Loan app scam
In the run-up life, when people are suddenly needed, they take money on debt with the help of instant loan app, but when it comes to paying money, some apps demand a hefty amount by applying reverse and direct interest and when you are reluctant to return the money, these people try to blackmail you by showing the contact list and your personal photos.
Recently, Maharashtra Police has arrested a cyber thug in Pune, which targeted hundreds of people who took small loans from the mobile app. According to the information, the matter was something like this. A message was offered to a man to offer money from an unknown number. If he needed, he took a loan of Rs 5,000.
This happened after taking a loan
After this, he started calling from different numbers of Pakistan and 9,000 rupees (interest with loan) was sought. Later this amount was increased to Rs 15,000. When he refused to pay more money, his edit photo was sent to his contacts.
The loanman was able to do this because when the man downloaded the mobile app, he had allowed the app to reach his photos and contacts. To avoid such fraud, whenever you download a loan app or take a loan from it, then keep some important things in mind.
Choose only reliable app
Take a loan from only those apps which are reliable, well-known and are connected to a RBI recognized bank or NBFC. Many times banks outsource some of their services lending service provider (LSP). LSP does not directly transact money, but RBI’s digital lending rules apply to them. Therefore, it is important to understand where the loan money is coming from.
Is the interest rate not high?
If your credit score is low then the interest rate can be up to 1218%, but avoid loans with very high interest rates like 35%. In such a situation, someone can get people trapped by seeing an opportunity to give an unregistered loan. In the incident mentioned above, the thug asked for Rs 15,000 in lieu of a loan of Rs 5,000 i.e. 200% more than the real amount.
Keep information about rules
The most important thing to give a loan app is working on behalf of a bank or financial institution registered with an RBI. If the loan giving is not within the purview of the rules, then it can go to any extent and rob you. So next time, before taking a loan from any loan app, keep these things in mind, so that you are saved from cheating.