They also start harassing the family members of the borrowers. People trapped in their clutches become so helpless that they take wrong steps. However, fortunately, there are currently arrangements in place to control these bogus applications.
In today's time, apart from banks, financial companies, there are many apps that give loans in minutes. There is no harm in taking a loan for the need, but it is very important to know from where to take the loan. Nowadays fraud is also happening a lot in the guise of loan app. Let us know how to be careful to avoid any kind of fraud.
These days there are many instant loan apps available, which give loans without any KYC or proper document verification. One needs to be careful with this, as these loan apps first trap the customers, then start blackmailing them.
Most of the digital loan giving apps are not registered with the central bank. These are run by the companies themselves. In recent times, the incidents of harassment by the operators of digital loan apps have increased a lot. Now there is news that RBI will prepare a list of all legal apps. It has been said by the Finance Ministry that the central bank will ensure that the registration of payment 'aggregators' is completed within the stipulated time frame. Thereafter no unregistered payment 'aggregator' shall be permitted to function. To prevent the spread of such apps, the Ministry of Corporate Affairs (MCA) will identify shell companies and de-register them to prevent misuse.Avoid instant loans
Many companies are providing instant loans through the app. There are some frauds in these companies claiming cheap loans from the customers. In this type of loan, there is not much paperwork and the loan is also available quickly, so that people do not have to go round the banks. For the loan, one has to first register on the app, then after some time the money is transferred to the account. However, the cases of fraud through loan app are increasing continuously. To lure people, a link is sent and it is said that by clicking on it, a loan will be available. Also, no security nor documents will be required. Most people click on the link. The problem starts after this. Fraudsters ask to click on the link sent and download the app from Play Store. One should be careful here, because no bank ever gives a loan by clicking on a link or downloading an app. Clicking on the link shares your personal information. Many such apps related to loan are available on Play Store.Will go who claim that loan can be taken only through Aadhaar card and PAN card. Viruses come on downloading such apps, along with the data also gets stolen. Then fraud is done with the help of these information.
How to find fake app
By taking some care, you can detect the fake app. Before downloading the loan app, do read its rating, review carefully. If there is a fake app, then you will get its information from the rating and review. Also see which company is running the app and which company has developed it. Download it only after being completely sure. Do check whether any bank is associated with the loan app or not. As per Google policy, any loan app must have an association with at least one NBFC (Non-Banking Financial Company). If it is not, then be careful. Fake apps ask for various types of information from the user. The original app will give its complete information before giving the loan. He will complete all the processes with transparency. If no app is doing this then you need to escape. If seen, most of the frauds are being done by Chinese companies through the loan app. They are ready to give loan without KYC, without document verification. These apps first trap people, then also start blackmailing them.
This is how you can avoid cheating
Recently, the State Bank of India has told many ways to avoid fraud through tweet. Before downloading any instant loan app, do verify it. Collect information from other places as well. Avoid clicking on any unknown links and do not use unauthorized loan apps at all. This can lead to theft of your sensitive data. Please check the permission setting of the app in the phone so that your data is not stolen. This will not only keep the data safe, but also your personal information will not be leaked. If you have fallen prey to a suspicious app, then immediately report it to the police. It is very important to choose the right platform before taking a loan. Any carelessness in this can be costly. Also, you can visit https://cybercrime.gov.in/Default.aspx to report cyber crime.