500+ Fake Loan App List you must avoid to identify scam in 2024 (2024)

Personal loan online lending has become a convenient option for people who are looking to borrow instant funds. However, with increasing demand, there has been a surge in the number of loan apps and along with the fake loan apps disguised as a legitimate lending platform. Fake loan apps are also go by the name 7 days loan app, these 7 days loan apps cheat people by luring them with instant loans.

These online loan app affirm to give you a personal loan instantly without any paperwork or other kinds of verification.

This offering is so lucrative that people easily get fooled and give away all of their personal and financial information. Without verification, they blindly take loans from these apps, leading to many troubles in their life.

With this article, you may learn about the apps that the RBI has outlawed. Here you’ll find an updated Fake Loan App List for 2024, so that you are aware of fake loan apps,genuine or fake, prior to submitting an application for a loan.

What are Fake Loan Apps?

Fake loan apps are fraudulent mobile applications that pose as legitimate loan providers but actually steal personal and financial information or trick users into paying upfront fees for loans that will never be provided.

How does fake loan apps operate?

Fake lending applications frequently work by promising quick loans or enticing loan terms to get users to download the app by:

• Requesting personal and financial information—such as bank account or credit card numbers—under the guise of a loan application process to exploit the data for unauthorized transactions or identity theft.
• Requesting advance payments while making false claims concerning loan distribution under the guise of processing or guarantee fees.
• Disappear or become inaccessible after collecting the funds.
• They often change their names, domains, and appearance to escape detection.
• Fake loan apps may contain malware or spyware that can compromise the user’s device, steal data, or subscribe to unwanted services without consent.

Suggested Read: 70+ BestRBI Approved Loan AppsIn India [Updated 2024]

Fake Loan Apps in India

Fake digital lending apps that cheat gullible customers out of their hard-earned money are a growing concern in India. A “Whitelist” of applications that can be advertised on the Google Play store or the Apple App Store is currently being compiled by the Reserve Bank of India (RBI)..

Users often share their banking and KYC information with these platforms after downloading fraudulent apps. They think they are legitimate because they are listed on Google or Apple’s app stores. As a result, money is automatically taken out of their accounts, or the customer is put under psychological pressure through extortion. You should be careful with fraud loan apps.

Here is the list of illegal online lending apps (fake loan app list in India):

You must read this: 70+ Best RBI Approved Loan Apps In India [2024]

How to Identify Fake Loan Apps?

A fake loan app will have the following attributes that you can identify it from:

1. Does Not Adhere to RBI’s Ethical Lending Guidelines

Remember, it is essential for loan apps to follow RBI guidelines in India. And if an app doesn’t follow them, that is definitely a red flag that it might be illegal.

2. Has No Website or Is It Fake?

This could also serve as a sign to an a scam lending app. Be aware that some fake lenders also create websites in order confuse borrowers.

3. Does Not Need Documentation

As per the RBI, it is mandatory for lenders to collect your personal information when providing a loan. If a lender doesn’t ask for any paperwork, that could be a red flag.

4. These apps doesn’t offer loan agreement

Loan agreements are typically not included in fake lending apps in order to hide important information. It is essential to understand interest rates and fees in order to evaluate the costs of borrowing.

5. Requests for Advance Processing Fee

You will never be asked to pay the loan processing fee in advance by an authorized lender. Rather, you won’t be required to pay these fees until your loan application has been accepted. Avoidany transaction with a lender that asks for early payment of any fees, including processing fees or other charges.

6. Contains the Most Negative Reviews

The majority of negative feedback for fake loan applications may be found online. Therefore, before submitting an application for a loan, look up the lender’s reviews.

Check Genuine Loan Products Now:-

• Loan Against Property
• Business Loan
• Working Capital Loan

Tips to avoid falling prey to fake loan apps-

If you wish to borrow money from a trusted app and prevent getting conned, pay attention to the warning signs below and make a wise choice. We want to provide you the insight you need to make informed financial decisions. This will help you stay immune to any potential personal loan/business loan troubles. So, whether you need a personal loan or just want to learn more, this information is for you.

1. Get details about the lender

Is the brand mainstream? Is this a trustworthy brand? Has anyone else checked about this lender? Before trusting any apps, you must know the answers to these queries. Only trust well-known companies to ensure the legitimacy of transactions.

2. Check the developer section on the App store

Inspect the developer section to see if an app on the Appstore or Play Store is fake. Almost often, a company website should be listed. If there isn’t, it leads to a major issue. Many fake loan applications for Android or iPhone do not have a website. On occasion, they could include a fake website on their list. Stay away, Do not download these applications.

3. See if the lender’s website is secure

The applications routinely warn users when they visit a URL that might not be safe. A secure website’s URL is always preceded by the prefix https://.This shields your data from cybercriminals.

4. Ensure the lender cares for your credit history

A reputable lender will initially inquire about your payment history. It acts as the basis for determining your ability to repay the loan. It affects the chance that your loan application will be granted and your interest rate.

5. Avoid deadline-ridden offers

Fake loan applications only exist to take your money and go. They may thus present you with a variety of deals that seem enticing and state that they are only available while supplies last. Sincere lenders won’t set such deadlines since they have a set of protocols in place before beginning any type of money transfer. If you feel compelled to act right away, you are being duped, and the app is fake.

6. Read the reviews

Users’ reviews of an app can frequently reveal information about its reliability. If the app has sufficiently irked a few loan recipients, there will be one or two reviews. Therefore, read the reviews before installing the software.

7 days loan App Harassment

7 Days Loan App Harassment is the aggressive and often unethical behavior displayed by certain loan apps that offer quick loans with very short repayment periods, usually around 7 days.

This harassment can Include:

• Frequent Calls and Messages: These loan apps keep calling or texting you non-stop, pushing you to repay quickly or threatening you if you don’t pay.
• Unreasonable Pressure: They pressure you hard to pay back the loan in a very short time, sometimes using threats to force you to comply.
• Charge High Fees: They add very high charges or penalties if you don’t pay back the loan on time.
• Unwanted Contact with Family and Friends: They use your personal information to contact your family or friends to get you to repay the loan.

7 days loan App Harassment Complaint

If the fake loan company is harassing you, here’s what you can do:

1. Collect Evidence: Collect Evidence such as Save voice recordings, screenshots, and WhatsApp chats, noting the dates.
2. Report: Notify the loan company about the harassment.
3. File a Complaint: If the company doesn’t cooperate with you, report the issue to the RBI and the police. You can also contact the National Cyber Crime Helpline at 1930 for assistance.
4. Show Proof: Whatever evidence you have, use it clearly. Supporting documents or other proof must be provided when filing a complaint to applicable bodies or institutions.

Helpline Numbers and Portals for Reporting Fake Loan Apps Complaint

To report a fake loan app, follow these simple steps:

1. National Cyber Crime Helpline: Call in 1930 to report financial fraud.
2. National Cybercrime Reporting Portal: File an Online Complaint at the NCRP website.
3. Reserve Bank of India (RBI): Call 14440 or visit cms.rbi.org.in to file a complaint. You can also submit a physical complaint at the Centralised Receipt and Processing Centre (CRPC) in Chandigarh.

Conclusion

One thing you should remember while scouting for a loan or choosing an offer is that “if it seems too good to be true, it probably is.”

Insanely low-interest rates, a paucity of lender due diligence, unsolicited offers to sweeten the deal, etc., are all red flags. All of these should be taken into consideration before picking a loan option.

Also, contacting a lender after doing your research and ensuring they adhere to regulatory regulations and best practices is a way to ensure an open and transparent loan application process.

By being aware of red flags and conducting your research, you may shield yourself from falling for a con. Remember that making a well-informed decision up front is always superior to regretting it afterward.

You can rely on OneNDF for error-free and customer-oriented service and get all the necessary loan details.

Suggested Read:

• RBI Bonds for Senior Citizens
• Best 25+ Loan Apps for Low Credit Score : Updated List
• Top 25Instant Personal Loan Appsin India

FAQs related to Fake loan Apps list in India

Are 7 day loan apps legal?

First and foremost, the RBI and NBFC do not certify genuine 7 days loan apps. Be careful of apps that require repayment within five to six days or charges unreasonable processing fees.

How do I stop fake loan apps accessing my contacts?

Steps to prevent fake loan apps from accessing your contacts: Use official app stores, Check app permissions, Keep your phone updated, Use security apps, be cautious of free downloads, Read app reviews, Enable two-factor authentication, and avoid giving away personal information.

Which app is best for emergency loan for urgent medical treatment?

The best emergency loan apps in India are Fullerton India, Navi, zestmoney, Upwards, and Fibe.

Is Wonder loan app real or fake?

The Wonder loan app available on Google Play Store is fraudulent and gives unsolicited loans.

What should I do if I suspect aloan application is fraudulent?

Contact consumer protection organizations or the Reserve Bank of India (RBI) if you come across any suspicious appsand keep away from disclosing any personal information.

How can I get an instant personal loan in 5 minutes?

Instant loans within 5 minutes are often difficult to obtain, as they usually require a thorough verification process to assess your creditworthiness. However, some options offer you a loan quickly: Digital lenders like Paytm Postpaid, Dhani, PaySense, and, the swift loan app or you may get Personal loans through your bank depending upon how much loan you need.

How to find a fake loan app?

How can I spot a fake loan app? Check for clear contact details, professional website design, proper licensing, reviews on play store and transparent terms. Always research and verify the lender with financial authorities.

Is Kissht real?

Kissht app is registered under RBI as a non-banking financial institution (NBFC) and is duty-bound to serve customers as per the guidelines.

What app gives 50k loans?

Money View, one of the leading lenders, provides flexible personal loans with flexible repayment arrangements for up to 60 months, ranging from Rs. 5,000 to Rs. 5 lacks. Candidates who meet the criteria can easily apply for rapid loans of Rs. 50,000.

Which loan app is banned by RBI?

The RBI of India has banned the use of these lending apps.

• Infinity Cash
• Rupee Go
• Grand Loan
• Kredit Mango
• Rupee Mo
• CreditLoan
• Mobipocket
• Lend Now
• Cashfull
• Cash RayPunch Money
• Lendkar
• CashMO
• DreamLoan

Which app gives loan without salary?

PayU’s LazyPay segment offers customers advance salary loans. You are qualified for loans with LazyPay up to Rs. 1 lakh. To apply for this loan, download the LazyPay app and fill out the application.

Which loan app is fast?

MoneyTap is a popular instant personal loan app. You may apply on MoneyTap for a personal loan with interest rates as low as 1.08% per month for amounts up to 5 lakhs.

Are instant online credit apps Safe?

The instant lending apps provided by banks and NBFCs for personal loans are safe. However, you should also make sure the companies providing quick personal loan apps are RBI-registered and should be downloaded from reputable websites.

How can I get a quick loan?

You can get a quick loan with the help of OneNDF, that connects you with 90+ lenders with easy online process. OneNDF is a Leading online loan marketplace for SMBs.

Is a buddy loan fake or real?

Yes, Buddy Loan is a real app. It is a reliable and trusted lending app.

Is Rokdawale real or fake?

Rokdawale is not a legitimate platform for lending. Few reasons to support

• No information on the founder.
• Bad reviews.
• No proof of partnership with banks.
• Bad customer care service.

Is Loanbaba real or fake?

Loanbaba is reliable. It disburse loans via RBI registered NBFCs.

Is rupiyabus loan app legit?

You should avoid using rupiyabus loan app because there are many cases and registered complaints against this lender because it harassed the user for money. If you are also a victim, here is a fake loan app/farzi loan app complaint number: 1930 (National Cyber Crime Reporting Portal).

Is kredit party loan app real or fake?

There is not much information about Kredit party loan app in public domain. There are consumer complaints against this app and also news of harassment of its customers by the app also floated. This app isn’t authorised by RBI.

Is wonder loan apk safe?

The app is charged with misleading users by posting false five-star reviews and using dubious loan repayment plans. So be careful.