Year 2020 was a tumultuous one for the country, with a tanking economy and scores of job losses being reported every day. People needing short term loans took them from instant cash loan apps on their smartphones – and suffered bitterly at the hands of malicious scam apps.
Don’t fall prey to these apps – here’s how you differentiate them from genuine instant personal loan apps:
#1 If it’s too good to be true, it probably is.
Fake loan apps prey on applicants’ need for immediate money by promising them the most perfect loan proposition. But the perfect loan doesn’t exist. The app may be a front for an unregistered entity that promises a speedy loan for large amounts literally within minutes of signing up on the app, or ‘the lowest interest rates’. This is not how registered instant personal loan apps operate – they offer competitive products, check your eligibility before granting approval, and . have a robust machine learning algorithm in place to check an individual’s credit score.
#2 Steer clear if the app conceals interest rates or has several hidden charges.
You might need immediate funds for a medical emergency, or wish to pay your child’s school fees, or insurance premiums. It is easy to be lured by apps that ask you to sign up with your bank details and ‘let them do the rest’. But after signing up, you find that the 2% interest being offered is a daily one – this leads to astronomically high interest that you cannot afford to pay. Furthermore, you are slapped with a lot of hidden charges and processing fees that were not mentioned earlier, leading to an expensive loan.
#3 If it asks for bank details too soon, be aware!
Reputed instant personal loan apps will not ask for your bank details right away. There is a process to be followed and bank details will be asked much later in the process. Be cautious of any fake apps that will call you as soon as you register on the app.
Always entrust your personal loans to genuine instant cash loan apps in India. Scam apps can rob you of both money and peace of mind.