250+ Fake Loan Apps in India- RBI Banned Loan Apps 2023

In India, a list of banned loan apps in 2023 will be made up of a register or directory of Indian and foreign fake loan apps that have been banned by the Reserve Bank of India (RBI) and taken off the approved list of Non-Banking Financial Companies (NBFCs).

The Reserve Bank of India (RBI) is continuously banning new loan apps that are not regulated, therefore the list of banned loan applications in 2023 must be up to date.

What is a fake loan application?

Fake loan apps are bogus mobile apps that pretend to be real loan companies but steal personal and financial information or trick users into paying fees for loans they will never get.

How do fake apps for loans work?

Call it the pandemic’s lasting effect on people’s finances, but many gullible Indians have recently fallen for the fast loans offered by unregulated digital lending apps, many of which are connected to Chinese companies. After personal information is stolen, borrowers go through a never-ending cycle of extortion, which has led some of them to kill themselves.

Fake loan apps often get people to download them by promising quick loans or attractive loan terms.

• Under the guise of a loan application, asking for personal and financial information like bank account or credit card numbers. This information can then be used for unauthorized transactions or identity theft.
• Under the guise of processing or guarantee fees, asking for money upfront while making false claims about how the loan will be distributed.
• After collecting the money, they disappear or can’t be reached.
• They often change their names, websites, and looks to avoid being caught.

How to Spot a Fake Loan Application?

• High-interest rates or loan terms that don’t make sense.
• Requests for private information, like your Aadhar number or full access to your bank account.
• Fees upfront or costs you don’t see.
• The app’s interface is poorly made or unprofessional.
• There isn’t enough information about the lender or there isn’t enough of it.
• There is no physical address and not much is known about the company.
• Requests for money to be paid or transferred right away.
• Requests to access your device from afar.
• There are no clear rules or policies.
• There is no clear information about how to pay back a loan or how much interest it will cost.

Read More: 50+ RBI Registered Loan Apps in India 2023

Fake loan apps in India 2023

FAQs

Which loan apps work?

In 2023, PaySense, Bajaj Finserv, Dhani, Paytm Postpaid, Money Tap, and more will be some of the best loan apps.

Which loan app did the RBI approve?

The Reserve Bank of India (RBI) has given Paytm, Bajaj Finserv, Capital First, EarlySalary, HomeCredit, LazyPay, MoneyTap, and Simpl permission to offer loans in India.

How do I stop fake loan apps from being able to access my contacts?

Use official app stores to stop fake loan apps from getting access to your contacts. Check what the app can do, Keep your phone up-to-date, Use an app for safety, Be cautious of free downloads, Read app reviews, Enable two-factor authentication, and Avoid giving away personal information.

Which app is the best for getting a quick loan for a medical emergency?

In India, the best emergency loan apps are Fullerton India, Navi, zest, Upwards, Fibe, and Fullerton India.

Is the Wonder loan app real or not?

The Google Play Store app Wonder Loan is fake and gives loans to people who didn’t ask for them.

How can I get a loan right away that I can pay back in 5 minutes?

Most of the time, it’s hard to get a loan in 5 minutes because you have to go through a long process of checking your creditworthiness. But there are ways to get a loan quickly: You can get a personal loan from your bank or online lenders like Paytm Postpaid, Dhani, and PaySense.

Does Kissht exist?

The Kissht app is registered with RBI as a non-banking financial institution (NBFC), which means it is required to serve customers by the rules.

What app lets you borrow $50,000?

One of the biggest lenders, Money View, offers personal loans with flexible repayment plans for up to 60 months and amounts from Rs. 5,000 to Rs. Rapid loans of Rs. 50,000 are easy to apply for if you meet the requirements.

What app lets you borrow money without a salary?

The LazyPay section of PayU gives customers quick options for personal financing. You can get a loan of up to Rs. 1 lakh from LazyPay. Download the LazyPay app and fill out the loan application to get this loan.

Which app for a loan is quick?

MoneyTap is a well-known app for getting loans quickly. MoneyTap lets you apply for a personal loan with monthly interest rates as low as 1.08% for amounts up to 5 lakhs.

Are apps for quick loans safe?

For personal loans, the instant lending apps that banks and NBFCs offer are safe. But you should also make sure that the companies that offer quick personal loan applications are registered with the RBI and that the applications can be downloaded from websites you can trust.

How do I get a loan quickly?

You can apply for a personal loan by going to the website of a bank or other financial institution and asking about your eligibility, the interest rate, and the monthly payment (EMI). If your request for a loan is approved, the money will be sent right away to your bank account.

Does Rokdawale exist or not?

Rokdawale is not a real place to borrow money. Not much to support

• No information about who started it.
• Poor ratings.
• There is no proof that banks worked together.
• Bad customer care service.
• Is loanbaba true or not?
• Loanbaba can be trusted. It gives out loans through NBFCs registered with the RBI.

Is rupiyabus loan app legit?

You shouldn’t use the rupiyabus loan app because this lender has been accused of harassing users for money in many cases and has complaints.

Conclusion

When looking for a loan or an offer, you should keep in mind that “if it seems too good to be true, it probably is.”

Red flags include crazy low-interest rates, a lack of due diligence by the lender, unsolicited offers to sweeten the deal, etc. Before choosing a loan, you should think about all of these things.

Also, you can make sure the loan app process is open and honest by contacting a lender after doing research and making sure they follow regulations and best practices.

Faizan Ahmad

Faizan Ahmad is a financial analyst and writer who specializes in investments, banking, and corporate finance. He has over 7 years of experience working in the finance industry in various roles.
He leverages his strong financial modeling and data analysis skills to provide insightful commentary on business, markets, and economic trends.
At Ventures Money, Faizan covers topics including Credit Card Reviews, Loans, Insurance, and Mutual Funds in the banking sector. He provides in-depth analysis of the latest news and trends to help readers make smart investment decisions.
Outside of writing, Faizan enjoys following the stock market, rooting for his favorite sports teams, and spending time with his family.