Instant loan app scams are running very fast in India. Every day people are becoming victims of instant loan apps. Many people are even committing suicide after falling into the trap of instant loan apps. Advertisements of these loan apps are being given extensively on social media platforms like Facebook. The government has made many laws regarding loan apps but none is proving effective. In today's report, we will tell you five ways to avoid instant loan app fraud.
Why is it dangerous to take a loan from instant loan apps?
First of all, it is important to know why taking loans from these apps is dangerous. The first thing is that these apps charge excessive interest. Apart from this, if the loan is not repaid on time, they even resort to abusive language. Apart from this, these people also threaten to share your personal photos on social media.
Take these precautions while taking a loan from the app.
Download only those apps which have been approved by RBI.
Before taking a loan from any app, gather as much information as possible about it.
Be sure to check the background of the app, its history, etc.
Do not share data for KYC with any unknown app.
Complain about any kind of fraud by visiting sachet.rbi.org.in.
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