Soumya Prakash Pradhan

As social media expands, the internet is creating helpful tools for users to easily complete tasks using their smartphones.
For instance, applying for loans used to involve facing significant challenges, requiring multiple visits to the bank, convincing the manager, and enduring long waiting periods.

Nowadays, numerous apps simplify this process, allowing loan approval with just a few submitted documents.

However, some people encounter fraudulent activities during this stage, resulting in financial losses.

To guide you, here are some Dos and Don'ts when downloading loan applications:

Dos

  1. Download loan apps from trusted platforms like Google Play Store.
  2. Be cautious of third-party platforms; scammers may lure you with promises of faster loans.
  3. Understand that your internet searches leave traces, influencing the ads you see. Be skeptical and avoid downloading apps or visiting sites that claim quick loans.

Don'ts

  1. Avoid downloading apps from open internet sources; stick to reputable platforms.
  2. Refrain from adding personal details on suspicious sites, even if the applications are available in the Play Store.
  3. Double-check the app's legitimacy by reviewing its website, company email, domain name, and overall credibility.

Finally, before downloading any app from the Play Store or App Store, invest time in reading reviews, especially those discussing loan apps.

Confirm the app's partnership with a bank or NBFC recognised by the RBI, and pay attention to the permissions the app requests upon opening.

Following these steps will help safeguard you from financial scams online.

scrollToTop