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| Name | Instant loan app | Fake Loan App - How to Spot Fake Loan App Scam #shorts #ytshorts |
| Video Uploader | Video From Navi |
| Upload Date | This Video Uploaded At 01-10-2022 12:30:05 |
| Video Discription | Applying for an instant personal loan? Watch this video to identify if it's real or fake. Indian fintech plays a major role in India's economy. Based on research 40% of the world's digital transactions are taking place in India contributing to growth and inclusiveness. Instant loan apps are being downloaded by millions of Indians at present. While there has been a rise in the number of customers transacting through digital platforms, we are also witnessing the rise in fake lending platforms which are tarnishing the image of the digital lending industry.Taking advantage of these loan apps, cybercriminals are using new ways to swindle mobile phone and computer users. Compared to last year, financial frauds have increased manifold. It's been estimated that 500,000 people have been scammed with scammers having made more than Rs 15 crore from these loan apps since last year. How to identify fake loan apps: 1.RBI Approved or not? The bank/app must and should be RBI authorised. Avoid loan apps that are not affiliated with an RBI-registered bank or NBFC, since these are unregulated and illegal. 2.Advance Processing fee: Check if you are being asked for advanced payment. Avoid loan apps that don’t have clear-cut terms and conditions and fees listed, and simply promise fast loans. 3.Check for websites: Another way to spot a fake loan app or personal loan scam is to check if the lender has a website. It is also very important to check if the website is secure. A trustworthy financial institution will make certain that your information is secure and won’t be exposed on purpose, protecting you from loan frauds in the process. 4.Check Reviews: Always do a background check on social media accounts for reviews and the level of reach they’ve got. Initially on play store and google store, Never download an application from any unverified or unknown sources, or on being asked or guided by an unknown person In the case of loan-app scams related to phishing, the most common way that people are targeted is by false representation. An individual posing as your bank or financial service provider’s representative can visit your work or business place or contact you through SMS, email, or call and request sensitive information like your card number, PIN, and OTP. If you end up divulging these details, it will grant them access to your accounts, and they will start pilfering your money through transfers or transactions. Such loan apps lure people with fake loan schemes, and the money that was extorted was through using their personal data. Always be informed that legitimate lenders like Navi would never pressurise you to take loan immediately. In any case if you feel pressured to take a loan immediately or share personal information like bank account details or Pan and Aadhar number, don't fall for it. High pressure tactics like ‘loan offer will expire quickly” or an “immediate deadline” to sign a loan agreement stands as a big red flag of a financial institution. So next time you apply for a loan ensure they meet this checklist! Want to watch more videos like this? Subscribe now! To Download the Navi App: https://apps.navi.com/Nerp/mflvl4or #shorts #ytshorts #loan #personalloan #fakeloanapps #instantloan #instantloanapp If you found this video helpful, do subscribe to our YouTube Channel. For more information, here are a few of our blogs that you can read: 👉 https://navi.com/blog/ 👉 Website: https://navi.com/ 👉 LinkedIn: www.linkedin.com/company/go-navi —------------------------------------------------------------------------------------------------------------------ Subscribe 🔔 to the Navi YouTube Channel & watch the best videos on Personal Finance (Insurance, Loans, Investments and Money Management). —------------------------------------------------------------------------------------------------------------------ Navi-pedia videos aim to simplify important money matters so that you can make correct financial decisions. If you liked our video and it has helped you in any way please do like, comment and subscribe to our channel to know and understand more about health insurance, personal loans, home loans and mutual funds. If you have any other questions do not hesitate to drop them in the comments section below and we will try our best to answer them. [LPZkT3Fb-uo] |
| Category | Education |
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