Actually, a person received an offer to take a loan of Rs 5,000 from an unknown number. When he needed money, he took a loan. But after that he started calling from several numbers of Pakistan and a demand of Rs 9,000 was made, which was later reduced to Rs 15,000. When he refused to pay the money, his edited photos were sent to his contacts. This happened because when he downloaded the loan app, that app had reached his photo and contacts.
Choose just trusted app
To take a loan, use the same apps that are popular and are connected to a bank or RBI NBFC. Such apps usually work under the RBI rules.
If your credit history is weak, then the interest rate of 12-18 percent can be normal. But if an app is seeking more than 30-35 percent interest, then it can be fake.
Find out who is getting a loan
Whether the loan app is working on behalf of a bank or financial institution or not, please check it. If not, your information may be misused.
Overall, do not put your personal information in the greed of small loans. Before downloading any app, check its truth, read the review and confirm being regulated by RBI.
