150+ RBI Fake Loan Apps in India 2024 (Avoid Financial Scams)

When you are in need of urgent funds, a personal loan seems to be a convenient option. But in an emergency, we often fail to choose the right option.

In 2024, there will be some fake loan apps causing trouble. These apps pretend to be real and promise quick loans but end up tricking people. They attract users by offering fast money and easy approval.

They might take more money than they should or use personal info without permission. These apps can be sneaky and bother people for repayment. Sometimes, they also charge higher Interest Rates set by RBI. To stay safe, it’s important to be careful and check if an app is registered with the RBI before sharing any personal details or getting a loan.

Authorities are working to stop these fake apps, but it’s also up to people to be smart and cautious while using loan apps. 

What are Fake Loan Apps?

Fake loan apps are deceptive applications that pretend to offer legitimate financial services but operate with fraudulent intentions. These apps typically promise quick and hassle-free loans, often targeting individuals in urgent need of financial assistance.

They portray themselves as genuine loan providers, presenting enticing offers, fast approval processes, and minimal documentation requirements. However, their real goal is to deceive users by extracting sensitive personal and financial information.

Once installed, these apps engage in various fraudulent activities, such as charging exorbitant hidden fees, accessing and misusing personal data, employing aggressive debt collection tactics, and sometimes even disappearing after collecting user data.

Their misleading practices exploit users’ vulnerabilities, leading to financial losses, privacy breaches, and harassment.

To avoid these scams, it’s crucial for individuals to verify the credibility of loan apps, thoroughly review terms and conditions, and refrain from sharing confidential information without proper verification. Additionally, reporting such fraudulent apps to authorities aids in curbing their malicious operations.

Fake Loan Apps in India

Users frequently divulge their banking and KYC details to these platforms post the installation of deceptive apps. They often trust the legitimacy of these apps merely because they’re available on Google or Apple’s app stores.

Consequently, their accounts face unauthorized deductions, or users encounter psychological coercion through extortion tactics. Borrowers should be cautious before selecting the loan applications. Below is a list of some fake loan apps.

S.No	Fake Loan App List	S.No	Fake Loan App List
1	Agile Loan App	94	Flash Rupee
2	Aladdin Lamp	95	Flip Cash
3	Angel Loan	96	Flash Loan Money
4	Apna Paisa	97	Handy Loan
5	Apple Cash	98	Hello Rupee
6	Ariaeko Lone	99	Hand Cash Friendly Loan
7	Asan Loan	100	Honey Loan
8	Balance Loan	101	Holiday Mobile Loan
9	Basket Loan	102	Hu Cash
10	Bellono Loan	103	Hoo Cash
11	Best Paisa	104	I Credit
12	Bharat Cash	105	I Karza
13	Bright Cash	106	Lend Mall
14	Bus Rupee	107	Live Cash Loan App
15	Clear Loan	108	Loan Cube
16	Cash Advance	109	Loan Dream
17	Cash Advance T1	110	Loan Fortune
18	Cash Bowl	111	Loan Loji
19	Cash Carry App	112	Loan Sathi
20	Cash Colla	113	Rupeek Buzz
21	Cash Cow App	114	Rupee King
22	Cash Credit	115	Rupee Plus
23	Cash Fish	116	Rupeestar
24	Cash Guru App	117	Rush Loan
25	Cash Magic	118	Samay Rupee
26	Cash Hole	119	Sharp Loan
27	Cash Hole	120	Simple Loan
28	Cash Machine	121	Monday Money App
29	Cash Manager	122	Slice Pay
30	Cash Mine	123	Small Loan
31	Cash Papa	124	Unit Cash
32	Cash Park Loan App	125	More Cash App
33	Cash Pocket Live Cash	126	My Cash Loan
34	Cash Samosa	127	UPA Loan
35	Cash Star Miniso Rupee	128	UPO LoanCom
36	Cash Station	129	Voice Loan
37	Cashcarry Loan App	130	Volcano Loan
38	CashCom	131	My Kredit
39	Cash Pal	132	Ob Cash Loan
40	Simple Loan App	133	OK Rupee Loan App
41	Minute Cash	134	Wallet Payee
42	MI Rupee	135	Walletpro
43	Sky Loan	136	Warn Rupee
44	Shuttle Loan	137	One Loan Cash Anytime
45	Silver Pocket	138	One Stream
46	Money Muthal	139	Coco Cash
47	Money Pocket	140	Credit Finch
48	Money Stand Pro	141	Early Credit App
49	Star Loan	142	Rapid Paisa
50	Store Loan	143	Reliable Rupee Cash
51	Sun Cash	144	Rich Cash
52	Sunny Loan	145	Rich Loan Go
53	Time Loan	146	Rupee Pocket
54	Top Cash	147	Rupee Salam
55	Tree Loan	148	Loan Zone
56	Money Stand Pro App	149	Onestream
57	Monney Tank	150	Smile Loan
58	Tyto Cash	151	Tap Credit
59	Wow Rupee	152	66 Cash
60	Orange Loan	153	Zozo Cash
61	Paisawala	154	Cash Park
62	Personal Loan App	155	LiveCash
63	Phone Pay	156	MoneyLander
64	Pillai Loan	157	IncomeLoan
65	Yes Cash	158	RoyalCash
66	Zo Zo Cash	159	Goldloanapp
67	Cash Port	160	MateroFinanace
68	Alp Cash	161	Easy RP
69	Plump Wallet	162	Eulavt App
70	Pub Cash	163	Crystal Loan
71	Quality Cash	164	Credit Pearl
72	Quick Loan App	165	Link Money
73	Rapid	166	Daily Loan
74	Rainbow Loan	167	Dhan Pal
75	Cash Curry	168	Dream Loan
76	Cash Era	169	Crazy Cash
77	Cash Lion	170	Insta Loan
78	Cashon	171	Credit Buzz
79	Cash Light	171	Ind Loan
80	Ant Cash	173	Jo Cash
81	Coin Rupee	174	Just Paise Loan App
82	Arak Loan	175	Just Money
83	Who Cash	176	Kash Loan
84	Cashhost	177	Koko Loan
85	Easybrave	178	Income Ok
86	Express Loan	179	Income Loan
87	Fortress Loan App	180	Gold Cash
88	Fortune Now	181	Gold Sea
89	Handy Cash	182	Goldman Payback
90	Hello Box	183	Fri Loan
91	Hi Credit App	184	Fortune Loan
92	Coin Rupee	185	Fresh Loan
93	Funny Happen

Important Note:
We want to address a recent error that has come to our attention. We incorrectly labelled Buddy Loan as a fake loan app in our blog, and we deeply regret this mistake. We acknowledge that Buddy Loan is a legitimate and trustworthy lending app. We have already rectified this error and are conducting a thorough review to prevent similar issues moving forward. We apologize for any distress or damage this error may have caused.

How to Identify a Fake Loan App: Signs to Identify Fake Apps

Here are a few ways that can help you identify a fake loan app:

Lack of Regulatory Approval

A legitimate loan app will be registered and regulated by the relevant financial authority in your country. For instance, the Reserve Bank of India (RBI) oversees financial institutions in India. Verify the app’s regulatory status on the official website of the financial authority.

Unprofessional App Design

Fake loan apps often have poor user interfaces, numerous spelling or grammatical errors, and a generally unprofessional look. A legitimate app will usually have a clean, user-friendly design and professional content.

High-Pressure Tactics

Scam loan apps may use high-pressure tactics to rush you into making a decision, such as urgent deadlines or promises of quick approval without proper verification. Legitimate lenders give you time to consider your options and review terms.

No Physical Address or Contact Information

A fake loan app often lacks clear contact details or provides fake information. Check for a physical address, customer service number, and email address. Verify that the contact information is legitimate and functional.

Absence of Clear Terms and Conditions

Legitimate loan apps provide clear and detailed terms and conditions, including interest rates, fees, and repayment schedules. If the app lacks this information or makes it difficult to find, consider it a fake loan app.

Requests for Upfront Fees

A major warning sign of a fake loan app is a request for upfront fees to process your loan application. Legitimate lenders do not charge fees before approving and disbursing the loan.

Non-Secure Website or App

Ensure the app or website uses secure encryption to protect your data. Look for HTTPS in the URL and check for security badges or certifications.

Too-Good-to-Be-True Offers

Scammers lure victims with offers that seem too good to be true, such as extremely low interest rates, guaranteed approval, or no credit checks. If an offer seems unusually attractive, it’s likely a scam.

How to protect Yourself from Fake Loan App Scams?

Fake loan app scams can lead to financial loss, identity theft, and other serious consequences. To protect yourself, follow these essential steps:

Research the App

Before downloading an app, you must ensure to check the reviews, ratings, and number of downloads. Authentic apps usually have a substantial user base and positive feedback.

Review Permissions

Fake apps might seek unnecessary access to personal data beyond what’s relevant to a loan application. Before allowing the app to access all your phone details, check thoroughly and allow only if necessary.

Official Documentation

Genuine loan apps require official identification and documentation. Be cautious of apps that claim to approve loans without proper verification or ask for excessive personal information.

Use Trusted Sources

Install software exclusively from official stores like the Apple App Store or Google Play Store. Stay away from loans from third-party or questionable websites, as they could potentially lead you to fraudulent applications.

Protect Personal Information

Share only private information if you are confident in the reliability of the app. Genuine loan apps usually ask for standard KYC (Know Your Customer) documents and don’t require excessive personal details.

Monitor Financial Transactions

Review your bank statements and transactions regularly for unauthorized deductions or suspicious activities. Notify your bank of any unauthorized transactions immediately.

Report Suspicious Apps

If you encounter a suspicious or fraudulent loan app, report it to the relevant authorities, such as the Reserve Bank of India (RBI) or consumer protection agencies.

Conclusion

There are many fake apps in the market that pose a significant threat to individuals seeking financial assistance in India. These deceptive applications, often disguised as legitimate lenders, exploit the urgency for quick loans, preying on unsuspecting users by extracting personal and financial information.

The deceptive tactics, including hidden fees, unauthorized access to sensitive data, and coercive debt collection methods, underline the importance of heightened vigilance among consumers.

It’s crucial for individuals to exercise caution, verify the instant loan app authenticity, and refrain from sharing confidential information to mitigate the risks associated with these fraudulent apps. Authorities and regulatory bodies continue their efforts to identify and eliminate such deceptive entities.

By fostering awareness, stringent regulation, and responsible usage of loan apps, individuals can fortify themselves against falling victim to these harmful scams in the digital financial landscape.

If you are looking for a personal loan but are worried about fake apps, LoanTap emerges as a genuine lender providing personal loans at affordable rates. 

FAQs about Fake Loan apps

How do fake loan apps operate?

Ans. Fake loan apps pose as legitimate lenders, enticing users with quick loans. They extract personal and financial information, often employing deceptive tactics, hidden fees, and unauthorized access to sensitive data.

How can I spot a fake loan app?

Ans. Check app credibility by researching reviews, verifying developer details, reviewing permissions, and scrutinizing terms and conditions for hidden fees or unclear terms.

What risks do fake loan apps pose?

Ans. These apps can lead to financial losses through unauthorized deductions, misuse of personal data, coercive debt collection, and potential identity theft.

Are all loan apps on app stores safe?

Ans. Not necessarily. Some fraudulent apps manage to bypass security checks. It’s crucial to verify app credibility before downloading.

What should I do if I suspect a loan app is fake?

Ans. Report suspicious apps to relevant authorities, like the Reserve Bank of India (RBI) or consumer protection agencies, and avoid sharing personal information.

Can fake loan apps be legal?

Ans. No, many of these apps operate illegally and breach financial and privacy regulations. Authorities are actively working to identify and ban such fraudulent entities.