bill that really can no longer remain. The result is often that the same families have a bigger problem a month later, because the mini loan plus the high costs have to be paid back in one go.

Several large collection agencies indicate that they are increasingly confronted with people who are unable to repay a mini-loan within the stipulated period. This leads to further problems for the people involved, due to the additional costs of the collection agency. These costs are also generally not low.

Filling up one debt with another sooner or later almost always goes wrong. When things go wrong, the problems are often so great that a debt restructuring process is the only option. A debt restructuring process is a very difficult process in which people have to live on an absolute minimum for three years. The advantage is that if everything goes well, after three years someone will be debt-free again, but it is fair to say that by no means all debt restructuring processes are successful.


Quickly borrow money cheaply and familiarly

Are you looking for a good opportunity to borrow money quickly, but do you first want more information about this subject? Then you’ve come to the right place. It’s not for nothing that we are called borrowing money quickly within 10 minutes, we provide as much information as possible about the cheapest and fastest loans, the lowest interest rates and the best conditions. This way you know for sure that everything will go smoothly for you, so that you will not end up with an overpriced loan, but will always have the cheapest loan at your disposal. Over the course of several years this will often give you hundreds or even thousands of euros in benefits, so it is certainly profitable to see what is the most profitable for you.

To always guarantee that you choose the lowest loan, it is important to view different loans before the decision is made.

Borrow money directly at the lowest costs.

Borrow money directly at the lowest costs.

First check what all the options will be, so that unpleasant surprises do not appear afterwards. The priority when borrowing money is to always look carefully at whether a loan is reliable and affordable. Borrowing money can sometimes entail high costs, while these high costs are not necessary at all. It is always possible to get a cheaper loan than is currently being obtained. Therefore, do not be reluctant to look for another loan, because this can save you as much as possible costs. It can sometimes take a while before the right loan is found, but the process of borrowing money can get so much benefit. Why opt for thousands of euros more on an annual basis when a lot of money can be saved with some effort? Then take your time, because borrowing money will make it a lot cheaper.

Borrow cheap money by comparing.

Borrow cheap money by comparing.

Borrowing money quickly is obviously the most beneficial when it is also cheap. It is easy to borrow because there are many different lenders operating on the market. This means that low interest rates must be applied because there is a struggle to win over customers. As a consumer, this is of course extremely interesting for you, because it means that money can be borrowed from these providers for a low price.

Borrowing money directly can therefore be very cheap if it is handled properly. It is good to get a good overview of everything, which is why we opted for borrowing money quickly within 10 minutes. It is important that consumers have enough information to be able to take out a profitable loan. For example, it is important that the conditions, interest and the term of the loan are properly examined, because this determines how high the costs will be for the loan. So be sure to read well, because this can save you both time and money and time. You don’t want to borrow money now, keeping in mind that in ten years time a lot of money will have to be paid in order to still be able to pay off the loan.

It is of course nice when you can borrow immediately. Normally, the procedures for borrowing money are rather long, because a lot of administrative work has to be done before the loan can be granted. It is therefore not surprising that it can sometimes take a few months before getting real money. However, borrowing money quickly is different. As soon as the request for borrowing money has been placed, the administration will be looked at immediately, and the loan can already be provided within a short time. Before the money can be borrowed quickly, the lender will have to request some information. This is not strange, because it often involves large amounts from lenders.


Insurance for Housing and Good Tips on Insurance – Payday Loan Consolidation

There is no doubt a lot of money to save on a well thought out and sensible housing economy.
Before deciding on an insurance policy, you should read the insurance terms carefully. The terms can vary quite a bit from one company to another, and you should make sure that the insurance you take out meets our needs. In general, it is difficult to compare the offers from various for the insurance company. However, there are so many differences in the premiums that you should examine the market carefully before deciding completely.

Two main types of insurance are common in connection with a home.


The building insurance covers damage to the building itself as a result of fire, water leaks, natural disasters and the like. It is possible to extend this insurance to cover damage such as rot, fungus, pests, etc. Building insurance is always the homeowner’s responsibility.
Home insurance covers damage to movable property such as furniture, clothing, ornaments, electrical items, carpets, curtains and more. The cause of damage can be fire, theft, water leakage, vandalism, etc. A homeowner must pay the home insurance himself unless he rents a furnished apartment.

It is possible to obtain discounts on insurance.

You can get lower premiums by increasing your deductible. You can get a security discount by installing security locks, fire and burglar alarms o.1. By combining all our insurance policies into one company, you can also obtain various forms of discounts.

Over the past few years, home values ​​have risen a good deal.


Also, other factors than those shown in the calculations above should be taken into consideration when choosing between renting and renting. If you are expecting a price increase for housing, it may be an advantage to own the property yourself. If, on the other hand, you expect a fall in value, renting may be the best choice. Although history has shown that home values ​​can change a good deal in both directions, the long-term value is probably quite stable. Otherwise, this is a reason why you do not expect loss of value or depreciation in the cost calculation for a homeowner.

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Study debt at the expense of a house for sale

Because mortgage lenders often still look at the original amount of the study debt, instead of the outstanding amount that has been repaid, study debts still have a major impact on the amount of mortgages. This makes it difficult for starters in the market. This appears from a recently published study by the Intercity Student Consultation (ISO).

The ISO conducted an inventory round among a number of major mortgage lenders. They have taken the calculation tools on the website of the mortgage provider itself as their starting point. “Although the rules have been relaxed since the introduction of the social loan system, there is not enough of this to be seen with these mortgage lenders. Borrowing in the “social” loan system deprives starters of the chance of a home, “said ISO chairman Tom van den Brink.

Substantial differences

Substantial differences

The ISO believes that this is contrary to a motion passed in the Lower House in 2015. With this motion, the minister was called upon to base the calculation of the amount of the mortgage on the current debt. This should be agreed with the Dutch Banking Association (NVB) and the Netherlands Authority for the Financial Markets (AFM).

“With a gross income of 40,000 euros and an average study debt of 21,000 euros, the maximum mortgage that can be taken out is reduced by 42,274 euros (old system) or 25,418 (new system). In many cases, this substantial difference means that starter cannot buy a home, which also causes a congestion in student accommodation. In addition, a study debt may still play a role for decades in taking out a mortgage despite the extra repayment of the debt. A deal is a deal: the norm should be for mortgage lenders to look at the current debt, not the original debt, ”says van den Brink.

No BKR registration

No BKR registration

A study debt at DUO does not concern registration with the Credit Registration Office (BKR). According to the government, this is not necessary because a study debt is of a different nature than a consumer credit. This creates opportunities for concealing the student loan. A study by the BKR has already shown that this occurs, but by no means always consciously. Under the old scheme, approximately 39% of graduates did not give up their study debt when applying for a mortgage.

Own Home Association is of the opinion that the registration of study debts should be registered with the BKR. In this way they want to prevent starters from entering into an excessive financial obligation.


Reasons why you would not apply to a loan

Have you already applied for a loan? Well let us tell you that there are two sides of the coin, one can be approved and another can be rejected. We want to help you understand how the credits work, not all the loans requested are approved. This is due to some essential factors that you should consider.

Many people refuse your credit application

We know that it is frustrating not to know the real reasons why he is rejected. Normally before it is approved, financial institutions already have their own system and do the pre-analysis. Where customers must fill in the requested forms and gather all the necessary stationery.

First ask yourself these questions:

  1. Do you have a credit record?
  2. Do you have a problem with your credit record?
  3. Do you have a guarantee that supports your credit?
  4. Is the information provided real and correct?
  5. Do you have proof of income?
  6. Do you already know which is the best financial institution?

By asking yourself these questions, you will surely know if you can apply for a loan, now we will show you the possible reasons why you could not apply.

Reasons why you would not apply for a loan


Lack of credit or negative record

Do you have a credit card? If the answer is no, then we recommend that you speak with a financial institution to request a credit card with a low initial amount. That way you can build your credit record and financial support.

Have no guarantees

Not all financial institutions request some type of guarantee, but sometimes they request furniture or security to use it as a guarantee of payment.

Provide false information

This is the worst thing you can do, maybe at some point it is done harmlessly in order for the credit to be approved. But it is not the right way to do it, if you know that you have a problem that can affect your credit application and alter the information accordingly you will have greater problems.


Mortgage advice in Spain

In the chapter on mortgage intermediaries that I share with lawyer Cristina Borrallo of the book edited by Bosch ‘ Comments on the Regulatory Law of Real Estate Credit Contracts ‘, collective work coordinated by Dr. José María López Jiménez , openly criticized the myopia of the legislator when regulating mortgage advice.

A book on Law 5/2019, of March 15, regulator of real estate credit contracts that I recommend reading to all mortgaged and potential borrowers who want to know their rights and duties in depth, and professionals who decide to be experts at work Law 5/2019 considers the intermediation service different from that of advice. I do not conceive a quality mortgage intermediation without advice, moreover, a mortgage intermediary that does not advise is more a mortgage comparator than a mortgage professional.

Advice on real estate loans

Article 19 of Law 5/2019 regulates advice related to real estate loans. The first thing it does is limit the provision of the advisory service to real estate lenders, real estate credit intermediaries or their designated representatives. What is supposed to leave out other professionals, whether lawyers or economists specialized in the mortgage sector. However, the rule adds that these services may be provided by the persons referred to in article 26.3 (persons who offer mortgage counseling “as an accessory within the framework of a professional activity regulated by legal or regulatory provisions that do not exclude the provision of such activities or services, and provided that the credit intermediation activity, without constituting its main activity, is intimately related to the provision of the main contract between the professional and the borrower »), as well as persons who, without being part of the categories already mentioned, they provide advisory services, provided that they have been recognized by the competent authorities and are subject to their supervision in accordance with the requirements established in this Law for real estate credit intermediaries.

Royal Decree 309/2019 limits in this way the independent advice that, in practice, in Spain the possibility of providing independent mortgage advice disappearing in compliance with the legislation, in my opinion. It says that to be before an independent advice the following requirements must be fulfilled.

Who can be a mortgage advisor?

Who can be a mortgage advisor?

Real estate credit counseling is not a free activity. Only complying with the requirements of the regulation can be advised. I agree with Fernando Zunzunegui that real estate agents are allowed to advise, accrediting training and knowledge, in addition to lenders, intermediaries and their designated representatives.

In my view, for now it will not be easy to find an independent mortgage advisor , given the limitations and demands, sometimes absurd, of the Law.

Regulation of mortgage advice

Regulation of mortgage advice

I recommend the article by Dr. Fernando Zunzunegui , friend of the house and also author of the book edited by Bosch commented, regarding the advice on the Real Estate Credit Law ( read PDF ). His vision is that it is positive to regulate the mortgage advice separately, in which I agree, although what Law 5/2019 defines as mortgage advice I consider has no substance to separate it from intermediation. In other words, mortgage counseling is much more than the legal definition of this recent rule.