In the country, online loan fraud using a variety of applications is on the rise. Since December 25, 2021, over 180 complaints of loan frauds have been received in Ghaziabad, according to a new investigation by The Times of India.
According to the police, these applications entice smartphone users by offering rapid borrowing choices that require no paperwork or proof.
How do instant loan frauds work?
Scammers take advantage of inexperienced smartphone users to deceive them. Users are first invited to install a certain app, after which these apps have access to their phone contacts, gallery, and other sensitive information.
Several victims have said that even after repaying the loan, scammers/bad actors harassed and humiliated them in front of their friends and family for engaging in load fraud.
According to the research, people have received bogus legal warnings for defaulting on debts in the past.
According to a recent estimate by the Reserve Bank of India (RBI), India has over 1100 online loaning apps, with 600 Android apps being illegally distributed across over 80 app shops.
The RBI recently recommended legislation to make authentication of these digital lending apps mandatory in order to prevent such scams.
How to stay safe from such frauds
If you've been a victim of digital loan fraud, there are a few things you can do to protect yourself:
Installing unverified apps on your smartphone is not a good idea. Because the Apple App Store is significantly more secure, this is even more critical for Android users.
Callers who promise cheap loans should be avoided. People that claim to be able to get money quickly are usually lying.
Install apps that will tell you if a call is from a fraudster, such as Truecaller.
Always use popular/verified applications for rapid loans, such as PaySense and Dhani, among others.
Conclusion
There's no need to be discouraged if your personal loan application is turned down. To boost your chances of loan approval, simply work on improving your credit report and following the methods outlined above. Once you've completed this checklist, you're ready to submit your personal loan application.To find about the best pricing and deals, call our toll-free number +91-9477079053. They'll help you in every way they can. Please contact me at Instant Loan if you have any more.
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