Beware of unauthorised digital lending platforms and mobile apps that promise quick, hassle-free loans. These instant lone apps may charge excessive interest rates, demand hidden fees, use aggressive recovery methods and misuse agreements to access borrower data including breaching your online privacy.
1. Ensure The App or Its Company Has An Offline Address And A Website.
When considering using an instant loan app, verify its authenticity to ensure the safety of your personal information and funds. A key factor to look out for is the physical address of the app and the lender. It may be a red flag if you cannot find the lender at a registered location.
Legitimate lenders typically have their name, phone number, physical address, and email address listed on their websites for transparency.
Additionally, it's advisable to research the parent company of the loan app and ensure it has a credible official website linked to the app. If the loan app does not have a website, it might be an instant loan app scam.
2. Check If Your Instant Lender or Partner Company Is Registered With RBI.
It is crucial to check the lender's connection with the Reserve Bank of India (RBI) to ensure their authenticity. A trustworthy loan app and its company will typically partner with Non-Banking Financial Companies (NBFCs) and financial institutions registered with the RBI to provide loans. By being both digitally savvy and financially informed, you can ensure that you only borrow from RBI-registered sources and avoid any potential scams.
3. Check Out The Reviews and Ratings Of Your Lender Online.
If you plan to take a loan from an app, check its reviews and ratings beforehand. It will help you gauge the lender's credibility and the quality of its services. You can find these reviews on websites like Google Play Store or other review channels, where past borrowers of the lender have shared their experiences. Paying attention to these reviews can give you a good idea of the lender's functioning and if it has any history of unethical behaviour.
4. Check Your Lender's Access To Your Personal Data.
When applying for a loan through a lending app, some may request access to your contacts and gallery for authenticity and underwriting purposes. Reliable lenders will keep this information confidential and not share it with third parties. However, this might not be true for loan app scams.
Check here which loan apps are registered with RBI from which you can take loan?
www.onendf.com/rbi-approved-l...
23 фев 2024
