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Instant Loan Apps and Unsecured Loan Scams | Extortion and Scam

Financial Crunch and Requirement of Loan is inevitable as sometimes you have to seek the loans in unforeseen situations. In Digital India, with ease in getting loan now from Online Loan Applications, the nightmare of getting loans approved is quite simplified but it has also raised an alarm of Scams and Frauds.

Ganda hai par dhandha hai ye…..

Based on our research and feedbacks we are exposing some of the common possible scam techniques for which one has to be aware and beware.

You saw a fancy advertisement on Facebook or Whatsapp, claiming that you can get pre approved loan of big amount at a very low interest rate. The moment you downloaded the application and filled your KYC and Personal Details (Which obviously will be a regular process for anyone so you can’t distinguish till this point whether you are with a genuine or fake loan provider / money lender), now you get a option that you can get a very small amount of loan at very high interest and low tenure, you may opt to proceed with it or quit. Even if you proceed, if its pre-intimated Interest Rate, Tenure and Amount, that could be the Policy of the Loan Provider, so Legally its not totally Fraud Case, if you proceed with them. Quite obvious you were intimated about all the Charges, Loan Agreement and Penalty Clauses. Still the case is not fully in accordance to RBI Regulations but your…

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