New Delhi, Oct. 3 -- A 33-year-old man in Rajkot was cheated of Rs.8.85 lakh by a man who promised loan approvals. After getting loan approval messages on WhatsApp, he transferred Rs.9.35 lakh in the form of a processing fee and login charge. Later, no loan money was given, and he returned only Rs.50,000, thus duping the man of Rs.8.85 lakh,reportedThe Times of India.

This is quite a sad state of affairs where agullible loan seeker was stripped of whatever little money he had, throwing him into a more vulnerable state.

Each financial crime teaches us some money lessons, and here we try to cull out some learnings for those who are looking for apersonal loan or some other form of credit.

1. Processing fee: Almost all lenders charge a pro...