The Reserve Bank of India (RBI) has banned over 600 loan apps in India. These apps were found to be involved in illegal activities such as charging exorbitant interest rates, harassing borrowers, and using abusive language.
Here is a list of some of the 7 fake loan apps reviews that have been banned by the RBI:
- Apna Paisa
- Ariaeko Lone
- Asan Loan
- CashCow Loan App
- Easy Rupee
- Smile loan
- Star Loan
If you are considering taking out a loan, it is important to do your research and make sure that the app you are using is legitimate. You can check the RBI’s website for a list of approved loan apps.
Here are some tips for avoiding fake loan apps:
- Only borrow money from apps that are registered with the RBI.
- Read the terms and conditions carefully before signing up for a loan.
- Be wary of apps that offer loans with very low interest rates or no documentation required.
- If you are harassed by a loan app, report it to the RBI.
It is important to remember that there are legitimate loan apps available that can help you get the money you need. However, it is important to be careful and avoid fake loan apps that may take advantage of you.
Review Apna Paisa
Apna Paisa is a loan app that was banned by the Reserve Bank of India (RBI) in May 2022. The RBI found that Apna Paisa was involved in illegal activities such as charging exorbitant interest rates, harassing borrowers, and using abusive language.
Apna Paisa was a popular loan app in India, and it is estimated that over 1 million people had taken out loans from the app. The app offered loans of up to ₹50,000, and it had a reputation for being easy to use and quick to approve loans. However, the RBI found that Apna Paisa was charging interest rates of up to 36%, which is well above the maximum interest rate of 24% that is allowed by the RBI. The RBI also found that Apna Paisa was harassing borrowers who were unable to repay their loans.
The RBI’s ban on Apna Paisa is a major blow to the Indian loan app industry. The industry has been growing rapidly in recent years, and there are now thousands of loan apps available in India. However, the RBI’s ban on Apna Paisa is a reminder that there are some unscrupulous players in the industry, and it is important to be careful when taking out a loan from a loan app.
If you are considering taking out a loan from a loan app, it is important to do your research and make sure that the app is legitimate. You can check the RBI’s website for a list of approved loan apps. You should also read the terms and conditions carefully before signing up for a loan. Be wary of apps that offer loans with very low interest rates or no documentation required. If you are harassed by a loan app, report it to the RBI.
Review Ariaeko Lone
Ariaeko Lone is a loan app that has been accused of being a scam. There have been reports of the app charging exorbitant interest rates, harassing borrowers, and using abusive language.
The Reserve Bank of India (RBI) has banned Ariaeko Lone and other loan apps that have been accused of engaging in illegal activities. The RBI has also warned the public against using these apps.
If you are considering taking out a loan from Ariaeko Lone or another loan app, you should be aware of the risks involved. These apps may charge high interest rates, harass borrowers, and use abusive language. You should also be aware that the RBI has banned these apps and that using them may be illegal.
If you have been a victim of fraud or harassment by Ariaeko Lone or another loan app, you should report it to the RBI. You can also file a complaint with the police.
Here are some tips for avoiding loan app scams:
- Only borrow money from apps that are registered with the RBI.
- Read the terms and conditions carefully before signing up for a loan.
- Be wary of apps that offer loans with very low interest rates or no documentation required.
- If you are harassed by a loan app, report it to the RBI.
It is important to remember that there are legitimate loan apps available that can help you get the money you need. However, it is important to be careful and avoid loan apps that may take advantage of you.
Here are some of the legitimate loan apps in India:
These apps offer loans with competitive interest rates and flexible repayment terms. They also have a good reputation for customer service.
If you are considering taking out a loan, you should compare the rates and terms offered by different lenders. You should also read the reviews of different lenders before you make a decision.
Review Asan Loan
Asan Loan is a loan app that was launched in India in 2019. The app offers loans to individuals with low credit scores or no credit history. Asan Loan claims to offer loans in as little as 5 minutes and with no paperwork.
The app has been accused of being a scam by some users. These users have complained about high interest rates, harassment by the app’s agents, and the app’s refusal to provide refunds.
The Reserve Bank of India (RBI) has not banned Asan Loan, but it has warned the public against using the app. The RBI has said that Asan Loan is not registered with the RBI and that it is not a regulated entity.
If you are considering taking out a loan from Asan Loan, you should be aware of the risks involved. The app may charge high interest rates, harass borrowers, and use abusive language. You should also be aware that the RBI has warned the public against using the app.
Review CashCow Loan App
CashCow Loan App, developed by FILMALAY CREDIT SERVICES, INC., is a loan app that offers short-term loans to Filipinos. The app claims to offer loans in as little as 15 minutes and with no paperwork.
CashCow Loan App has been accused of being a scam by some users. These users have complained about high interest rates, harassment by the app’s agents, and the app’s refusal to provide refunds.
The app was banned by the Philippines Securities and Exchange Commission (SEC) on January 17, 2023. According to the SEC, the app was operating without a license and was engaging in “unlawful and fraudulent activities.”
If you have been a victim of fraud or harassment by CashCow Loan App, you should report it to the SEC. You can also file a complaint with the police.
Here are some of the complaints against CashCow Loan App:
- High interest rates: CashCow Loan App has been accused of charging high interest rates on its loans. Some users have reported interest rates as high as 24%.
- Harassment by agents: CashCow Loan App has been accused of harassing borrowers who are unable to repay their loans. Some users have reported being called repeatedly by the app’s agents, even after they have informed the app that they are unable to repay the loan.
- Refusal to provide refunds: CashCow Loan App has been accused of refusing to provide refunds to borrowers who have canceled their loans. Some users have reported being charged for a loan even though they never received the money.
Here are some tips for avoiding loan app scams:
- Only borrow money from apps that are licensed by the SEC.
- Read the terms and conditions carefully before signing up for a loan.
- Be wary of apps that offer loans with very low interest rates or no documentation required.
- If you are harassed by a loan app, report it to the SEC.
It is important to remember that there are legitimate loan apps available that can help you get the money you need. However, it is important to be careful and avoid loan apps that may take advantage of you.
Here are some of the legitimate loan apps in the Philippines:
- Home Credit
- Lending Club
- Prosper
- Credify
- SoFi
These apps offer loans with competitive interest rates and flexible repayment terms. They also have a good reputation for customer service.
If you are considering taking out a loan, you should compare the rates and terms offered by different lenders. You should also read the reviews of different lenders before you make a decision.
Review Easy Rupee
There are a number of fake Easy Rupee loan apps that have been circulating online. These apps are not affiliated with the legitimate Easy Rupee loan app and should be avoided.
Some of the signs that an Easy Rupee loan app is fake include:
- The app is not available on the Google Play Store or the Apple App Store.
- The app requires you to pay a fee to apply for a loan.
- The app promises quick and easy approval for loans, even if you have bad credit.
- The app has negative reviews from users.
If you are considering taking out a loan from an Easy Rupee app, it is important to make sure that the app is legitimate. You can do this by checking to see if the app is available on the Google Play Store or the Apple App Store. You can also check to see if the app has any negative reviews from users.
If you are not sure whether an Easy Rupee loan app is legitimate, you can contact the RBI for more information.
Here are some tips for avoiding fake Easy Rupee loan apps:
- Only apply for loans through legitimate apps that are available on the Google Play Store or the Apple App Store.
- Do not pay any fees to apply for a loan.
- Be wary of apps that promise quick and easy approval for loans, even if you have bad credit.
- Read the reviews of apps before applying for a loan.
If you have been scammed by a fake Easy Rupee loan app, you can report the scam to the RBI. You can also file a complaint with the police.
Review Smile loan
There are both legitimate and fake Smile Loan companies. It is important to be able to distinguish between the two.
Here are some of the signs that a Smile Loan company is fake:
- The company is not registered with the RBI or any other financial regulatory authority.
- The company requires you to pay a fee to apply for a loan.
- The company promises quick and easy approval for loans, even if you have bad credit.
- The company has negative reviews from customers.
If you are considering taking out a loan from a Smile Loan company, it is important to do your research and make sure that the company is legitimate. You can do this by checking the company’s registration status with the RBI or another financial regulatory authority. You can also read reviews of the company from other customers.
Here are some of the ways to spot a fake Smile Loan company:
- The company’s website is poorly designed or has grammatical errors.
- The company’s employees are not professional or knowledgeable about the loan process.
- The company asks for personal information that is not necessary for the loan process, such as your social security number or bank account information.
- The company pressures you to take out a loan that you do not need.
If you have been scammed by a fake Smile Loan company, you can report the scam to the RBI. You can also file a complaint with the police.
Here are some of the things you can do to protect yourself from being scammed by a fake Smile Loan company:
- Only apply for loans through legitimate companies that are registered with the RBI or another financial regulatory authority.
- Do not pay any fees to apply for a loan.
- Be wary of companies that promise quick and easy approval for loans, even if you have bad credit.
- Read reviews of companies before applying for a loan.
- Be suspicious of companies that ask for personal information that is not necessary for the loan process.
- Do not give out your personal information to companies that pressure you to take out a loan that you do not need.
Review Star Loan
There are a few different Star Loan companies that operate in India. One of them, Star Loan India Pvt. Ltd., is a legitimate NBFC that is registered with the Reserve Bank of India (RBI). However, there are also a number of fake Star Loan companies that have been operating in India. These fake companies are not affiliated with Star Loan India Pvt. Ltd. and should be avoided.
Here are some of the signs that a Star Loan company is fake:
- The company is not registered with the RBI or any other financial regulatory authority.
- The company requires you to pay a fee to apply for a loan.
- The company promises quick and easy approval for loans, even if you have bad credit.
- The company has negative reviews from customers.
If you are considering taking out a loan from a Star Loan company, it is important to do your research and make sure that the company is legitimate. You can do this by checking the company’s registration status with the RBI or another financial regulatory authority. You can also read reviews of the company from other customers.
Here are some of the ways to spot a fake Star Loan company:
- The company’s website is poorly designed or has grammatical errors.
- The company’s employees are not professional or knowledgeable about the loan process.
- The company asks for personal information that is not necessary for the loan process, such as your social security number or bank account information.
- The company pressures you to take out a loan that you do not need.
If you have been scammed by a fake Star Loan company, you can report the scam to the RBI. You can also file a complaint with the police.
Here are some of the things you can do to protect yourself from being scammed by a fake Star Loan company:
- Only apply for loans through legitimate companies that are registered with the RBI or another financial regulatory authority.
- Do not pay any fees to apply for a loan.
- Be wary of companies that promise quick and easy approval for loans, even if you have bad credit.
- Read reviews of companies before applying for a loan.
- Be suspicious of companies that ask for personal information that is not necessary for the loan process.
- Do not give out your personal information to companies that pressure you to take out a loan that you do not need.
It is important to note that there are a number of legitimate Star Loan companies that operate in India. However, it is important to be aware of the risks involved in taking out a loan from any company, especially if you are considering taking out a loan from a company that you are not familiar with.