How to identify fraud loan apps?
Nowadays most loan apps say you have been pre-approved for so and so money, but they are just trying to get your information and docs. Most loan apps cheat customers by taking money and not providing the loan.
In order to verify if the loan app is genuine or fraud, I would suggest the following:
1. Before installing the app on the mobile, read the reviews of the loan app in the play store or google it. Because most of the people who have fallen into the trap have already mentioned the fraud they are doing and how.
2. If a loan app gathers all the information and documents from you and then asks you to pay a service charge, processing fee, or loan insurance fee to release the loan amount then that is a fraud loan app. Because No RBI authorized loan agencies or companies do that and they cannot ask the borrowers to pay upfront fees of any sort.
3. Some loan apps just gather all the information and documents provided by you and then sell the same to third parties, so beware of these types of loan apps.
4. Genuine loan apps always check for credit scores from CIBIL or Experian, and if you see a loan app not checking the credit score then that company is a fraud.
Sorry, there were no replies found.