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ADVANCED GUIDELINES TO AVOID LOAN APP SCAM

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Illegal and unregistered loan applications have increased over the past two years as con artists attempt to defraud individuals by promising them money.

Unlawful lending apps

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These applications often operate by giving money to individuals in need, extorting additional money from them, and then harassing the victims.

How do they function?

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The RBI was forced to create a white list of legitimate applications due to the exponential growth in fraudulent loan applications. Here are a few methods for avoiding fraud.

White List

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Bank always confirm with the RBI if a bank or NBFC is authorised to conduct business. On the website of the central bank, you may verify it.

Verify your RBI registration

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Fraudulent loan app firms sometimes lack a website. Any app without a website needs to be taken with a grain of salt.

Is there a webpage for them?

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Scammers frequently send you messages with links in them that offer you loans. Such emails should not be opened, and you should never click the links.

Messages and Links

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Do not proceed with the transaction if the lender is not properly adhering to the KYC requirements while disbursing a loan.

KYC Norms

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You should be warned that con artists are more interested in your personal information and may request card numbers, CVVs, and other information.

Personal Information

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Most of the time, fraudulent loan applications omit to include crucial information from the loan agreement. Avoid such lenders at all costs.

Verification of the loan agreement