Loan App fraud: Be careful if you are getting the loan easily
The NBT investigation continues, exposing people who have been enticing apps by instigating an instant loan. In our investigation, it was found that despite the ban of Google, many loan apps have come back to the Play Store again after renaming and giving incorrect information. On the other hand, the Digital Landers Association of India (which has about 85 digitally lending companies attached) has recently issued guidelines for member companies on its website.
All member companies of DLAI are recognized by one Regulatory Body and have to strictly abide by its rules. Apart from this, Cyber Experts say that most of the apps for loan, which are being applied by installing in the mobile phone (Installed in mobile phone), store the data and personal information of the users. Chinese server is being used for the transfer of data in Chinese servers will prove to be a big threat not only to the citizens of the country but also to the security of the country. Read
DLAI released guidelines
The DLAI (Digital Landers Association of India) has also issued some tips advising people to identify genuine and fake loan lenders.
1. Incomplete or without KYC loan offer – Be careful if you are giving an app loan without doing background checks.
2. Loan for less than 30 days – If an app is offering for very short days, and then understand that it can torture you.
3. Loans without a loan agreement – If an app is giving you a loan without RBI approved NBFC or bank signature, then understand that it is dangerous and later your appeal can also be rejected by RBI.
4. Deduct fees at the time of giving loan – Suppose if an app is giving you a loan of 5000 and 1500 talks about deducting 3500 at the same time, then there is something wrong somewhere. No professional company takes an advance cut.
