Are online Loan Apps Safe?The Covid -19 virus has caused major financial damages around the world. Not only were people physical health got affected but also the economic health dropped drastically. The domestic budget shuddered in the absence of an unemployment source. It is a do-or-die situation and worst for those who have borrowed from unauthorized lenders.
Lending money from a credible source such as Google Play Store keeps the loan process safe, eliminating the chances of fraud. Downloading a loan app via the Google Play store keeps the borrower’s safety intact during an instant loan application. Instant loan apps not falling on the radar of regulatory authorities in India should not be installed for availing of loans.
Legal lending apps operating in tandem with authorized financial institutions or NBFCs can be trusted and considered safe for online loan applications. SimplyCash, by HeroFinCorp, is one suitable example of a credible instant loan app that is absolutely safe for download, helping borrowers with a quick loan facility between Rs.50,000 to Rs.1,50,000. HeroFinCorp provides best-in-class financing solutions all over India and hence proves to be a safe choice for a personal loan online.
Tips to Identify a Safe Online Loan App
If you have an instant mobile loan app in hand, it is advisable to verify the authenticity of the app before starting with the loan application:
Read or research about the registered company that has launched the loan app. If the loan app you have downloaded does not have a website, it is better not to proceed. A credible lender will always have an official website linked to their loan app.
Verify Offline Address:
Every lender operates from a location that should be ideally registered on their personal loan platform, inclusive of a phone number and an email address as well. If these basic lender details are missing, it is a sign that you should look for other credible lenders online.
Borrowers who have already used the loan app often post product/service reviews on Google Play Store or the website. Do pay attention to the feedback to know about the quality of the lender’s loan facility. Also, consider the app points on Google Play Store.
When the lender is not transparent about aspects such as a loan interest rate or ignores verifying the borrower’s credit history, it shows the lack of professionalism on the lender’s part and so the loan process cannot be trusted with such lenders.
Lender’s loan website is not secure when the URL doesn’t begin from https://. Such websites are not secured and prone to exposure of individual data. On the other hand, trusted lenders will not leave borrower information open and eliminate the scope of loan scams.
So, you see there are multiple factors deciding the credibility of loan providers and their instant loan apps. It is up to the borrowers to resist themselves from the fake promotional offers luring you towards instant loan online. Most of the borrowers who apply for small cash loans online have an emergency financial need and so there have been instances that lender verification is missed and borrowers easily fall prey to fraudulent loan activities online.