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Watch out for loan scam, warns Sanlam

Jul 18 2017 14:29

Cape Town - Fraudsters are using Sanlam's name to swindle cash out of unsuspected consumers, the financial services provider has warned.

Sanlam said that scammers are using the Sanlam brand along with legitimate-looking email addresses to invite applications for loans. They also request an upfront payment in order to process the loan.

"In some instances, the offer comes from a false entity called 'Sanlam Loans' using the email address In the past, the false offer was sent using the email address"

The fake offer promises a home loan of up to R1m at a fixed interest rate of 2.5% per annum over and above other personal and business loans.

Sanlam emphasised that it does not offer home loans.

Such offers are not legitimate and are not linked to Sanlam, said Piet van der Walt, head of Sanlam Retail Credit and Transactional products.

“Sanlam’s loan offer is managed through Sanlam Personal Loans (Pty) Ltd, a registered credit provider. We will never ask consumers for an upfront payment in an application or to issue a loan."

Van der Walt said whenever this happens consumers should see a red flag and call Sanlam Personal Loans on 0861 44 00 44. The call will be escalated to the fraud department and relevant law enforcement agencies will be notified.

He added that sophisticated crime syndicates have, in the past, tried to exploit the challenging economic climate by tempting people with low interest loans.

Sanlam’s Forensic Investigation unit is working closely with the police on the scam.

Sanlam offers the following checklist to avoid falling into a scam trap:

  • Sanlam will never ask a client for any upfront payment to process a loan application.
  • Spelling and linguistic errors in communication with clients may indicate a scam invitation.
  • Some scams may even use the names of actual employees of the brand and have people who answer their telephones.
  • If people are uncertain about whether or not a loan invitation is legitimate, they can verify the invitation by calling the Sanlam Personal Loans call centre at 0861 44 00 44 or visit the Sanlam website at

Typical scam email: A first clue that it is a scam is the displayed email address...

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