aggregated loan scam

Quick Reference

A common scam found on the Internet where participants are told of a scheme which aggregates all their debts into one loan at an advantageous interest rate. When the participants sign up for the loan they discover that the small print on an obscure Web page commits them to a large number of hidden charges which make the total cost of the loan larger than any of the loans and debts they are currently committed to. Often such scams are notified to users via spam.

Subjects: Computing.

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