Fake loan apps lure users with instant approvals, then demand hidden fees, steal data, and trap borrowers in relentless harassment.
Always verify the lender’s registration, website, physical address, customer reviews, and RBI or government approval before downloading any finance application.
Check app permissions; deny access to contacts, photos, and location unless absolutely necessary, because scammers misuse permissions to threaten victims.
Avoid sharing PAN, Aadhaar, bank statements, or OTPs with unknown apps or agents promising quick approval; genuine lenders never request.
Read loan terms carefully, including interest rate, processing charges, repayment schedule, late penalties, and data policy to avoid financial shocks.
If pressured to repay early with threats, screenshots, or shaming, report the number immediately to cybercrime portals and local authorities.
Use official bank apps or reputed NBFC platforms with transparent policies, encryption, and support instead of unknown third-party lending apps.
Keep security hygiene strong with updated phones, antivirus, two-factor authentication, and password changes to limit damage if scammers access data.
Educate family and friends about loan app scams, share resources, and encourage reporting so communities stay alert and financially safe.