Avoiding Scams: How to Choose a Safe and Reliable Quick Loan App

 The latest and advanced technologies have made our lives simple and convenient by making the processes quick. However, there is a downside to that as well which has given rise to multiple frauds and scams.  

Banking and finance sectors have been provided with these new technologies to offer the users quick loan apps for their convenience and usability. No doubt these quick loan apps are offering the best possible services to the users but there is also a risk of getting into multiple scams and frauds.  

It is essential to avoid these scams for your own safety, but the problem often comes with identification of the fraud loan apps. Hence in this blog we are going to discuss some of the major tips that can help you in the process of avoiding these scams and which quick loan apps download are to be avoided.  

Avoiding a Financial Scam: Quick Loan App 

Often, we need funds in a financial emergency, and we rely on quick loan app download for access to them. However, in this moment we tend to ignore or sideline to check for the authenticity of these apps and fall for a scam.  

Such financial scams are not a new topic, we all have heard a lot about such scams and often heard advertisements to avoid downloading any suspicious apps as well. Below are listed some major points that you need to look at to avoid any such scam.  

• Physical Address   

Since every business will have their head office or a physical office, the quick loan app download that you have made must also have a physical office. This address should be available on their website.  

 

• RBI Registration  

Any quick loan app is required to register with the RBI as RBI is the governing body for all the financial institutions. You can find this RBI registration on the official website in their About Us section.  

If you cannot find their RBI registration details, avoid the app and delete it from your device.  

 

• User Ratings and Reviews 

Whether it is a quick loan app download for android or quick loan app download for iOS, these apps will be available on the respective play store or Apple Store. On these platforms you can find ratings and reviews by previous users which can further offer you better insights about the app.  

Additionally, it is essential that you look at the recent reviews and ratings for better clarity. These can also help you in offering you information regarding any glitches in the app.   

  

• Personal Data 

These quick loan apps are designed to offer quick loan services with a minimum documentation such as FatakPay. If the app that you are downloading is asking you too much of your personal information, then it is advisable to stop using the app and delete the download.  

Gathering too much personal data can be a part of a fraud website which can be further used to offer you tempting offers as a fraud strategy. Hence, it is advisable to avoid using such apps.  

  

• Secured Website 

If the quick loan app that you are using is genuine then its official website is going to be secure which adds to the authenticity of the website and the app as well. However, if the website is not secure, then it is advisable to close the app and delete the download as a measure to avoid any financial scam.  

The above listed points are essentials that you need to check before you download any quick loan app for any transaction. Furthermore, below are some quick loan apps that are banned by the government and RBI for fraudulent activities.  

• RupeeGo 

• Punch Money 

• Grand Loan 

• Lend Now 

• Cashfull 

• CashMO 

• CreditLoan 

• Infinity Cash App 

• Kredit Mango App 

If you come across any of the above-listed quick loan apps, avoid downloading or offering your information to these apps.  

What to Do to Avoid Scams? 

Now that you know the essential points that you need to check before any quick loan app download. Here are some points that you need to follow in order to avoid falling for any scams.  

• Always apply for a quick loan with an RBI-registered lender only 

• Before processing your loan application read all the terms and conditions carefully 

• Look for any hidden charges or processing fees 

• Ensure that the app is asking only required amount of documentation 

Furthermore, here are some of the reliable and trustworthy quick loan apps that you can download.  

• PaySense  

• FatakPay 

• KreditBee 

• Moneyview 

• CASHe 

• Navi 

• Dhani 

• 
  

FatakPay: Quick Loan App Download 

Among all the above-listed RBI registered and approved quick loan apps, FatakPay is one of the most trending, reliable and easy to use apps. This app offers you easy, quick and instant online personal loan. With minimum documentation and quick processing time, it offers you easy access to instant funds.  

Furthermore, FatakPay is backed by RBI-registered NBFCs quick loan app which makes it safe for your use.  

Moreover, the app is designed with a user-friendly interface which makes it easy to use and requires a minimum documentation for offering you a quick personal loan. Here you can also avail yourself of an easy repayment policy with an easy EMI structure to help you maintain financial stability.  

Concluding Points 

In today’s world technology is playing several roles among which these scams are frauds are also playing a major role. It is important that you follow certain specific rules and regulations to avoid falling for such scams and frauds.  

With the above-listed measures you can now identify any scam and fraud quick loan app download and avoid the use. Moving forward, for better instant loan offers download FatakPay today and avail yourself of your quick loan today.  

The Future of Online Loan Applications: Trends & Innovations Shaping the Way People Apply For Loans

The banking and financial services industry has come a long way in offering loans and other financial products. Unlike traditional loan processes that used to take weeks or months to complete, the digitization of the financial industry has made things much easier. There are hundreds of banks and non-banking financial companies offering personal loans today. Individuals can apply for loans anytime and anywhere, no matter how small or big loan they are looking for.

Apart from the emergence of digital loan apps, there are various other trends that are shaping the future of online loan applications. Let us discuss some of the most important ones in this blog:

1. Digital Loan Platforms

With a continuous rise in the usage of the internet and smartphones, the number of online loan applications is also increasing. People no longer prefer visiting banks and standing in long queues to submit their loan applications. 

Various new digital loan platforms are emerging, making the entire lending process much easier and accessible for every individual. Online loan apps and websites have gained significant popularity in recent years. As per a report, over two-thirds of people applied for loans either fully or partially online in the last two years. 

Online loan platforms like FatakPay use advanced technologies to determine the creditworthiness of individuals and offer them loans accordingly. For borrowers, the entire process has been streamlined, providing them with the flexibility to apply for loans anywhere and at any time. 

2. Embedded Financing Options

The best thing about online personal loans today is that they come with financing options. Lenders these days allow easy EMI conversion. Borrowers can easily select the EMI tenure, monthly installment amount, etc, as per their repayment capacity. You don’t have to look for financing services separately. It is not just true for personal loans but also for financial companies offering BNPL (Buy Now Pay Later) options.

If you want to purchase a product on EMIs, you can easily select the EMI option while checking out. Various online lenders have partnered with different e-commerce platforms to give customers the ‘Buy Now Pay Later’ option. This integration of financial services into other products or services is another innovative trend in the digital loan industry. 

3. Spend Based Lending

The concept of spend-based lending has also become highly popular in recent decades. Individuals now have more freedom to repay loans based on their purpose of borrowing funds. For example, those who take loans to spend on their business may get an option to repay on the basis of revenue generated from that business. With this, borrowers get higher flexibility as they are allowed to repay the advance Salary loan based on where they have used the borrowed funds.

Apart from this, the loan apps offering monthly credit lines are another example of spend-based lending. Borrowers can get a fixed monthly credit limit that they are free to use as per their needs. FatakPay is one of the perfect examples of online loan apps that also offer a monthly credit limit. Users may or may not use this monthly credit based on their requirements. The best thing about such monthly credit lines is that no interest is chargeable if repayments are done timely. 

4. Personalized Experiences

Banks and NBFCs (Non-Banking Financial Institutions) are now using advanced technologies like data analytics and machine learning to understand borrowers’ individual needs and offer loans accordingly. Lenders can analyze users’ spending habits, credit history, income, and other factors to decide on the most suitable loan options for them. 

More than 70% of banking institutions are now investing in offering personalized experiences to users. The same goes for NBFCs like FatakPay as well. These lenders properly analyze borrower’s needs, preferences, and goals, before offering a loan or credit line. 

5. Automation and Efficiency

With the evolution of modern technologies like AI and Machine Learning, automation has become a new trend in the financial sector as well. Be it decision-making, loan approval, disbursal, or anything else, automation has made lending processes much faster for banks and financial institutions. 

They can use AI algorithms to analyze creditworthiness and verify all the information instead of doing it manually. It saves a lot of their time and effort. This further leads to improved efficiency and reduced human error in the lending process. 

Even borrowers can benefit from automation as they get the option to automate repayments. This eliminates the hassle of setting repayment reminders and getting a late fee penalty on missing payments. 

Bottom Line

The increasing popularity of online loan apps, personalized experiences, automation with AI, etc, are some of the emerging trends in the financial services industry. The way borrowers apply for loans, as well as the way lenders analyze their applications, has changed to a great extent. The processes are much faster and more efficient today. Moreover, borrowers have a wider range of options to choose from. 

The top personal loan apps like FatakPay not only offer loans but also provide monthly credit limits to users, which they can utilize as per their needs. Therefore, there’s nothing wrong in saying that borrowers as well as lenders who are aware of these emerging trends can make the most out of the online loans.