Fake Loan Apps in India 2024
Published on : January 31, 2024

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.NoFake Loan App ListS.NoFake Loan App List
1Agile Loan App112Coin Rupee
2Aladdin Lamp113Crazy Cash
3Angel Loan114Insta Loan
4Apna Paisa115Credit Buzz
5Apple Cash116Ind Loan
6Ariaeko Lone117Jo Cash
7Asan Loan119Just Paise Loan App
8ATD Loan120Just Money
9Balance Loan121Kash Loan 
10Basket Loan 122Koko Loan
11Bellono Loan123Income Ok 
12Best Paisa 124Income Loan
13Betwinner Betting125Gold Cash
14Bharat Cash 126Gold Sea
15Bright Cash 127Goldman Payback
16Bright Money128Fri Loan
17Buddy Loan129Fortune Loan
18Bus Rupee130Fresh Loan
19Bharat Cash App131Funny Happen
20Clear Loan132Flash Rupee
21Cash Advance133Flip Cash
22Cash Advance T1134Flash Loan Money
23Cash Book135Handy Loan
24Cash Bowl136Hello Rupee 
25Cash Carry App137Hi Credit App
26Cash Colla138Hand Cash Friendly Loan
27Cash Cow App139Honey Loan
28Cash Credit140Holiday Mobile Loan 
29Cash Fish141Hu Cash
30Cash Go142Hoo Cash
31Cash Guru App143I Credit
32Cash Magic144I Karza
33Cash Hole145Lend Mall
34Cash Host App146Live Cash Loan App
35Cash Machine147Loan Cube
36Cash Manager148Loan Dream
37Cash Mine149Loan Fortune
38Cash Papa150Loan Loji
39Cash Park Loan App151Loan Sathi
40Cash Pocket Live Cash152Rupeek Buzz
41Cash Samosa153Rupee King
42Cash Star Miniso Rupee154Rupee Plus
43Cash Station155Rupeestar
44Cashcarry Loan App156Rupiya Company
45CashCom157Rush Loan
46Cash Pal158Samay Rupee
47Clear Loan159Sharp Loan
48Simple Loan App160Simple Loan
49Minute Cash161Monday Money App
50MI Rupee162Slice Pay
51Sky Loan163Small Loan
52Shuttle Loan164Money Box
53Silver Pocket165Money Ladder
54Money Master166Unit Cash
55Money Muthal167More Cash App
56Money Pocket168My Cash Loan
57Money Stand Pro169UPA Loan
58Smart Coin170UPO LoanCom
59Star Loan171Voice Loan
60Store Loan172Volcano Loan
61Sun Cash173My Kredit
62Sunny Loan174Ob Cash Loan
63Time Loan175OK Rupee Loan App
64Top Cash176Wallaby App
65Tree Loan177Wallet Payee
66Money Stand Pro App178Apna Paisa
67Money View App179Walletpro
68Monney Tank180Warn Rupee
69Tyto Cash181One Loan Cash Anytime
70Wow Rupee182One Stream
71Orange Loan183Coco Cash
72Paisawala184Credit Finch
73Personal Loan App185Early Credit App
74Phone Pay186Rapid Paisa
75Pillai Loan187Reliable Rupee Cash
76Yes Cash188Rich Cash 
77Zo Zo Cash189Rich Loan Go
78Cash Port190Rocket Loan
79Alp Cash191Go Cash
80Plump Wallet192Rupee Pocket
81Pocket Bank193Rupee Salam
82Pub Cash194Loan Zone
83Quality Cash195Micredit
84Quick Loan App196Onestream
85Rapid197Samay Rupee
86Rainbow Loan198Rupee Plus
87Asan Loan199Small Loan
88Cash Curry200Smile Loan
89Cash Era201Wow Rupee
90Cash Lion202Tap Credit
91Cashon20366 Cash
92Cash Light204Zozo Cash
93Ant Cash205Cash Park
94Coin Rupee206LiveCash
95Arak Loan207Sun Cash
96Cash Book208Sunny Loan
97Who Cash209MoneyLander
98Cash Bowl210IncomeLoan
99Forpay App211RoyalCash
100Rainbow Loan212Goldloanapp
101Paisawala213MateroFinanace
102Cashhost214Easy RP
103Easybrave215Express Loan
104Mobilecash216Eulavt App
105Express Loan217Kash Loan
106Buddy Loan218Crystal Loan
107Fortress Loan App219Credit Pearl
108Fortune Now 220Link Money
109Handy Cash221Daily Loan
110Hello Box222Dhan Pal
111Hi Credit App223Dream Loan

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

  • Research the App – Make sure to check the reviews, ratings, and number of downloads. Authentic apps usually have a substantial user base and positive feedback. Make sure to check the reviews and ratings before downloading the app.
  • Check Credibility – Verify the lender’s information, such as their website, contact details, and company background. Authentic lenders have transparent information available.
  • Review Permissions – Fake apps might seek unnecessary access to personal data beyond what’s relevant for a loan application. Before allowing the app to access all the details of your phone, check thoroughly and allow only if it is necessary.
  • Evaluate Terms and Conditions – Thoroughly read the app’s terms, interest rates, repayment details, and any hidden fees. Authentic lenders provide clear and comprehensive information.
  • Not Registered – Generally, fake apps are not registered with RBI, before taking a loan, make sure to check on RBI’s official website if the lender is registered wit RBI or not. 
  • Official DocumentationGenuine loan apps require official identification and documentation. Be cautious of apps that approve loans without proper verification or ask for excessive personal information.

How to protect Yourself from Fake Loan App Scams?

Research and Verification 

Before downloading any loan app, conduct thorough research. Verify the app’s legitimacy by checking reviews, ratings, and the developer’s information. Look for official websites or contact details to confirm their authenticity.

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.

Review Permissions

Be cautious of the permissions that the application requests during installation. As the fraud apps can seek unnecessary access to personal data unrelated to loan processes and can hamper the privacy of the applicant.

Read Terms and Conditions 

Carefully review the app’s terms and conditions, interest rates, and repayment details. Genuine lenders provide transparent information, while fraudulent apps might have hidden fees or unclear terms.

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.

Be Wary of Pressure Tactics 

Fraud loan apps might pressure users to share personal details or rush them into accepting loans. Refrain from proceeding if you feel pressured or uncomfortable.

Monitor Financial Transactions 

Regularly review your bank statements and transactions for any 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 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.