Essential Safety Measures When Using Instant Personal Loan Apps

To avoid falling victim to loan scams, follow these key precautions before borrowing from any digital lending platform:

1. Verify Lender Contact Details: Ensure the app or website provides a valid phone number, email address, and physical office address.
2. Check Customer Reviews: Read genuine user feedback on app stores and other platforms to assess others' experiences.
3. Consult Trusted Sources for Professional Reviews: Look for expert reviews or listings on credible financial websites to confirm the lender’s legitimacy.
4. Confirm RBI Authorization: Make sure the lender is registered with the Reserve Bank of India (RBI) as a licensed NBFC, especially if it's a mobile-only lending platform.
5. Review App Permissions: Regularly check the app’s permissions and only allow access relevant to its function; avoid granting access to contacts, photos, or messages unnecessarily.