Big game is being played in the name of instant loan without CIBIL, know how fake apps are making people victims

New Delhi. If you are also tempted by seeing advertisements like ‘Take loan in 5 minutes without CIBIL score’ on social media or mobile messages, then stop. This is a trap that can not only ruin your financial condition but can also hurt your reputation. In recent times, ‘Chinese loan apps’ and fake digital lenders have made thousands of Indians their victims.

These fake loan apps offer attractive advertisements and promise instant money without any documentary verification or CIBIL score. As soon as you install the app, it asks for access to your contacts, gallery and location. The loan amount is small, but the interest rates can range from 300% to 500%. The real game starts when you can’t pay. These apps call the contacts stolen from your phone and threaten to make your private photos viral by tampering them.

RBI’s strict rules, ‘shield’ for your safety
The Reserve Bank of India (RBI) has made the rules regarding digital lending more stringent.

• Registration required: No app can give loan on its own. It is necessary for him to be registered with a bank or NBFC. The name of that partner should be clearly written on the app.
• Key Fact Statement (KFS): Before giving the loan, the app will have to provide you a ‘Key Fact Statement’, which will have clear details of interest, fees and total amount to be repaid. If anything is hidden in it, then it is illegal.
• Restrictions on data access: No loan app can now ask for access to your contact list, gallery or files. They can only access the camera or mic (for KYC).
• Cooling-off period: After taking the loan, if you do not like the terms, you have 3-7 days in which you can return the loan without any penalty.

How to avoid fake loan apps?

• Download only trusted apps from Google Play Store or Apple App Store.
• Before downloading the app, read its rating and review.
• Avoid giving access to Contacts and Gallery to any app.
• Do not immediately trust claims like no documents, guaranteed loan and no CIBIL.
  Check whether the app is linked to an RBI-registered bank or NBFC

How and where to complain?
If you have fallen into the trap of such an app, then do not be afraid, rather take these steps-

• National Cyber ​​Crime Portal: Immediately register your complaint by visiting www.cybercrime.gov.in.
• Helpline number 1930: In case of any financial fraud, dial ‘1930’ immediately. This is the helpline of the Government of India.
• Sachet Portal: Give information about fake apps on RBI’s ‘Sachet’ portal (sachet.rbi.org.in).
• Local Police: Give a written complaint to your nearest police station or cyber cell.