7 Ways To Track Fake Loan Apps

Anupama Jha
Apr 19, 2024

Does not follow RBI Guidelines

It is compulsory for the lending partner to meet all the regulatory requirements of RBI. (Pic Credit: Freepik)

It has a Fake Website

If there is an absence of a website there are high chances of the loan app being fake. (Pic Credit: Freepik)

No Loan Agreement

Loan agreement is very crucial as it contains all the necessary information. (Pic Credit: Freepik)

Asks For Advance Payment

If a lender claims you're approved for a personal loan but asks for a small "advance fee" it's a major warning sign. (Pic Credit: Freepik)

Provides Loan without Valid Documents

It is mandatory to lend loans with all the personal necessary information as per RBI Guidelines. (Pic Credit: Freepik)

Negative Online Reviews

Reviewing online reviews is very important as it gives you the authenticity of the loan app. (Pic Credit: Freepik)

Missing KYC Process

Authentic lending apps always ask users to undergo the Know Your Customer (KYC) process to verify their identity and prevent fraudulent activities. (Pic Credit: Freepik)

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