Loan Scams in India – Identify and Stay Cautious | Money Lending Fraud

Instant Loan Apps luring the loan seekers on pretext of providing easy loan and executing unethical practices, high processing fees, unexplained interest and penalty charges and identity theft, biggest scam yet to be exposed in the transparent way. Instant loans without any official documentation may sound like a boon or miracle to the borrowers; and off course this miracle happening in India, where several loan apps are offering personal and unsecured loan in minutes, but the experience turns out to be a of terrible nightmare once you moment you fall into their traps. AspKom Eixil Foundation since 2019 had been working towards helping such borrowers who have fallen into the traps of such scams, but still the solution to it requires active stringent laws to be framed by Government and RBI. Countering the Loan Apps Recovery Process requires Cyber Crime Experts and a Brief Understanding about the Loan Approval, Disbursal and Repayment Process….
and Till then awareness is only key to safeguard yourself.

Next time when you receive any SMS like this, wish yourself Good Luck if you are clicking their Link

Your Loan of Rs. X,XX,XXX is Approved by ************. 100% Approval rate & Instant Bank A/c transfer. Check your Loan status Here:

Some Common Marketing Gimmicks being followed by these Scammers includes:

• A Fancy Message (SMS, Whatsapp Message or Promotions on Facebook) Claiming that You can get XX,XX,XXX Rs. of Loan Approved but as soon as you download their app and fill your Details (Aadhar Card, PAN Card, Bank Details and KYC documents) the amounts get reduced to XX,XXX (4 Digit) and Tenure to Days, High Interest Rates with Any Processing Fees.
• Some Claim that you have to take Membership or Pay Certain Amounts to get Loan Disbursed to your Account or for Increasing the Loan Amounts, Tenures or Decreasing Processing Fees
• In some Apps the Loan Process of Transfers / Repayments is by UPI and if you ask them Bank Accounts for Repayments, they simply deny and force you to pay through Link or UPI
• Abusive Customer Care or Recovery Agents engaged by most of Loan Apps, to threaten the customers and they openly on your WhatsApp give threats of Defaming, Hacking, Using (More Precise word will be Misusing) your Contact List or Mobile Data

Compete Story on Loan Scams Coming Soon
For Now One Single Word – BEWARE

The money lending scam came to light when the Hyderabad police froze 75 bank accounts holding Rs 423 crore. The scams were conducted via 30 mobile apps none of which were approved by the Reserve Bank of India (RBI). A preliminary investigation into these financial transaction revealed that about 1.4 crore transactions worth nearly Rs 21,000 crore have taken place so far. The matter is being probed by the Enforcement Directorate (ED)