Fraudulent apps offering easy loans a major threat

With the advancement in technology, fraudulent loan apps have emerged as a major threat to people who are offered easy loans though at higher rates of interest. These loan apps not only mentally harass people by threatening them with dire consequences for not repaying the loan amount, they also steal their sensitive data such as personal and financial information.

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The State Cyber Cell of the Himachal Pradesh Police has issued a list of 15 such fraudulent loan apps which are targeting people to fall into a debt trap. These apps include Rapid Rupee, CashBus, Go Cash, Rupee Bazaar, Snaplt Loan, Easy Loan, Dhana Dhan Loan, CreditZilla, Flash Loan, Mera Loan, Quick Cash, Rupee King, Cash Tree, CashLion and Instant Loan Pro.

The police have advised people to avoid these fraudulent apps to safeguard their private and financial data.

They have said that the Rapid Rupee app has been reportedly mentally harassing people as well as gaining an unauthorised access to their data such as contacts, personal pictures, videos, etc.

The CashBus app has no RBI licence and could be bad for having unclear loan terms, Go Cash is charging fake processing fees and misusing contact data of the user, Rupee Bazaar lacks transparency and customer support, Snaplt Loan is an unverified lender and has been flagged for public shaming, Easy Loan has no valid documentation and no secure disbursal process, Dhana Dhan Loan is harassing users and has been removed multiple times.

DIG, Cybercrime, Mohit Chawla says that people need to be cautious while applying for loans on apps as these can be fraudulent and can harm them by stealing their data and then mentally harassing and threatening them for not repaying loan.