1200+ RBI Banned Fake Loan App List in India 2023

Fake loan apps are online lending platforms that offer loans but are not authorized or registered with the Reserve Bank of India (RBI) or any other financial regulatory body. Most of the time, these apps go after vulnerable people who need money quickly and offer them loans without checking their credit history or financial background.

These apps may also ask for personal and sensitive information like bank account details, Aadhaar numbers, and PAN card details, which can be used for identity theft or other fraudulent activities.

Fake loan apps may also have high-interest rates, hidden fees, and unclear terms for paying back the loan, which can trap borrowers in a cycle of debt. In some cases, to get the loan money back, these apps may even use aggressive and unethical methods like harassment and threats.

Before getting a loan through a digital lending platform, you should be careful and make sure that the RBI or another financial regulatory body has approved and regulated the app.

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The way that credit fraud occurs is as follows

A link is sent to the mobile phone in the name of the loan via text message, with the promise that if the recipient clicks the link, they will receive the loan immediately and without providing any security or papers.

The majority of recipients end up clicking the link because they don’t have all the facts about the credit they were promised.

Such applications use the phone, social media, and WhatsApp to share loan-related information. Simply follow the link we provide in the email and apply for credit right away. Criminals are encouraged to visit the Play Store via the link sent in the guise of a loan and install the app.

On the other hand, you can’t get a loan from a bank just by clicking the link and downloading the app. When you click on the link, personal information is shared. Fraudsters take advantage of this by using Fake Loan App to commit fraud.

Fake Loan Application Bans in India by RBI, 2023 Schedule

Some loan-related apps in India were making money by selling users’ personal information to third parties; the Reserve Bank of India has since prohibited these apps (the names of which are listed below).

There is a growing number of fraudulent loan applications available in the Google Play Store; we’ve compiled a summary of some of the more common ones that will not actually lend you money but will instead collect and store your personal information.

Because of the potential difficulties that could arise from using these apps to obtain a loan, we have compiled a list of over 1200 “FAKE LOAN APPS” so that you can avoid falling prey to them.

We have compiled a comprehensive list of Quick Fake Loan Apps so that you won’t have to waste time downloading and installing questionable applications on your mobile device.

According to our research, a lot of people download and rate these apps right after they come out, so the borrower would have thought this app was safe, but nothing like that happened.

Do not register for these loans even if you forget about the warnings; the information provided here is meant only to make borrowers aware of the possibility of fraud after they have already taken out a loan.

List of Unlawful Loan Applications Blocked by the RBI in 2023

 The Reserve Bank of India has forbidden a list of forex trading apps.

 How to fake loan apps complaint

If you have been scammed by a loan business, you can file a complaint with the RBI by visiting their website and navigating to the “report” section.

Reporting the app to Google Play is another option for removing it from distribution.

How to Recognize Fake Loan App

1. Stay away from third-party software stores

Do not download any apps from messages or links mentioning loans that may appear on your phone or a social media site, as these apps may also contain viruses that could compromise your privacy. The software is secure and can be downloaded from the Play Store or the App Store, but only after careful consideration.

2. Don’t Use the CIBIL Loan Zero App When Applying for a Credit

When looking for a loan, if an app claims to offer “CIBIL loan zero,” look elsewhere; it likely has a large processing fee. Most of these lending apps are scams that steal your money in the form of interest (often between 25 and 30 percent) disguised as a loan.

3. Stay away from loans with limited terms

There are a lot of loan applications in the Google Play store that promise quick approval and funding (usually within 6 or 7 days). Don’t use any lending apps that might raise your loan amount.

4. Manage Access Levels in the App

Always read the app authorization notice that appears after installing an app, as it contains important information about the information the app plans to share with other services. It’s important to remember that the program hasn’t stolen any of your personal information from your phone, including your contacts or any other data stored on your device.

Conclusion

In this article, we provide you with a list of over 1,200 fraudulent loan applications, all of which were shut down by the Reserve Bank of India for various reasons because of their use in spreading personal information.

Because of this, we advise against using loans from any In this article, we provide you with a list of over 1,200 fraudulent loan applications, all of which were shut down by the Reserve Bank of India for various reasons because of their use in spreading personal information.

Because of this, we advise against using loans from any application; if you choose to do so despite our warnings, you accept full responsibility for the consequences.

Where is the Reserve Bank of India Governor Shaktiman Das ji who does not give loans in association with three to four NBFC companies?

In such a case, before installing or using an app, it’s a good idea to research its background, ratings, and security on Google Play. If you have any doubts about the app’s safety, you shouldn’t install it.

I’m hoping you found today’s article to be quite informative; if you did, please leave questions or comments below.

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.