– Threats of personal impersonation, extortion and blackmail by instant loan apps – Beware [AsPKom Eixil News] – Company | Entertainment | Way of life

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Instant Loan Apps and Unsecured Loan Scams | Extortion and scam

Financial crisis and loan requirement are unavoidable because sometimes you have to apply for loans in unexpected situations. In Digital India, with the ease of getting a loan now from online loan applications, the loan approval nightmare is quite simplified but it has also raised alarm bells of scams and frauds.

Ganda hai by dhandha hai you…..

Based on our research and feedback, we outline some of the possible common scam techniques to be aware of and beware of.

You have seen a fancy advertisement on Facebook or Whatsapp claiming that you can get a pre-approved loan for a large amount at a very low interest rate. By the time you have downloaded the app and filled in your KYC and personal information (which will obviously be a regular process for everyone, so you can’t distinguish until now if you are with a loan provider/lender genuine or fake money), now you get an option that you can get a very small loan amount at a very high interest rate and low tenure, you can choose to continue or stop . Even if you continue, if its interest rate, term and amount is pre-respondent, it might be the policy of the loan provider, so legally it’s not totally a case of fraud, if you continue with them. Obviously you have been informed of all charges, loan agreement and penalty clauses. The case is still not fully compliant with RBI regulations but your consent for the same was there. In the loan collection process, remember that the collection agents will be rude, so try to repay the loan amounts on time.

The real scam starts beyond that, some loan apps after doing KYC and researching your personal and banking information may start misusing your details, they already have your phone data which you agreed to share when lending installation of the application and in case of non-payment, they can infringe with your privacy to send defamatory messages, threatening calls or WhatsApp messages to your contact list.

Audio recording to expose loan application fraud/scam and extortion

Or, it sounds strange and surprising to a few, but some loan apps deposit totally ungranted base amounts into your account and after a few minutes you get those credits into the account, then the repayment fee and duration go Definitely shock you, Tenure could be as low as 3-5 days and repayment amounts 2X or 3X of the initial transferred amount. Even if you want to deny, there is no option and you start getting harassing calls, messages from loan collectors to pay back. Since they had compromised your personal, KYC, and banking information, the threat will also include not only defamation, but also misuse of your documents or hacking into your account. In such cases, my personal advice is not to pay them back out of fear, because even if you do pay back, it might not end there. They may claim that the amount is not updated or not received and the same valid continuous threats to extort more money from you. So you can call it more a kind of extortion and not just a loan scam.

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