Beware of digital Ponzi Schemes-like loans

Fellow Ugandans beware of digital Ponzi Schemes-like loans. These have come up in a swarm like locusts. They aim at making you very poor and push you into modern slavery.

These include iSente, NUMIDA, Cipper etc which are all over social media as sponsored posts. These are some of the luring words the schemers use, ” quick, convinient & unsecured loan.” Others say, “get loan of sh500,000 in five minutes.”

Yes, these Ponzi Schemes-like loans are available, but in a fraud way. First of all they are deceptive. What they advertise is not what they offer. Secondly, they charge too much interest rate. Thirdly, they use blackmail and harassment while they are recovering the little money they give their customers.

Briefly, look at the way these Ponzi Schemes-like loans work.  A sponsored advert or post is forcefully pushed into your social media pages and while poverty bites, you are lured into a bait. Thereafter you apply for sh500,000 thinking you will get that figure.

Surprisingly, you get very little 1/10 of what you applied for. These schemers, take all the close contacts say of your relatives, close friends and your bio data, which they will use in blackmail incase you go past the due date.

Besides, they have no ethics or etiquettes, the money they give you must be paid in eight (8) days, but on a sixth day messages will begin streaming into your phones. At the end of the day, someone will call you to remind you of the money you borrowed.  If you tell them that the due date is not yet, they will say if you want to be a stubborn customer, ” we shall embarass you to your contacts you gave us.” Can you imagine the amount of harassment!

Well, the Ponzi Schemes-like loans are detrimental to a health living. They aim at draining the little money you have and lead you into permanent slavery. If you see such sponsored adverts, run! Do you remember Telexfree, then Bitcoin etc  This is a new form of such fraudsters.