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With over 600 fake loan applications in India, here are some things to keep you from falling into the trap

Fake Loan Application: Last year, the lockdown, job layoffs and wage cuts from the Corona Period caused a financial crisis for the people. Many Chinese companies and Indian companies that have benefited from this have started lending traps in India. Thousands of people are caught in this trap. Many people who have been affected by the app’s recovery have also given their lives. As the content escalated, RBI and Google removed such duplicate applications from the Plate Store, but once again the network of fake loan applications has begun to spread. According to RBI, there are currently about 600 fake loan applications in India. We will tell you how you can escape from their trap.

Constantly receiving complaints

Report by Reserve Bank of India (RBI) Working Group on Digital Lending It is said that the process of lending through mobile apps and websites in India has started again. Currently, there are about 600 illegal loan applications. Many loan applications are managed through APK. According to RBI, over 1100 applications can be found on different platforms. These applications can be found by the terms Loan, Instant Loan and Quick Loan. Between January 2020 and March 2021, 2562 complaints were received for such applications, the RBI Executive Committee report said.

How do you get into a trap?

Such apps give you credit with Aadhaar card and PAN card within 5 to 7 minutes. Once you upload your documents on their app, they will give you a loan of Rs 3000 to 5000 for 7 days. As soon as you make progress, they will deduct around 1000 to 1500 rupees in the name of processing fees and other fees. You have to pay the full amount after 7 days. An error occurs when making payments on this type of application. Money is deducted from your account, but shows the payment to be made in the app. Because they run illegally, so they don’t have any customer service numbers and you can’t register your complaint anywhere you want. On the other hand, these apps can charge you between Rs 100 and Rs 150 every day. The chain of torture does not stop here. For recovery, these people are harassing you by calling your relatives and friends. They cheat you by sending you a photo. To avoid trouble, most people pay.

Keep these things in mind

  • Try not to take a loan from the app. This is because the recovery process for most applications is bad. These people will harass your contacts.
  • If you need to take out a loan, check with the app to see if the company is valid for financial transactions from the RBI. Do not take out a loan from an accredited company at any cost.
  • Some applications offer credit by tying up with NBFCs. If you’re borrowing from an app like this, collect all the information about that company.
  • When downloading an app from Google Playstore, you can be safe by reading other reviews of other stranded users.
  • Don’t give any app access to your message sights, contacts and media.

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