To save you from the web of instant loan app, we have brought some information for you. Which will save you from getting trapped in the loan app. Also, the loan rope will not let it get tight around your neck.
Instant loan apps are becoming quite popular in the country, as quickly as these apps provide loans, they also start tightening the rope around your neck. In fact, on these instant loan apps, loans are given at up to 25 percent interest, about which the users are not informed or the borrower takes the loan at high interest out of compulsion and after this the magic of the instant app begins. . In which the common man gets trapped like a mosquito in a spider’s web and ultimately the spider kills the mosquito.
To save you from this web of instant loan app, we have brought some information for you. Which will save you from getting trapped in the loan app. Also, the loan rope will not let it get tight around your neck. If you do not read the things mentioned here carefully or take them lightly, then God may be your master. Even if you want to approach the police or the court, both these institutions will not be able to give you immediate relief, because by the time you are so trapped, it will take some time to get you out of this trap.
How to know if an app is safe or not?
The government is going to form Digital India Trust Agency very soon to find out whether the Instant App is fake or real, but till then you can investigate about these apps using the methods mentioned here. For this, first of all find out whether that app has a website or not. If there is no official website linked to that app then this app may be a scam. Also check whether its office address, phone numbers and customer care mail ID is available on the website or not. If all these are not there, then do not take loan from him.
Is the app connected to RBI source or not?
This is one way for banks to check the authenticity of the loan app. The loan app and its company have partnerships with non-banking financial companies (NBFCs) and financial institutions that are registered with the RBI to provide loans. You should take loan only from an RBI registered source.
Keep these things in mind before taking loan from instant app
Before giving the loan, your documents are scrutinized by the bank or app. In the same way, you should also get information about the loan provider.
- Download the app from which you want to take loan only from Google Play Store or Apple App Store. If you download this app from somewhere else then you may get scammed.
- For loan processing, provide only minimum information about yourself like age, income, job status etc. If the loan provider is asking for your banking details like card number, CVV, PIN and banking password, then immediately abandon the idea of taking a loan from him.
- Fake apps ask for unnecessary permissions like contact list, photo etc. If you are being asked for such permission, then immediately exit the app and give up the idea of taking a loan from it.
- It is not necessary to have a high CIBIL score, but authentic loan apps require an average score. If any app is approving loan despite weak CIBIL score or without document verification, then be alert.
- Finally, it is very important to keep this in mind, before taking the loan, read all the terms and conditions carefully, so that you can know in advance about the hidden charges and penalties. Also keep in mind that authentic loan apps transfer the loan amount to your specified account only after your consent.