With the proliferation of lending apps offering small loans, it’s crucial to be cautious to avoid falling into traps that could compromise your finances data and privacy. Here are some important factors to consider before downloading and using a lending app:
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Affiliation to Non-Banking Financial Company (NBFC):
Before proceeding with any lending app, check which NBFC it is affiliated with. You can find the list of NBFCs on the Reserve Bank of India’s (RBI’s) official website. This affiliation ensures regulatory oversight and accountability.
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Scrutinize Claims:
Take the time to verify the claims made by the lending app on its website. Don’t solely rely on face value or promises made by these apps. Look for finances related evidence of credibility and legitimacy.
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Check Downloads and Reviews:
Review the number of downloads and user feedback for the app. While a high number of downloads and positive reviews can indicate credibility, it’s essential to exercise caution. Some fraudulent apps have garnered significant downloads before being exposed. For instance, several fake loan apps banned by Google in July 2023 had amassed thousands of downloads, emphasizing the need for thorough vetting.
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Beware of Similar Names:
Be wary of lending apps that use names similar to reputable brands to deceive users. Fraudulent apps may try to mimic well-known brands to appear legitimate. Scrutinize the app’s name and branding for any discrepancies.
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Customer-Care Support:
A reliable lending app should have a proper customer-care setup readily available. Ensure that the app provides customer support information before initiating the Know-Your-Customer (KYC) process. Responsive and accessible customer service enhances trust and transparency.
By considering these factors and exercising due diligence, individuals can protect themselves from fraudulent lending apps and safeguard their financial well-being. Remember to prioritize security and authenticity when choosing a lending platform to ensure a safe borrowing experience.
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