Planning to take a loan? Here’s how to maintain safety of your documents, personal details

Are you looking to get a personal loan via an online lending platform? These days online lending apps have found themselves in controversies after cases of harassment, violence and many others are being filed against them. This has also led to an increase in unauthorised and fraudulent lending apps. Google recently took action against many such lending apps by removing them from Play Store. 

Despite that, if a borrower wants to get a loan by this route, he/she needs to be extremely cautious while sharing their personal information/documents online.

Credibility is important

The first and foremost thing should be checking the credibility of the particular lender and borrowers should check whether the lender they have approached is genuine and is approved by the RBI. Besides that, it is also important to spend some time on the website/app, as the look and feel of the website/app/social media accounts can help check the credibility and authenticity of the lender.

Medium of communication

Next comes the safety factor where borrowers need to share their personal and important documents via a safe and secure communication channel and to safeguard further, they can protect documents with a password.

Online reviews

Checking online reviews is very important when it comes to unauthorized lending apps and sharing personal documents and data with them, it is important to go through the app reviews on the play store or app store or even on Quora where borrowers can check the feedback shared by previous/existing borrowers.

Fineprint

Borrowers must go through the terms and conditions on the website/app carefully and a genuine lender will have the terms and conditions, privacy policy, etc clearly listed down on their website/app.

Lastly, they must ensure to check the fineprint before sharing documents on these platforms.