{"id":253,"date":"2022-01-16T13:46:24","date_gmt":"2022-01-16T08:16:24","guid":{"rendered":"https:\/\/www.loansettlement.com\/blog\/?p=253"},"modified":"2022-03-29T16:13:09","modified_gmt":"2022-03-29T10:43:09","slug":"how-to-identify-genuine-or-real-loan-apps-and-avoid-fake-ones","status":"publish","type":"post","link":"https:\/\/www.loansettlement.com\/blog\/how-to-identify-genuine-or-real-loan-apps-and-avoid-fake-ones\/","title":{"rendered":"How to identify genuine or real loan apps and avoid fake ones"},"content":{"rendered":"

Covid 19 has had a significant impact on our lives and businesses, with many people in the need for “instant money”. Loan sharks are now lurking in your smartphones disguised as seemingly legitimate money-lending and borrowing apps.<\/p>\n

It is estimated that Covid 19 has resulted in over 10 crore people losing their jobs and small business owners dealing with a financial crisis. So, millions of Indians are using instant loan applications to make ends meet.<\/p>\n

Cybercriminals are utilizing new methods to defraud mobile phone and computer users in order to take advantage of the uncertainty. Financial frauds have shot up dramatically as opposed to last year. Since March 2020, scammers have made more than 15 crore rupees from these applications, according on estimates.<\/p>\n

Digital money lenders prey on the weak and those who require money, much like traditional loan sharks. While it may appear to be a great option at first, such experiences soon turn into nightmares as deadlines are missed. In some cases, interest rates can go as high as 60 to 100 per cent and to get these returns, customers are harassed through excessive calls and reaching out to their friends and family.<\/p>\n

Here are some signs that the loan app you are dealing with is not genuine and most likely fake:<\/p>\n

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