The Reserve Bank of India has said in a report that there are about 600 illegal loan apps running on different app stores running for Android users. Therefore, whenever the user goes to download a loan app, then definitely read its rating, and review.
It is the era of instant loans. Everyone needs a quick loan. To take advantage of this, there are many apps running in the internet world that claim to give cheap loans. Some apps are right in this and some are robber apps. There have been many incidents of robbing apps. In such a situation, you too should not become a victim of any dangerous app. In the course of taking a loan, the recovery agent can get threatened at your house and collect more money from the loan. The only way to avoid this is to recognize the loan app and learn about it. Apply for a loan only after knowing its reality, because not only will you get caught in the wrong app, but your partner can also become a victim.
Like other apps, loan apps also carry the user's contact details with them when they are downloaded. That is, the contact list of the user goes to the app company. If the borrower does not repay the money on time or gets confused with the money, then the app harass the people on the company's agent contact list. Even threaten the creditor to deposit the loan money soon. Many incidents related to these recovery agents have come to the fore. Therefore, if you also download any app, then be careful once. Download the loan app only after knowing the complete truth about it.
How to know if an app is real or fake
- The Reserve Bank of India has said in a report that there are about 600 illegal loan apps running on different app stores running for Android users. Therefore, whenever the user goes to download a loan app, then definitely read its rating, and review. You get all this information on the App Store so that the details about the app will be known.
- Which company is running the loan app and which company has developed it. If such information is found correctly, the track record of the company is found to be correct, then download that app. If such information is not available, then be careful with that app. Also check the company's website, contact details, and office address. Collect information about where is his office in India. Fake or fraudulent apps often hide such information.
- First of all, definitely check whether any bank is associated with the loan app or not. A non-banking financial company is associated with the loan app. Google policy clearly states that there must be some NBFC associated with any loan app. If any bank is not connected with the app then beware of it. NBFCs will also have to indicate on their platform which lending app is running with them. From here you can find out the reality.
- Fake apps ask for many types of information from the user. This information is given with the permission of the user. It is believed that a good app is one that allows the user to use it with fewer permissions than the user. With this, there is no risk of personal data theft. Especially the risk of contact list theft is high, due to which fake apps harass the user.
- If there is a real loan app, then it will give its complete information before giving a loan to the user. All these works are done with transparency in which there is an agreement between the lending company and the user. This feature is not available with robbers or fake apps. Such apps do not give complete information to the user and are not ready for any valid agreement. If you take a loan from the app, then check once that the app tells which is the real company giving the loan because the app never gives a loan but it becomes the medium. Get complete details about processing fees, interest rates, penalties, and repayment.
