By Roy Denish
A growing wave of unregulated digital loan apps is trapping vulnerable Sri Lankans in crippling debt, invasive surveillance, and relentless cyber harassment. Learn how these offshore-backed lending platforms operate, the warning signs to watch for, and the steps you can take to protect yourself and your family.
In recent times, our country has faced immense economic challenges, and many individuals are understandably searching for quick financial relief. However, a highly dangerous trap is actively operating in our digital space through unregulated, cloud-based online lending applications and websites. These schemes are masterminded by offshore entities, notably tied to shell operations and developers in eastern European regions like Latvia, masquerading as local financial helpers. Platforms such as www.fino.lk, loanplus.lk, cashx.lk, onecredit.lk, loanme.lk, and ceyloan.lk promise instant loans with zero paperwork and immediate cash approval within minutes. In reality, they are trap doors to severe financial ruin, data theft, and merciless psychological harassment.
The mechanism of this digital trap is highly predatory. They lure unsuspecting borrowers via text messages or social media advertisements with slogans promising zero interest on an initial loan. When an individual installs their mobile application or registers on their cloud portals, they are forced to grant extensive permissions allowing the platform to scrape their personal contact list, photographs, files, and location data. Once this data is harvested, the trap springs. The actual interest rate and hidden service fees climb to astronomical heights, sometimes exceeding an annualized rate of one thousand percent. If a borrower is even slightly late on a payment, the operators use the stolen data to create communication groups containing the borrower’s friends, family, and employers, sending shaming messages and manipulated photos to execute ruthless digital extortion.
It is crucial to recognize the red flags of these dubious platforms to protect yourself and your loved ones. Legitimate lending platforms must operate with explicit registration and licensing from the Central Bank of Sri Lanka. Rogue entities like www.fino.lk, loanplus.lk, cashx.lk, onecredit.lk, loanme.lk, and ceyloan.lk obscure their true ownership behind layers of shell companies registered in places like Singapore or Colombo addresses, yet their digital footprints and developer support channels trace directly back to Latvian communication lines. They deploy deliberate psychological deceptions to build false credibility, including the impersonation of international financial authorities. For instance, the Fino platform carries a cloned, unauthorized logo of the Nasdaq stock exchange, a blatant fabrication designed to make an unregulated predatory application appear globally recognized and prestigious. They also demand access to phone capabilities that no genuine bank would ever require. If an online lender cannot verify its license under the Finance Business Act of Sri Lanka, you must never input your National Identity Card number, banking details, or phone number into their website.
If you or someone you know has already fallen victim to these platforms, it is imperative not to give in to their blackmail or pay further extortion fees. You should immediately report the harassment to the Sri Lanka Police Cyber Crime Division and file an official complaint with the Financial Consumer Relations Department of the Central Bank of Sri Lanka. Only conduct financial transactions with authorized, regulated institutions which can be verified directly on the official Central Bank website at cbsl.gov.lk. Let us stand together as a community, spread awareness about portals like www.fino.lk, loanplus.lk, cashx.lk, onecredit.lk, loanme.lk, and ceyloan.lk, expose their fraudulent credentials, and ensure that our friends and families do not trade their personal privacy and peace of mind for a predatory digital mirage.
Reference Links to Mentioned Platforms
For awareness and verification purposes, here are the direct links to the web domains associated with the platforms discussed in this appeal:
Fino: www.fino.lk
LoanPlus: loanplus.lk
CashX: cashx.lk
OneCredit: onecredit.lk
LoanMe: loanme.lk
Ceyloan: ceyloan.lk
Official Regulatory Authority: Central Bank of Sri Lanka (cbsl.gov.lk)
