Fake loan app list
Lots of people in India want to borrow instant money for their personal requirements, and for this reason, the lending of personal loans online has become extremely popular in India right now.
There has been an increment in the number of loan apps due to the increasing demand, and along with this, you will also come across many fake loan apps out there that claim to be legitimate lending platforms.
It is possible for fake loan apps to take the name of the 7-day loan app, and these apps usually cheat individuals and extort money from them by tempting them with instant loans.
These loan apps will claim to provide you with personal loans instantly without any documents or any other type of verification.
Individuals can easily become fooled by this kind of lucrative offer, and they might give away all their financial and personal information.
They will simply take loans blindly from these apps without any sort of verification, and this can result in lots of issues in their lives in the long run.
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How do the fake loan apps function?
Different types of tactics are used by fake lending applications at present to tempt individuals into downloading the apps by providing them with lucrative terms as well as quick loans.
These types of deceptive practices consist of the following:
• Requesting the users to provide their financial and personal information like credit card numbers and bank account in the name of a loan application procedure to exploit the information for any identity theft or unauthorized transactions.
• Become inaccessible or disappear after collecting the money.
• Requesting payments to be made in advance while making fake claims related to
the distribution of loans under the guise of guarantee fees or processing fees.
• On many occasions, these apps are known to alter their domains, names, as wellas appearance to stay away from getting detected.
Fake loan app list in India
These days, fake digital lending applications cheating customers of their money has become a matter of concern in India.
The Reserve Bank of India has compiled a “whitelist” of apps that can be advertised on the Apple App Store for the Google Play Store at present.
On most occasions, users tend to share their KYC information as well as banking information with these platforms following the downloading of fake apps.
According to them, these apps are legitimate since they have been listed on Apple or Google’s app stores.
However, money is usually taken out from the accounts of these unfortunate people, orthey are subjected to psychological pressure by means of extortion.
It is imperative for us to be meticulous with these types of apps.
Conclusion
It is crucial to bear in mind that while looking for a loan you should avoid any app that appears to be too good to be true.
In case you find that the interest rate is abnormally low, there is any unwanted offermade by the lending company to make the deal sweet, or a paucity of lending companies because of diligence, then you need to be extremely careful.
You must take all these factors into consideration before selecting a loan option.
Always remember that it is important to make a proper decision beforehand so that you do not regret it afterward.
