How to Check If a Personal Loan App Can Be Trusted?Personal loan application online has become quite convenient, all thanks to the instant loan apps helping with loan approval in minutes. A financial crisis enforces the borrower to apply for a personal loan and raise the desired money in less time. It is an avoidable situation where taking a personal loan seems like the most accessible option to raise money independently.
However, amidst a number of digital loan apps in India, how can one trust the security level of instant loan apps! Are they safe to submit our confidential documents and financial history? It is necessary to verify the authenticity of personal loan apps on the basis of certain factors:
- Review the Lender’s Website: An official website of financial companies / local lenders with authentic contact details can be trusted for loans. In case of any issues, borrowers always have a point of contact or a branch to visit to resolve their queries. Check the below on the lender website:
- Clear information about the loan with no hidden clauses
- Branch address and operational contact details
- The website domain is secured only with https://
- Customer care support/loan manager for assistance
- Customer testimonials on the website, if any
- Consistency in the Digital Platforms: Match a personal loan app with its website. Check the consistency of information on both the loan app and its relevant website. If any mismatch of data found, it is advisable not to avail loans from such loan apps.
- Download Source: Download instant loan apps from authentic sources. All credible companies have their loan apps available on Google Play Store with an app score. This score will help you to know the popularity of the personal loan apps. Also, consider the latest customer reviews given below the app rating.
- Ignorance of Credit History: Show you doubt in a lender when they are not concerned with checking your credit report before loan approval. Trustworthy lenders have a mandatory check of your financial history to tap the repayment ability.
- Forceful Behaviour: When a lender expresses that a personal loan is a limited period offer and will not be available after a deadline, ignore such loan proposals. Do not fall prey to personal loan scams by listening to the urgency plea of loan fraudsters.
Besides the above security tips to follow, borrowers should always create a strong password while creating an account in the loan app. This will ensure your personal data is free from online threats. Create a password that is not linked to any of your social media accounts. Keep the difficulty level high with a mix of numbers, uppercase and lowercase to create a password that is hard to crack.
Simply Cash is a secured personal loan app launched by HeroFincorp, a credible financial firm in India. This is only available for download via Google Play Store. Minimal eligibility criteria make the Simply Cash loan process shorter and easy to use with 100% user security. Every borrower has an independent login id and password that is good to protect the personal data. So, Simply Cash can be trusted for instant personal loan approval within 24hours.