Planning to borrow from a personal loan lending app? Make note of 6 key points
3 weeks, 5 days ago

Planning to borrow from a personal loan lending app? Make note of 6 key points

Live Mint  

Gone are the days when a loan seeker had to literally run from pillar to post to procure a personal loan. Besides a large bank, one can also approach an NBFC or a loan lending app to meet immediate financial need. Spike in fraudulent transactions Total fraudulent transactions Oct 22 Oct 24 Value terms ₹ 220 crore ₹ 411 crore No of transactions 1.79 lakh 2.35 lakh Notably, the spike in total volume of fraudulent transactions has happened despite the lower frequency of such transactions. Here we share some key tips before you apply for a personal loan at one of the fintech apps to avoid falling into the trap of a fraud. Notably, Google had removed over 2,500 fraudulent loan apps from Google Play Store between April 2021 and July 2022, Government of India had informed the Parliament in Dec 2023.

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History of this topic

Instant personal loan apps: 6 ways to distinguish real from fake
4 days, 12 hours ago

Instant personal loan apps: 6 ways to distinguish real from fake

Live Mint  

Instant loan apps have transformed the lending scenario by providing quick and easy access to finances with just a few clicks on your phone. Check out a few tips to distinguish genuine instant loan apps 1. Few signs of fraudulent instant loan apps Lack of KYC Know Your Customer or KYC process is used by lenders to verify the identity …

7 instant personal loan mobile apps you can explore in 2025
6 days, 19 hours ago

7 instant personal loan mobile apps you can explore in 2025

Live Mint  

If you are falling short of money and urgently need funds to meet your deficit then one of the most feasible options that you can explore is to seek a personal loan. Although one can approach a bank or an NBFC for a personal loan, there are a dozen mobile applications also that enable users to procure a personal loan …

Personal Loan: How is technology transforming the borrowing experience?
1 week, 3 days ago

Personal Loan: How is technology transforming the borrowing experience?

Live Mint  

The use of technology in the financial sector has revolutionised the entire process of borrowing and transformed the user experience to a new level. From a quick and efficient process of submitting loan applications to customised offers, technology has simplified the entire personal loan application journey. Online loan applications Now it is no longer necessary to go to the bank’s …

Personal loan: Where to apply for it? Here are 5 key options
2 weeks, 3 days ago

Personal loan: Where to apply for it? Here are 5 key options

Live Mint  

In case you fall short of money and urgently need it, one of the most feasible options is to raise a personal loan. One could raise a loan from a bank such as SBI, HDFC Bank, Kotak Mahindra or Bank of Baroda, among others. Alternatively, you could Here we list out key ways to raise a personal loan: 1.Bank: Raising …

Planning to borrow? A beginner’s guide for personal loans 2025
3 weeks ago

Planning to borrow? A beginner’s guide for personal loans 2025

Live Mint  

Being in a financial crisis is pretty normal for any of us at any time. One should, however, compare the interest rate charged by your bank with that of other banks that are offering personal loans. Opting for NBFC: When a bank is unwilling to offer a personal loan, you can always approach an NBFC or non banking financial corporation …

Personal Loan EMIs: A borrower’s guide for a smooth repayment strategy
Trending News
3 weeks, 6 days ago

Personal Loan EMIs: A borrower’s guide for a smooth repayment strategy

Live Mint  

A personal loan is a flexible financial option that facilitates quick access to funds for home improvements, meeting medical emergencies, travelling, or educational purposes. Unlike home or auto loans, personal loans do not require collateral but frequently have higher interest rates. In the early periods of the loan, a larger amount of your EMI is dedicated to interest, and the …

Pros and cons of personal loans: Is borrowing right for you?
1 month ago

Pros and cons of personal loans: Is borrowing right for you?

Live Mint  

Personal loans are one of the most sought after products in the field of finances, since they fulfil the need for instant money for any purpose. Personal loans are usually repos which are meant to meet specific needs despite the fact that as much as lenders set caps depending on your income and your ability to repay. No collateral required: …

Personal Loan: 10 common mistakes to avoid before you apply
1 month ago

Personal Loan: 10 common mistakes to avoid before you apply

Live Mint  

With the advent of digitisation, getting a personal loan is at your fingertips. Personal loan mistakes to avoid Taking a personal loan even when you don’t need it: From time to time, you will keep getting pre-approved personal loan offers from various banks, NBFCs, and fintechs. Minimum credit score List of cities whose residents can apply Before applying for a …

Tradofina Redefines Convenience with Personal Loan Innovations
6 months, 1 week ago

Tradofina Redefines Convenience with Personal Loan Innovations

Hindustan Times  

Nowadays, opting for personal loans has become easier due to the emergence of digital platforms. As one of the leading instant personal loan platforms, the Tradofina app allows borrowers to go through a smooth process of getting loans with zero paperwork. So, let's shed light on the benefits of personal loan innovations that set small personal lending companies apart in …

Fraudulent loan apps proliferate in India. But how big of a problem are they?
11 months, 3 weeks ago

Fraudulent loan apps proliferate in India. But how big of a problem are they?

Firstpost  

The Centre has ordered popular social media platforms and other websites not to host The Centre is cracking down on fraudulent loan apps. The government on Wednesday ordered social media platforms and other websites not to host Union minister Rajeev Chandrasekhar said, “One of the areas we are now cracking down on is advertising of fraudulent loan apps that many …

Mint Explainer: Why has the surge in personal loans caused a stir?
1 year, 1 month ago

Mint Explainer: Why has the surge in personal loans caused a stir?

Live Mint  

Mumbai: The Reserve of India has expressed concern about the brisk growth in personal loans, even as most of the industry seems not-too-worried, except on the specific segment of small loans. Mint takes a closer look at the increasing demand for personal loans and why banks seem unfazed by the regulator’s words of caution. Growth in personal loans While RBI …

’Worried over high growth in personal loans’
1 year, 2 months ago

’Worried over high growth in personal loans’

Live Mint  

New Delhi: Reserve Bank of India governor Shaktikanta Das cautioned against the risks of “very high growth” in personal loans and urged lenders to strengthen their internal surveillance mechanisms and address the build-up of risks. While this is the first time RBI has publicly voiced concerns about the sharp growth in personal loans, the regulator has been cautioning banks about …

Apple removes 6 loan apps from App Store: Read how predatory loan apps target the vulnerable and how to stay safe
1 year, 5 months ago

Apple removes 6 loan apps from App Store: Read how predatory loan apps target the vulnerable and how to stay safe

Op India  

Apple has reportedly removed six predatory personal loan apps from App Store in India in the first week of July 2023. A user reviewed the app on App Store and said, “I borrowed an amount in a helpless situation and a day before repayment due date I got some messages with my pic and my contacts in my phone saying …

Andhra Pradesh: Probe into loan app cases finds links with servers operating from Pakistan, China
2 years, 2 months ago

Andhra Pradesh: Probe into loan app cases finds links with servers operating from Pakistan, China

The Hindu  

The police have sounded alert as the investigation into the loan app fraud and harassment cases have found links with servers operating from Pakistan, China, Bangladesh, Nepal and other countries. “The investigating officers have found that the addresses of these loan app operators and the WhatsApp numbers used in the transactions have links with Pakistan, Bangladesh, China and Nepal. The …

When Lending Apps Bully Victims, Debt Trap Sometimes Becomes Deathtrap - News18
2 years, 3 months ago

When Lending Apps Bully Victims, Debt Trap Sometimes Becomes Deathtrap - News18

News 18  

Predatory lending by instant loan apps has led to a spate of suicides in several states. A few months ago, 28-year-old Rajkumar living in Hyderabad also ended his life after facing exactly the same humiliation, which is the modus operandi of Chinese loan apps. PART 5 | Govt Begins Crackdown on Chinese Loan App Companies in Bengaluru, Gurugram, Hyderabad Even …

Google Play got rid of 2K controversial personal loan apps- Know more
2 years, 3 months ago

Google Play got rid of 2K controversial personal loan apps- Know more

India TV News  

Google has stated that it has started taking off 2,000 controversial personal loan apps from its Play Store in India in the January-June period after consulting with law enforcement agencies. The eligibility includes a copy of their license by the Reserve Bank of India, and a declaration that they are not directly engaged in money lending activities and are only …

New fintech to solve loan application woes
2 years, 3 months ago

New fintech to solve loan application woes

Deccan Chronicle  

HYDERABAD: mymoneykarma, India’s largest home loan FinTech, announced the launch of India’s first fully integrated digital platform — the ‘KarmaPro’ portal. “Seeking a home loan is a tedious process, one needs to approach multiple banks before the loan is sanctioned by one of them, but in the process valuable time is lost and every time a bank evaluates the application …

Despite awareness and measures to curtail the menace, loan app scams are on the rise in Bengaluru
2 years, 4 months ago

Despite awareness and measures to curtail the menace, loan app scams are on the rise in Bengaluru

The Hindu  

A 37-year-old businesswoman from Yelahanka recently approached the North East Cyber Crime Police to report about five mobile numbers, which were not only spamming her with calls, but had also accessed her trading app to withdraw ₹4,800. At least one in 10 cyber crime cases being reported in the city are related to harassment by loan apps, said senior police …

Beware! 600 fake money lending apps operating in India, says RBI report
3 years ago

Beware! 600 fake money lending apps operating in India, says RBI report

India TV News  

Highlights As many as 600 illegal money lending apps are operating in India, says RBI These apps are available on multiple app stores for Android users These apps can search through key words like loan, instant loan, quick loan, etc Fake Money Lending Apps in India: As many as 600 illegal money lending apps are operating in India, a report …

RBI report finds 600 illegal loan apps operating in India
3 years, 1 month ago

RBI report finds 600 illegal loan apps operating in India

The Hindu  

A Reserve Bank of India Working Group on digital lending, including lending through online platforms and mobile apps, has stumbled upon more than 600 illegal loan apps operating in India. In course of its filed work to prepare a detailed report on digital lending and to suggest recommendations, the WG found out the existence of over 1,100 unique loan apps …

Instant, app-based loans could lead you to debt traps
3 years, 2 months ago

Instant, app-based loans could lead you to debt traps

Live Mint  

The adoption of technology amid covid-19 in the Indian financial ecosystem is on an overdrive. The promise of real-time access to loans makes instant app loans more attractive than personal loans from established banks, especially for urgent requirements. Loan sharks: Regulators in advanced economies such as the UK and the US have issued strict guidelines against loan sharks offering instant …

Personal Loan of up to Rs 10 lakh with Easy Tenure Available in a Minute. Know Details
3 years, 5 months ago

Personal Loan of up to Rs 10 lakh with Easy Tenure Available in a Minute. Know Details

News 18  

Ujjivan Small Finance Bank, on Tuesday, announced that it would be undertaking a strategic partnership with a leading digital lender and fintech platform, LoanTap. Add to this the fact that Ujjivan Small Finance Bank offers personal loans ranging from Rs 1 lakh to Rs 10 lakh with a maximum tenure of 48 months on LoanTap’s platform, and it becomes clear …

Deep Dive | How China-based money lending apps are devastating gullible Indian borrowers
3 years, 11 months ago

Deep Dive | How China-based money lending apps are devastating gullible Indian borrowers

India Today  

China saw a spate of incidents involving 'loans for nudes' scams in 2016. Such mobile apps are hardly ideal as they involve exorbitant interest rates and like the earlier example, access the private data from the borrowers' phone. INDIAN SECURITY AGENCIES GET CRACKING The Central Crime Branch of the Chennai Police on Sunday arrested two Chinese nationals in Bengaluru for …

Financial fraud | Usury travels online, thrives during pandemic
3 years, 11 months ago

Financial fraud | Usury travels online, thrives during pandemic

The Hindu  

Usurious moneylending, or kandhu vatti, has always been a nightmare in Tamil Nadu. “When he/she defaults on payment, they and their contacts start getting messages and calls that are sometimes abusive and threatening in nature,” said a police officer. “They started to impose ₹100 to ₹200 as interest for every day after the stipulated seven days,” Mr. Puthiyavan said. These …

Loan apps are scamming Indians by hiding the ugly details in terms and conditions, misusing data
4 years ago

Loan apps are scamming Indians by hiding the ugly details in terms and conditions, misusing data

India Today  

Mr X lost his job in May in the aftermath of COVID-19. Yet, the customer care executives called him to inform that the app charges a hefty 30 per cent interest rate and he needs to pay Rs 9000 more. The Bust This money lending scam came back to light when the Hyderabad Police froze 75 bank accounts holding Rs …

How instant loan apps are extorting borrowers in Telangana
4 years ago

How instant loan apps are extorting borrowers in Telangana

India Today  

Aravind, a resident of Hyderabad, borrowed Rs 3,500 from an instant loan app in November, but the finance company, MyBank app, disbursed Rs 2,600 after deducting process fees and interest. The Telangana police have stepped up their probe in the wake of death by suicide of a jobless techie, P. Sunil, in Hyderabad on December 16 and death by suicide …

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