eBay Scam: The Pay Day Loan Scam - Watch Out For It
When is a scam, not a scam? When you get your money back - and that's the beauty of the latest scam that you can find on sites like eBay. But, if you've got your money back, have you been scammed at all? Read on to find out all about the Pay Day Loan Scam.
Imagine you're online looking for something to buy - and there it is. Just what you want, it's in your budget! Great. Check out their past history - and you can see that the seller has 100% feedback. So you buy the item, you pay by Paypal. All's good in the world.
The next thing you know is that, some days later, instead of receiving the goods, you receive an email. "Sorry, my mother died. I can't send you the goods now, I am refunding your money". Eh? But you don't want your money back, do you. You want the goods. That nice, affordable, little luxury that seemed such a good bargain.
Next, you get your money back. Have you been scammed? Well, not really - you are in no worse a position than you started. However, you HAVE lost the use of your cash for a few days - and, more to point, somebody else has gained the use of your cash for that time.
This is the Pay Day Loan Scam - rather than going to a company like Wonga, or any other pay day loan company, the seller's managed to borrow money from you for up to a week, costing them only the Paypal fees! Timing is crucial - this will typically happen when somebody's going to be paid shortly, but, in the meantime, needs cash in a hurry - maybe to settle a debt or a bill, or maybe just to keep their account in credit for a few days.
Calculate the cost of going overdrawn, or the cost of a Pay Day loan - and you can see why this is an attractive proposition for the brave.
Scam or not....? Hard to nail it really.
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Image Credit » Public domain, no attribution required: http://pixabay.com/en/euro-money-pay-cash-borrowing-427533/