Fake Loan Apps List

India has been facing a surge in the number of fake loan apps in the last few years. Fraudulent companies, operating under the guise of loan providers, lure people with promises of easy loans and low-interest rates, only to scam them out of their hard-earned money. According to a report by the Reserve Bank of India (RBI), in the first nine months of 2020, banks reported 2,353 cases of fraud involving loan apps, resulting in a loss of more than Rs 1.5 billion. We will discuss about Fake Loan Apps List in India.

Fake loan apps are those mobile applications that claim to offer loans but are actually designed to scam people. These apps typically ask for sensitive information such as personal and financial details, which can be used to commit identity theft and fraud. They also charge high processing fees, hidden charges, and sometimes even demand repayment before disbursing any loan amount.

Fake Loan Apps List in India:

  1. CashBean: CashBean is one of the most notorious fake loan apps in India. It has been found to be involved in several fraudulent activities, including illegal collection of personal information, threatening borrowers for repayment, and charging exorbitant interest rates.
  2. Loan Gram: Loan Gram is another fake loan app that has been operating in India for a few years now. The app claims to offer easy loans with minimal documentation, but in reality, it charges high processing fees and interest rates. The app has been reported to use aggressive and threatening tactics to collect loan repayments.
  3. Money View: Money View is a popular personal finance management app that has been found to be involved in fraudulent activities. The app claims to offer personal loans to users, but in reality, it charges high interest rates and processing fees. The app has been reported to misuse personal information of users and harass borrowers for repayment.
  4. KreditBee: KreditBee is a popular loan app that has been involved in fraudulent activities. The app claims to offer instant loans to users with minimal documentation, but in reality, it charges high processing fees and interest rates. The app has been reported to use aggressive tactics to collect loan repayments and harass borrowers.
  5. CashMama: CashMama is another fake loan app that has been operating in India. The app claims to offer personal loans to users with minimal documentation, but in reality, it charges high processing fees and interest rates. The app has been reported to misuse personal information of users and harass borrowers for repayment.
  6. Quick Loan: Quick Loan is a fraudulent loan app that has been operating in India. The app claims to offer instant loans to users with minimal documentation, but in reality, it charges high processing fees and interest rates. The app has been reported to use aggressive tactics to collect loan repayments and harass borrowers.
  7. MoneyTap: MoneyTap is a popular personal finance management app that has been found to be involved in fraudulent activities. The app claims to offer personal loans to users, but in reality, it charges high interest rates and processing fees. The app has been reported to misuse personal information of users and harass borrowers for repayment.
  8. Rupeeland: Rupeeland is a fraudulent loan app that has been operating in India for a few years now. The app claims to offer instant loans to users with minimal documentation, but in reality, it charges high processing fees and interest rates. The app has been reported to use aggressive tactics to collect loan repayments and harass borrowers.
  9. mPokket: mPokket is a popular loan app that has been involved in fraudulent activities. The app claims to offer instant loans to students with minimal documentation, but in reality, it charges high processing fees and interest rates. The app has been reported to use aggressive tactics to collect loan repayments and harass borrowers.
  10. PayMe India: PayMe India is another fake loan app that has been operating in India for a few years now. The app claims to offer instant loans to users with minimal documentation, but in reality, it charges high processing fees and interest rates. The app has been reported to use aggressive tactics to collect loan repayments and harass borrowers.

How to Identify a Fake Loan App?

Identifying a fake loan app can be challenging, as fraudsters design these apps to look and feel like legitimate loan providers. However, there are a few warning signs that you can look out for to avoid falling prey to such scams.

  1. High Processing Fees:

Fraudulent loan apps often charge high processing fees, which can be as high as 30% of the loan amount. Legitimate loan providers usually charge a processing fee of 1% to 2% of the loan amount.

  1. No Physical Address or Contact Details:

Fake loan apps often do not provide any physical address or contact details, making it challenging to contact them in case of any issues. Legitimate loan providers will always have a physical address and contact details on their website or mobile app.

  1. No RBI Registration:

All legitimate loan providers in India need to be registered with the Reserve Bank of India (RBI). If a loan app does not have an RBI registration number, it is most likely a fake loan app.

  1. No Proper Documentation:

Fake loan apps usually do not ask for proper documentation or proof of income before disbursing the loan amount. Legitimate loan providers will always ask for proper documentation and proof of income before approving the loan.

  1. High-Pressure Tactics:

Fake loan apps use high-pressure tactics such as threatening borrowers for repayment, which is not something legitimate loan providers do. Legitimate loan providers will always work with borrowers to come up with a repayment plan that suits their financial situation.

What should you do if you identify fake loan app?

If you identify a fake loan app, it is essential to take immediate action to protect yourself from any further harm. Here are some steps you can take:

  1. Stop Any Transactions or Payments:

If you have already made any transactions or payments to the fake loan app, stop any further transactions or payments immediately. This can help prevent any further loss or damage to your finances.

  1. Report to the App Store:

If you have downloaded the fake loan app from an app store, such as Google Play Store or Apple App Store, report the app to the store immediately. This can help prevent other users from downloading the app and falling prey to the scam.

  1. Report to the Police:

If you have been scammed by a fake loan app, report the incident to the police immediately. Provide them with all the details of the loan app, including its name, contact details, and any other relevant information. This can help the police investigate the scam and bring the fraudsters to justice.

  1. Report to the RBI:

You can also report the fake loan app to the Reserve Bank of India (RBI). The RBI has a dedicated helpline for reporting any fraudulent activities related to financial services. You can call the helpline or email them to report the fake loan app.

  1. Seek Legal Advice:

If you have been scammed by a fake loan app, seek legal advice immediately. A legal professional can help you understand your rights and options and can guide you through the legal process of seeking compensation for any damages.

FAQs on Fake Loan Apps List

Q: What are fake loan apps?

A: Fake loan apps are mobile applications that offer loans to users but are not legitimate loan providers. These apps usually charge high processing fees and interest rates and use aggressive tactics to collect loan repayments.

Q: How can I identify a fake loan app?

A: You can identify a fake loan app by checking if they charge high processing fees, have no physical address or contact details, no RBI registration, no proper documentation, and use high-pressure tactics.

Q: What should I do if I have been scammed by a fake loan app?

A: If you have been scammed by a fake loan app, stop any further transactions or payments immediately. Report the app to the app store, police, and RBI, and seek legal advice.

Q: How can I protect myself from fake loan apps?

A: To protect yourself from fake loan apps, always verify the loan provider’s credentials, check if they are registered with the Reserve Bank of India, be cautious of high processing fees and interest rates, and only borrow from legitimate loan providers.

Q: Are all loan apps fake?

A: No, not all loan apps are fake. Some loan apps are legitimate and registered with the Reserve Bank of India. However, it is essential to do your research and verify the loan provider’s credentials before applying for a loan through a mobile app.

Q: Can I get a loan through a mobile app?

A: Yes, you can get a loan through a mobile app, but you should be cautious and only borrow from legitimate loan providers. Always verify the loan provider’s credentials and check if they are registered with the Reserve Bank of India.

Conclusion

In conclusion, fake loan apps are a significant problem in India, with many people falling victim to these scams every year. It is crucial to be vigilant and do your research before applying for a loan through a mobile app. So keep on checking the fake loan apps list mentioned above and keep yourself updated.

Always verify the loan provider’s credentials and check if they are registered with the Reserve Bank of India. Be cautious of high processing fees and interest rates and only borrow from legitimate loan providers. By taking these precautions, you can protect yourself from falling prey to fake loan app scams.

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