Fake Loan Apps Here are the tips to identify illegitimate lending apps in seconds

Tips to Identify Fake Apps: Mobile applications played an important role in bringing digital revolution in India. Apps in banking and finance sector have made people's lives much easier. Many of your tasks can be completed in a jiffy while sitting at home. However, with time, fake and illegal loan apps have also entered this sector and have been successful in defrauding people. However, to deal with the increasing cyber fraud in the country, the Reserve Bank of India (RBI) is going to come up with Digital India Trust Agency (DIGITA). But, today we are going to tell you how with a little caution you can protect yourself from these fake loan apps.

RBI guidelines

RBI has made guidelines for the loan granting process. Loan apps also have to follow these. If you want to take a loan from any app then check its website. Here you have to check with which banks and NBFCs the app has tie up. If this information is not given there then avoid that app.

Download from Play Store or App Store only

The easiest way to avoid fake apps is to download them from Google's Play Store or Apple's App Store. Never download an app from a link sent through email, SMS or social media.

KYC check

True apps will always demand KYC process from you. If an app is not asking for this process, you should consider it suspicious. KYC may seem like a long process but it is designed to keep you safe.

loan agreement check

Legitimate apps will always provide you with a loan agreement. It contains complete information about the amount you are borrowing, processing fees, interest rate and repayment schedule. If any loan app is not giving this agreement then it will come under suspicion. You should always ask for a loan agreement.

Demand for advance payment

Fake loan apps often start demanding some fee from the customer even before giving the loan. If your loan app is also making a similar demand then be alert.

Must read online review

Before using any loan app, definitely check its review on Play Store, Google or Facebook. If it has received negative feedback then you should avoid such app. With these simple tips, you can protect not only yourself but also your hard-earned money.

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