Do you use loan applications? If the answer is yes, then you need to be cautious. These days, users are being defrauded through fake loan apps. The Government of India has taken strict action on this matter. At the same time, a total of 2200 fake loan apps have been removed from Google Play Store within a year.
Google has deleted 2200 fake loan apps available on the Play Store between September 2022 and August 2023. In the last two and a half years, the Indian government has cracked down on about 4700 fake loan distribution apps.
Between April 2021 and July 2022, 2500 fake apps were removed from Play Store. These apps were defrauding the users in the name of distributing loans. Now Google has further increased its strictness on such apps.
According to Google, only those loan apps will be available on the Play Store which meet government rules. It is also believed that the government may become more strict about loan apps. Apps which do not conform to government rules will be banned and strict action will be taken. Overall, be alert before using the loan app without thinking, otherwise you can become a victim of cyber fraud.
Be careful of fake loan apps
Fake loan apps have increased rapidly in the country in the recent past. These apps promise to provide easy and quick loans, but in reality they may be frauds. Fake loan apps can be identified this way…
- Absurdly low interest rates: These apps often promise very low interest rates that are often not confirmed to be true.
- Fast Access: These apps promise to provide instant loans, that too without any credit check.
- Discrepancy in fees: Often the fees are not clear in these apps which can later increase the total cost of your loan.
How to Avoid Fake Loan Apps
- Take loans only from trusted sources: Before using any loan app, ensure that it is registered with the RBI.
- See app details: Before downloading any loan app, read its complete details and policy.
- Read the loan conditions carefully: Before accepting any loan, read and understand the loan conditions carefully.
- Avoid sharing your personal details: Be careful before sharing your personal details with any loan app.
- Be wary of fees: Before using any loan app, make sure the fees are clear.
- Do not share your banking details: Do not share your banking information with any loan app.
If you have used a fake loan app, immediately contact your bank and let them know that you have been a victim of fraud. You can lodge a complaint of cyber crime. The number can be dialed on its official portal or 1930.