Rishi Anand
Legitimate lending apps display regulatory approvals and licenses, suggesting their operations are legal and meet industry standards.
Be cautious of apps offering high interest rates and unclear terms; beware if the rates seem too good to be true.
Beware of malicious links sent via SMS or email that are not listed in app stores and could spell disaster.
The app should offer trustworthy customer support, including clear contact details, as genuine lenders value effective communication.
Fake loan apps lack customer service numbers or registered office addresses and ask for sensitive personal and financial information.
Read customers' reviews and feedback online to check the app's reputation and genuineness.
Knowledgeable borrowers are less likely to fall into traps.
Installing antivirus software will warn you of any fraudulent or malicious apps.
Compiled by Himani Verma