These days the process of applying for loans has become effortless through different apps. To meet the urgent requirements and commitments of a family, people tend to borrow loans from outside. But are we aware of whether the recently launched apps are Real or Fake?
With the increase of loan apps, there also comes an increased risk to human life and It is mandatory to know the difference between genuine and fake apps that provide loans.
Though several measures were taken by the Indian government to restrict these apps, somehow new apps emerge in the online world and Many complaints have been registered about duplicate loan apps, and also more new fake apps have been launched in recent times which will be discussed further.
These loan-providing apps are a new type of scam introduced recently that loots users’ personal information through online credit applications. These fraudsters ask for confidential details from users such as PAN numbers, Aadhar numbers, Passport size photos, bank statements, account numbers, IFSC codes, etc.
In order to apply for a loan through online credit apps, users have to apply with a passport size photo. Also, these apps ask for details about some people on your contact list. These fraudsters demand extra money by threatening to morph users’ photos submitted and sending them to their contact list.
Many times, these apps hack users’ smartphones and access confidential data without the concern knowledge.
List Of Recently Launched Fake Apps, Banned By The Indian Government in 2022
Recently the government has banned some of the fake loan-providing apps in India.
Here is the list of 23 recently launched Fake apps banned in India:
- Altico Capital India Limited
- Amandeep Transport and Leasing India Limited
- Cash Goo
- Cash Star
- CLSA India Finance Private Limited, GPL Finance Limited
- Cool Cash.
- First Cash
- Gold Bowl
- Happy Cash
- Krazy Bean
- Krazy Rupees
- Loan Card
- Money Now
- Monkey Box
- Past Credit app
- Pocket Rupee
- Pramanand Commercial Private Limited
- Real Rupee
- Repay One
- Rupee Day
- Rupee Pro
- Subhadra Investments Private Limited
Recently Launched Fake Apps
The Indian government has taken many initiatives and banned 23 fake loan apps in 2022. But many new local applications have been launched. These apps are still unfamiliar to many people. These recently launched fake apps are not available on the google play store and many users have installed them through third-party applications. If you find any of these unethical apps on your smartphone, uninstall them immediately.