This case highlights the risks of multiple guarantors sharing one email address in an online lending process. Without independent verification, lenders cannot be sure each guarantor has personally signed and consented, which may lead to consumer harm and complaints.
I did not agree to be a co-borrower
Zichen and Theo complained that the lender sold their business’s machinery for far less than what it was worth, and now they were stuck paying the rest of the loan back.
When a small business repaid their fixed rate loan before the loan expiry date, the lender charged a break fee. The borrower thought this was unfair.
Charlie said his loan was a consumer credit contract; the lender disagreed.
Aihe couldn’t afford to repay her business loan.
A lender approves a small business loan without documentation showing that the business will generate enough additional income to pay the loan.
Linh did not understand that she was taking out a business loan. Should it have been a consumer loan?
Noah had to pay unnecessary legal fees because of a communication breakdown with his lender.
Ava and Jerome thought they had one contract with their finance company for the hire purchase of a truck and trailer, but they in fact had two contracts – which Ava and Jerome said they only found out after they sold the truck and trailer.
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