Tuesday, February 27, 2024

Do you also use loan app? Could be a big fraud

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Google has deleted 2200 fake loan apps present on the Play Store between September 2022 and August 2023. In the last two and a half years, the Government of India has cracked down on about 4700 fake loan distribution apps. Between April 2021 and July 2022, 2500 fake apps were removed from the Play Store. These apps were cheating users in the name of distributing loans. Now Google has increased the strictness on such apps.

Google According to this, only those loan apps will be available on Play Store which meet the government rules. It is also believed that the government may become more strict regarding loan apps. Apps which are not in accordance with government rules will be banned and strict action will be taken. Overall, be alert before using the loan app without thinking.

Beware of Fake Loan Apps

In recent times, fake loan apps have increased rapidly in the country. These apps promise to provide easy and quick loans, but in reality they may be fraudulent. Fake loan apps can be identified like this…

  • Abnormally low interest rates: These apps often promise very low interest rates that may not be true.
  • Fast Access: These apps promise instant loans, that too without any credit check.
  • Discrepancy in fees: Fees are often not clear in these apps, which can later increase the total cost of your loan.
  • Privacy Policy: Privacy policy is often not mentioned in these apps, due to which there is a risk of misuse of your data.

How to avoid fake loan apps

  • Take loan only from trusted sources: Before using any loan app, ensure that it is registered with RBI.
  • Read the loan terms carefully: Before accepting any loan, read and understand the loan terms carefully.
  • Avoid sharing your personal information: Be careful before sharing your personal information with any loan app.
  • Be wary of fees: Before using any loan app, make sure it is clear on fees.
  • Do not share your banking details: Do not share your banking details with any loan app.
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