Through this app, you can obtain loans quickly and effortlessly. Application takes less time than traditional methods, while high-grade encryption protects your information.
Apps charging high interest can also use your contact list to pursue repayment and threaten you for repayment, with one man even taking his life after recovery agents from one such app circulated morphed images on WhatsApp that included threats.
Real or Fake?
Fraudulent loan apps pose severe consequences for consumers. Many such firms do not register with the Reserve Bank of India (RBI). As such, people should be wary of companies not registered with RBI that offer instant money but then charge excessive interest rates to users. To safeguard yourself, always check an app is legitimate by looking at its developer section – its developer should have their website listing their name and company information; otherwise, it could be an impostor app.
Illegal digital lending apps have become a severe threat in this country. They target those in need of credit and offer tempting offers such as no-strings-attached loans with convenient repayment terms. Furthermore, these apps gain access to personal and financial data stored on customer phones in order to exploit borrowers for identity theft and phishing crimes.
Recent events in Hyderabad show the dangers posed by illegal loan apps. A 24-year-old who installed an instant credit app to inquire about his eligibility for loans ultimately ended his life after being harassed by recovery agents using offensive messages and indecent images to coerce him into repaying their loan balances.
Though the government has prohibited illegal loan apps, their prevalence remains on the rise. According to SaveThem India Foundation research, over 1,800 individuals have reported being trapped by such apps despite being banned; many have even taken extreme measures, such as suicide, in order to escape harassment from these lenders. Not only do these illegal lenders charge exorbitant interest rates on these loans, but they also hack phones to gain access to personal data stored therein.
These apps operate by registering fake entities and employing white-label software to develop apps, which they then upload on either App Store or Play Store. In addition, these apps use various tactics designed to scare and intimidate their targets, such as social shaming or threatening to infiltrate their phone with fake photos; victims are further threatened that their Aadhaar and PAN details will be distributed within their circle of influence.
Safety Rupee Loan App
Millions of Indians have used this loan application. But it would be best if you were wary when using it: the app does not secure your loan, and its interest rate and processing fee are very high; furthermore, its short loan term of only seven days makes borrowing impossible; plus, it collects personal information which could endanger your privacy.
If your safety is important to you, using different lending apps may be the solution. Be sure to read reviews and ratings prior to downloading new loan apps; in addition to this, be wary of security breaches or complaints about them.
Cash Bean, Money View, Post Pe, Slice, Navi Personal Loans Kissht, and Kreditbee are some examples of legitimate NBFC loan apps that are safe and legitimate to use. Always double-check that the Reserve Bank of India accredits an NBFC before choosing them; otherwise, avoid doing business with them altogether.
Another effective strategy for staying safe when selecting lenders is by visiting their websites and social media pages, verifying if they provide confirmed addresses and phone numbers as you can then call them directly with any inquiries you might have. Furthermore, only download applications from reputable lenders in order to avoid being scammed.
As a final precaution, never give any personal information to someone claiming to be from loan app debt collection agencies. There are regulations about how debt collectors should proceed; unfortunately, many loan app debt collectors violate these rules by harassing you with calls and sending collection notices without your authorization. If they threaten or harass you in any way, please report them immediately to law enforcement authorities.
Indian consumers lost billions to fraudulent loan apps in 2022. From now on, consumers should only download loan apps approved by the Reserve Bank of India or registered under the Companies Act as Non-Banking Financial Companies. Furthermore, using such applications should only be undertaken when necessary emergency funds are needed and when repayment can be managed on a timely basis.
Legitimacy of Touch Rupee Loan App
There are illegal loan apps that take advantage of vulnerable people for quick money, often charging high interest rates and penalizing late payers with stiff penalties. They also harass the borrower with dire consequences should they fail to repay on time; furthermore, they can gain access to phone data and contacts, posing severe security threats; in fact, some have even committed suicide after being blackmailed and humiliated by these app operators.
These apps pose a grave threat to India’s citizens’ financial well-being. They have been tied to bank fraud and money laundering. Furthermore, they expose personal data to cybercriminals who use it for identity theft purposes or the theft of funds from banks. Moreover, these apps violate state and federal money-laundering and consumer protection laws; to avoid these problems, it is vitally important that customers thoroughly research loan companies prior to applying.
When applying for loans online, make sure to verify their website to make sure it’s legitimate. A secure website would begin with “https,” while physical addresses and phone numbers should always be checked, as any that don’t contain one are likely scams.
An honest loan provider will supply all the documents required for your application process. They may ask for your PAN number, Aadhaar card number, and proof of income in order to assess your creditworthiness, as well as your email and mobile numbers as verification features. A suitable lender won’t ever charge an upfront fee when they approve a loan application!
Illegal lenders usually provide short-term loans without giving precise details about charges or fees, may lack a registered office in the country, and will likely refuse to disclose their identities, all of which should serve as warning signals that this lending company is an unregulated NBFC/bank.
Final Words
Touch Rupee loan app is a mobile application designed to make loan requests and manage personal loans more efficiently on the go. While downloading and using the app are both free, be aware of any possible risks you could be taking, as not being careful may lead to a significant financial loss.
These lending apps can also be illegal and violate State money-lending and consumer protection laws, offering exorbitant interest rates of 25% or more and often blackmailing customers by demanding money from them – an illegal act itself!
In 2021 alone, the foundation received over 29,000 complaints of harassment by mobile apps. Many individuals have been driven to suicide as a result. To prevent yourself from such tragedy, always read reviews before downloading an application through Play Store ratings or elsewhere, and take time to understand its terms and conditions before agreeing to borrow money through these services.
