Is The Money Cash Loan App Real or Fake?

Posted by Ankit Verma on November 11th, 2021

The fast-paced lifestyle has led to the need for having sufficient funds to meet emergency requirements like medical emergency in the ongoing Covid-19 pandemic crisis, With public health being impacted and the economy taking a downturn during such uncertain and stressful times, people have been looking out for loans to fund, especially their short-term emergency needs like medical expenses, paying monthly bills and so on. This has made many people fall prey to fake loan apps promising easy terms and low interest.

So, it is essential that borrowers borrow money only from credible sources like the Google Play Store, which has listed credible loan apps mitigating incidences of fraud. One has to just download the loan app via the Google Play Store only, to ensure the safety of the borrower’s loan application.

Buyers should be aware of instant loan apps which are not governed by RBI\'s Fair Practice Code. Due to the increase in the number of cases wherein borrowers have been harassed by some loan apps in India, RBI has taken steps to curb such harassment. RBI has now made it as a part of its Fair Practice Code, for online money loan apps/platforms to disclose the names upfront of the bank(s) or NBFC(s) where they have tied-up, to potential customers or viewers.   

Therefore, downloading a credible lending app is in line with RBI’s rules, so can be trusted and is safe for potential borrowers. So, borrowers should always check for the authenticity of the online money loan apps before availing of loans from them.

SimplyCash, powered by Hero FinCorp, is one such credible instant personal loan platform that is safe to download from Google Play Store.  SimplyCash is a fully digitized innovative and user-friendly loan platform providing instant personal loans between Rs.50,000 to Rs.1,50,000 at a low rate of interest which starts at 2.08% per month with hassle-free paperless documentation and approval process.

How to identify a safe and credible loan app?

The below tips would help a prospective borrower in verifying the authenticity of the loan app before availing of the loan.

Loan App Background Verification

It would be prudent if the borrowers do research on the registered particulars of the said loan app. In case, the app does not have its own website, then the borrower should not go ahead with the loan app as a credible lender will have an official website linked to their loan app.

Authenticate Registered/Corporate Address

Every credible loan app will have a registered/corporate address with phone numbers and email addresses. If these basic lender details are not available, then it could mean it is a fake app and not safe for the borrower.

Reviews by Past Customers

Reading past customer reviews is a good way to understand about the prospective loan app and its credibility. Borrowers can check such reviews via Google Play Store or the loan app website. Look at the app points on Google Play Store plus the customer feedback (positive/negative).

Rate of Interest

A credible lender is transparent with respect to providing loan particulars on their website or Google Play Store. Also, they do consider the borrower’s credit history before providing loans.  Any loan app, which is not transparent in these respects, should be ignored.