Frauds and scams are increasing enormously, taking a different level. For example, scams through loan providing apps are now targetting people to provide the loan in a very minimal time and without any documentation. But is it a good process to take a loan from these apps? For this, let’s take a deeper look into some cases that have alleged and faced mishappening with apps and the workers.
Before this, we need to know why people are falling into these traps of scams and loans through apps. Loans from the bank are a long and time-consuming process with less success rate. General man has to visit the branch n number of times with all his documents and records. Even after 100 visits, there is the slightest chance that the loan amount will be dispatched to the needful.
These apps don’t demand any documentation process or any cibil score. Instead, they start offering you the best offers or lots of cost EMI that indeed acts as an attraction for the needful man who is in need of taking a loan. After the loan amount is dispatched, conspiracies start happening that make the needful turn into a beggar.
Loan case of the Mumbai guy
In yet another incidence of a loan app scam, a 28-year-old man was hounded by the recovery agents who extorted Rs 4.28 lakh from him after he obtained an online loan of Rs 5,000 from a mobile app and repaid Rs 8,200 with the interest amount. On June 2, an FIR was filed at the Chunnabhatti police station. The man informed authorities that he works as…
