In the backdrop of the disclosure by RBI’s working group that it had identified over 600 fraudulent lending apps, it is relevant to understand what are the basic warning indicators that should raise a red flag to any potential borrower. The same sentiment is also shared by SimplyCash (the instant personal loan app powered by Hero Fincorp), which has strongly urged everyone to be mindful while applying for an instant personal loan from mobile apps.
SimplyCash, one of the most trusted apps in the market today, has asked customers to be cautious before sharing data to unknown instant cash loan apps and heed these warning signals –
- Fake apps don’t care about credit histories and happily accept applications from people with bad credit history too.
- Fake lending apps usually flood potential customers with text messages or emails to pressurise them into applying immediately.
- The majority of fraudulent lenders are just visible on the downloading store and do not have a physical address.
- Fake lenders’ websites are unencrypted, and the padlock icon is missing on the pages where customers are prompted to provide their information.
