How to be safe & Warning Signs
There are hundreds of Instant Personal Loan apps listed on the Play Store. Reportedly many of them show millions of installs. Especially during the lock down period there were millions of Indians who took up to use these apps for meeting expenses. Awareness about such loan frauds can help one to prevent falling for them. Some of the major signs that may indicate fraudulent lending practices are measures to safeguard are mentioned below:
Warning Signs
- No verification of previous repayment history
- Creation of sense of urgency and pressurizes into acting immediately
- Hidden or undisclosed charges/ fee amounts.
- Unsecured websites
- No physical address disclosed by lender