LOAN SCAMS & FRAUDS IN INDIA : HOW TO AVOID THEM?
Money is something you may need at any time. This could be for a wedding, school fees, or a business. The easiest thing to do is apply for a loan. But sadly, many frauds are out there. They want to cheat people who need a loan. These scams have grown since the COVID-19 pandemic. In such a time, you must protect yourself from these frauds. You can do this by seeking support from a fintech platform like RupeeBoss. Our experts only work with trusted financial institutions. You can be sure that your loan is safe and fast.
Warning Signs to Avoid Loan Scams
There are a few key signs to look for to avoid loan scams in India.
1. Upfront Loan Fee
A loan fee is a real thing. However, it is usually taken out of the loan amount after it is given to you. So, if a lender asks you for money before the loan is approved, it is a scam. This is a vital sign of a fraud. You should never pay money before the loan has been given to you. This is a common tactic for scammers, as explained by Aditya Birla Capital.
2. No Verification of Your Credit History
A financial institution will always check your credit score and credit history before giving you a loan. If anyone offers you a loan without checking these details, it is likely a scam. They are trying to cheat you. The best way to deal with this is to work with a trusted platform. A good credit score is key for getting a loan.
3. Limited-Period Offers
When you see a limited-time offer, you might not want to miss it. But loans are not like that. They are never offered for a limited period. Therefore, if someone offers you a loan with low interest rates and says the offer is only for a limited time, stay away. This is a common pressure tactic used by scammers to make you act quickly without thinking.
4. Unsecured Website Links
A trusted financial institution will have a secure website. The link will start with “HTTPS” and not just “HTTP”. You will also see a padlock icon. You must be careful and check the website to see if it is from a secure server. This helps you avoid online fraud. The Google Chrome Help page explains this in detail.
Conclusion
The world of online loans can have a lot of fraud in India. Therefore, you need to protect yourself. You can do this by being alert. You should only work with a trusted lender like RupeeBoss. We will check your credit score and documents through a safe digital process. This ensures you are not at risk of being scammed.