In some advanced versions of these scams, they might actually deposit a small amount (e.g., $50) into your account for a supposed $500 loan with a 7-day term. But the fine print (which you cannot read) charges 300% interest. After 7 days, they demand $1,000. If you don't pay, they use the contact access to send morphed photos or defamatory messages to your entire contact list.
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