8 Ways You Can Identify Fake Lending Apps

Rishi Anand

Regulatory Approval & License

Legitimate lending apps display regulatory approvals and licenses, suggesting their operations are legal and meet industry standards.

Regulatory Approved

High Costs Or Unclear Terms

Be cautious of apps offering high interest rates and unclear terms; beware if the rates seem too good to be true.

High/Unclear Rates & Costs

Unsolicited links:

Beware of malicious links sent via SMS or email that are not listed in app stores and could spell disaster.

Malicious Links

Contact Information

The app should offer trustworthy customer support, including clear contact details, as genuine lenders value effective communication.

Lack of Contact Details

Privacy Intrusions

Fake loan apps lack customer service numbers or registered office addresses and ask for sensitive personal and financial information.

Privacy Breach

Reviews & Feedback

Read customers' reviews and feedback online to check the app's reputation and genuineness.

Customer Feedback

Financial Literacy

Knowledgeable borrowers are less likely to fall into traps.

Be Financially Literate

Antivirus Software

Installing antivirus software will warn you of any fraudulent or malicious apps.

Compiled by Himani Verma

Download Malware

8 Ways To Verify A Legitimate Lender

Digital Loan