Fake Loan Apps: Hundreds of loan apps can be found on the Google Play Store. These are some of the apps approved by RBI. All others are fake loan applications. Borrowing on such apps is dangerous.
Previously, one had to go to the bank and apply for a loan. Once the application is submitted to the bank and the verification is completed, the personal loan process starts. But now with the development of technology, the work of taking a loan (Bank Loan) is completed in minutes. You can even get a loan of lakhs of rupees within 10 minutes if all the documents are there. Loan Apps are trending recently. But the danger (Fake Loan Apps) is more than that. So how can you get in trouble with fake loan apps? What is the problem? What is a fake app? (Fake Loan Apps List) Here is the information.
Many new lending apps are emerging. Entering details, uploading documents, completing verification. The same loan will be sanctioned.
Beware of harassment
However, these loan apps are leading to many malpractices. Harassment of borrowers through loan applications. If a loan is taken on loan apps, all the contacts on those smartphones will go to the operator of the apps. If the borrower fails to pay the EMI further harassment starts.
Beware of defamation
Apart from harassing borrowers, threats to tell and defame those in their contact list are also being made. Think for yourself, how many bad effects can be caused by these loan applications.
Warning from Telangana Police
Fake loan applications are responsible for all such incidents. It has been found in many cases that borrowers are being harassed by those running loan applications without Reserve Bank of India (RBI) approvals. Along with this RBID has detected many illegal lending applications. Telangana Police is warning about these fake apps. Telangana Police has released a list of 137 apps, warning people to beware of fake loan apps.
What is a fake app? Here is the information given by the police
Hundreds of loan apps can be found on the Google Play Store. These are some of the apps approved by RBI. All others are fake loan applications. Borrowing on such apps is dangerous. There are risks of such fake applications charging high interest rates, harassing EMI defaulters and blackmailing. So it is good to approach banks and reputable financial institutions for getting loans.
Agreement with banks?
Most loan applications offer loans that are contracted with banks. These include line of credit loans. If you take a personal loan, the entire amount will be credited to your account. You have to pay EMI for that amount.
But if you borrow Rs.5,00,000 in line of credit loans, you will have to pay interest only on the amount you use. That means if you use only Rs 2,00,000, you will have to pay interest on the entire amount.
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