fonetekno.com – Recently, there are many online loan application platforms that are increasingly widespread on the internet which are currently widely used.
However, the committee was formed following complaints of digital loan fraud including harassment and unfair recovery activities by several digitally operating applications.
Digital Loans are often full of scams but can be avoided if certain rules are followed.
Recognizing the importance and advantages of technological advances, the report says, there are unintended consequences.
Due to greater reliance on third-party loan service providers who mis-sell to unsuspecting customers.
Concern over data privacy breaches, unethical business conduct and unauthorized operations.
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With this warning in mind, it is important for users to follow some rules of thumb when taking loans from this instant digital loan application, until the center or RBI creates new rules.
Know How To Avoid Online Loan Scams
Here are things you should keep in mind when taking a loan from a Digital Loan Application.
– Check if your lender is RBI approved
You should be aware if your lender takes a loan from being registered with the RBI.
You must first verify the creditor’s credibility, so that there are no problems when repaying the loan.
Lenders who do not follow the KYC norms of the RBI should immediately become suspects, as they are not following the central bank’s guidelines.
– Look for the Red Flag
Unlike the credible digital loan applications, which all follow all the RBI-mandated rules, scammers usually don’t even have a website.
Even if some of them are listed, you should really check them to make sure the app is not being run by scammers.
You can also read app reviews on the app store before making any decisions.
Also, check if the app works with non-banking financial companies or NBFCs registered with RBI or banks.
Visit that NBFC to make sure they actually work with it.
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– Read and understand the Terms and Conditions
Before clicking the ‘Continue’ button, it is always important that you read and understand the fine print.
This is important for others, but especially important for digital loan applications. Read the Terms and conditions before making a decision.
– Refuse loans from unofficial sources
Avoid unverified loan applications as the increased use of technology has given rise to an increase in cyber crimes related to loans.
You should be wary of unverified digital loan applications that ask for personal details such as bank details, credit card PINs, or addresses.
– Don’t just look for lower interest rates
There are many other things besides interest rates that you should pay attention to. If there are a lot of pre-payment fees, processing fees, or pre-closure fees, you should avoid the application.
Well, that’s the review that the admin can convey regarding Ways to Avoid Online Loan Fraud, hopefully it can be useful.