There are more loan apps that charge 50% interest the moment the loan is given after downloading the application, backtrack and give torture even after the loan repayment, no matter how careful they are, they weave some kind of fraudulent web for the user.
According to reports, there are more than 4000 loan applications in the Google Play Store, many of which are causing fraud, duplication and other problems to the app users. Recently, Google has permanently removed 2500 applications from the Play Store. However, the problems and dangers of these loan apps have not stopped. To such an extent that the users of this app have created a fraud network to the extent that the borrowers lose their reputation and lose their lives. No matter how much action is taken by the cyber criminals, the police and the government, they have not been able to put a brake on them to the full extent. In this background, here is how online loan takers can spot fake/fraudulent applications.
Keep these things in mind before selling your old Android smartphone!
Ways to spot fake lending apps on Google Play Store
1. See if there are multiple apps with the same name. Choose the highest rated app out of it. Then read more comments / reviews about that app.
2. Checking whether the lending institution / app is registered as per rules under RBI.
3. After downloading the application, while installing it, do not give permission (Access) to your mobile’s gallery, contacts, social networks, payment applications in your mobile.
4. After installing the loan application, do not click on OTPs, offers links that appear frequently.
5. Check the website under the name of the lending app. Check if that website is secure.
6. Every loan application should be given a Sanction Letter as per RBI rule. It contains all the loan details. Apps that don’t offer this are fake. And should be considered as cheating apps.
7. Every lender also wants to see your credit history/bank financial transaction history before granting a loan. If you are not hearing this, it means that fraud is waiting for you.
8. Getting membership in one application (with fees ranging from Rs.100-400), disbursing loan in one application. In such a case too, one should be more careful.
9. Stay away from apps that offer attractive offers with deadlines. Their aim is to extract as much money as possible from you.
10. Google does not allow any apps that allow loan repayment within 60 days. Stay away from such situations. These are fraudulent apps.
11. Fraudulent apps usually do not provide any fee details. Does not provide credit history. Also the app does not provide the root address of the management.
What kind of torture are loan apps giving?
- By installing the loan app, they create an opportunity to automatically take all kinds of permissions on the mobile of the loan taker.
- If the EMI payment is delayed, some apps will harass you even after the EMI payment. Give problem through SMS, call.
- Apps use your phone’s contacts list to create a WhatsApp group, or create a group of your friends on social networks to share indecent photos and torture them.
- Now using AI, these loan apps are doing things that cause problems in many other ways.
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