Recent incidents have put the limelight on fraud loan apps and their horrible practices. Read More>>
Innocent borrowers turn to faceless loan apps for quick cash, often unaware of the unsafe terms and practices.
Easy loan apps seem like a lifeline for borrowers with irregular incomes, but they lead to financial distress and tragedy.
Unregulated and staffed by amateurs, these lenders trap vulnerable borrowers with short-term loans at abnormal interest rates, sometimes as high as 100%.
These digital lenders employ coercive practices, shaming borrowers among their contacts, mirroring traditional loan sharks.
These lenders resort to threats, shaming borrowers like traditional loan sharks. Borrowers should explore safer options with regulated lenders.
RBI's measures, including restricting access to customer data, aim to curb the unchecked practices of digital lending apps. Borrowers should be very careful of such apps.