SBI warns against instant loan apps, shares six tips

People take loans when there is a need. Loans are taken from banks, NBFCs or other financial institutions or online platforms. But many times people also fall in the trap of Fake Loan App in the market.

Actually, these fake loan apps cheat you. State Bank of India (SBI) has advised to avoid such fake loan apps.

Along with this, some important methods of how to avoid it have also been told. With this advice of SBI, you will be saved from the fraud of Instant Loan App.

Note these safety tips

Here's safety tips for you

If you are downloading an Instant Loan App, then before installing it, check its authenticity thoroughly. Also, never click on any suspicious link. Do not use any unauthorized app that can steal your data. Also, to avoid theft of your data, check the app permission settings of the phone. Also inform your local police about suspicious loan giving app.

Instant Loan Apps claim to give lakhs of rupees to people. But for the first time, these apps give only 1 to 5 thousand rupees to any user. Such fake apps also lure the users that the more times they take loan online from the loan app, the more their limit will increase. After which they can also take a loan of up to Rs 5 lakh. Most of the people who use such loan apps argue that with these apps they get loans in 20 to 30 minutes and do not have to go through paperwork like banks. That's why they take money from these apps when needed and pay them on time.

In the past, many such cases also came to the fore in which recovery is done with the help of Instant Loan App. Even such fake people run such gangs. These gangs make people their victims with the help of instant loan app. In today's era, such mobile apps have become quite popular. In such a situation, people easily fall under its trap. Such gangs take people into their trap with the help of fake loan scheme and steal their personal data. With the help of this recovery was made from them.

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