With India’s growing digital penetration, the rise of fake instant loan apps has become frequent news and a topic of concern. These apps steal financial and personal information for criminal activities, leading to fraudulent loans in your name. These may hold you financially liable and decrease your credit score, too.
To prevent this, it is necessary to monitor your credit activity regularly. If you find errors, report them to the concerned credit bureau and the lender. OneScore serves as your first line of defence because it helps you track your credit report periodically, identify fraud and report it – all in one place. What’s more, you can get an instant personal loan, plan your EMIs and build your credit score using the same app.
How to Identify Fake Loan Apps/Websites
It has become challenging to identify fake loan apps or websites due to the fact that they often impersonate legitimate lenders. If you are not aware of how to differentiate between fake and genuine lenders, you may just fall for a scam. Check out the pointers below to see if the loan app you are about to use is genuine or not.
- Evaluate the Lender: Any instant loan provider, be it a bank or an NBFC, needs to have a licence to lend from the Reserve Bank of India. You can check out its physical addresses, phone number, and email on its website and app. If you are unable to see these details, stay away!
- Check if it is a Secure Website: Check if the lender’s website is secure by looking for the lock sign on the webpage. Additionally, only enter your personal details if the website URL starts with ‘https’, as it indicates that the data is encrypted.
- Verify the Application: All apps registered on Google Play and the App Store are verified as per revised security policies. Avoid downloading apps directly from a third-party website and instead, get them on these platforms. This way, you can eliminate the risk of sharing your personal information on fraudulent apps.
- Check App Permissions: Most often, you may ignore the permissions when you begin using an app and check the ‘Agree’ box without much thought. Fraudulent loan apps benefit from this. Do not authorise the app to run other applications in the background, share your information with third parties or get access to your contacts list or photo gallery unless you know why this is being done.
- Analyse App Reviews: Reviews and ratings put up by other users can be helpful in assessing the reliability of the app. Any app that has extraordinarily positive or negative reviews is definitely not reliable.
Checking Your Credit Report Regularly
By monitoring your credit report in a timely manner, you can stay aware of any fake online loans taken in your name. This way, you can be aware of any suspicious activity or transactions initiated by someone else.
Moreover, any fake loans in your name can negatively impact your current credit score. It is better to keep checking your credit report to raise disputes promptly over any fraudulent loan. Since credit bureaus like CIBIL allow you to download your CIBIL report for free only once annually, it’s better to opt for the OneScore app.
It helps you check your credit score for free across your entire lifetime, and you can download your CIBIL reports without paying any membership charges. Also, if you find any fraudulent loans taken in your name, you can report it through the app effortlessly.
OneScore as Your First Defence Against Fake Loans
The OneScore app backs you up whenever you need to check your credit score. You can download your CIBIL and Experian reports and check for mistakes or errors. Just below the credit report section, you can find an option to report any fraudulent loan you spot in your name.
This feature redirects you to the CIBIL or Experian website, where you can raise a complaint with supporting documents. In just a few clicks, your report reaches the credit bureau. This is why OneScore can become your first line of defence against assessing and reporting fake loans.
In addition to taking control of your credit health, it is easy to apply for an instant loan via OneScore’s OnePL facility. Since it requires no additional documentation and provides competitive interest rates, you can get a loan up to ₹5 lakhs stress-free.
The app is 100% secure as it never shares your data with third parties. If your score is above 730, you can easily choose from multiple loan offers. So, what are you waiting for? Get the app today!