100+ Fake Loan Apps List To Avoid in India 2024 

Getting a loan is very easy these days. Especially in the age of digital apps where you can get a loan in minutes. There are many loan apps available that can get you a personal loan from Rs. 500 to Rs. 5 Lakh with a minimum documents requirement with a disbursement approval in less than 7 days. 

Hey wait a minute before downloading any of these loan apps please do a background check on whether these loan apps are real or fake. There are many loan apps on the market claiming a quick and easy loan approval in a few finger snaps. But what if these are fake loan apps? 

Fake Loan Apps List 2024

The table has a list of the top illegal online lending loan apps in India 2024- 

Learn about: Instant 7 Days Loan Apps List

This blog’s main goal is to save you from this kind of scam or fraudulent apps that are running on the digital market and ready to empty your bank account. These illegal loan applications often come with hidden malware or spyware that collects information which can cause online banking theft. To understand how these fake loan apps work you must understand that- 

• Often this kind of fake lending app asks you for your personal details like bank account number, Debit/Credit Card details, CVV, PIN, etc. Such details can be used for unauthorized banking transactions and theft. 
• Some banking applications ask for money in the form of guarantee fees to advance your loan application further and speed up the disbursement process. 
• Some application domains show errors after collecting your data and details.
• These fake loan apps keep changing their domains and portals to get out of the reach of the cyber police. 
• The fake loan application often comes with hidden malicious software that can harm your device like a smartphone and PC to steal your data and information. 

Major Points to Notice for Illegal Activities in Fake Loan Apps

So how can you avoid such online lending fraud? Well, most of these fake loans have a specific kind and common illegal activity which makes identification pretty easy. If you keep some details in mind before logging into such apps you can save yourself from online loan frauds. Here are a few things to keep in mind before going all rouge- 

1. Offers that are too good to be true

Watch out for these lucrative loan offers which seem unreal and too good to be true. This is the first sign of identifying fake loan apps and an ancient trick to lure the customer to their stall. Be aware of such offers and discounts. \

2. Upfront Fees 

No lender will ask you for upfront fees or guarantee money to speed up your loan application. In fact, such fees are often included in the loan repayment in later installments.

3. Less secure Websites or apps

Check out the HTTPS and other security certificates to ensure that apps or websites are real. If the website is not secure or the apps are available on third-party sites with warning signs popping on your screen. This could mean that it is a fake loan app or website.  

4. Less paperwork or documentation

According to RBI rules, every lender has to ask for necessary identification details like address proof, and credit score history. If the lender doesn’t bother who you are and doesn’t ask for such details. There are high chances for upcoming frauds.  

5. Missing details about the lender and app physical office

If the app developer page is missing such information as the lender’s name, company, phone, and office physical address. Then we recommend you terminate the process as quickly and leave. 

6. Always read the reviews

Before downloading any apps or websites always check the reviews and ratings. Do not ignore the bad reviews or ratings just because a good loan offers.   

We have a whole list of these top fake loan apps in 2024 that can mess up your financial life. We highly recommend checking out the top online fake fraud loan applications in India before getting caught by any of these apps. 

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