Fake loan app list in India [Most dangerous 500 fake loan companies] 2024

In this article, I will be reviewing the fake loan app list consisting the most dangerous and notorious list of fake loan companies that exist in India in 2023. Most of these online lending platforms have been banned from operating in India and their operations shut down. Additionally Google Play Store has banned those of them hosted on its network over serial lending policy violation and abuse.

In recent years, there have also been a proliferation of 7 days loan app list in India and many other countries around the world especially after after the global economic recession that greeted the post Covid 19 pandemic era. 7 days loan app list is the term used to describe fake loan app list and companies, typically online that give out loans to customers and borrowers illegally for just 7 days. Google Policy and local laws in most countries forbid such unethical lending practices.

What is a Fake Loan App?

A fake loan app is a loan shark or online lender that offers credit loans at extremely high interest rates, has strict terms of collection upon failure, including sending threatening, shaming and defamatory messages to borrowers and their phone contact list and generally operates outside the ambits of the Indian law. Fake loan companies and banned loan apps operate illegally and are thus usually referred to as illegal or scam lending apps. Please only download the best loan applications in India so that you can be safe and free from harassment.

The most notorious fake loan app list in India contains fake loan companies and online lenders that cheat gullible customers out of their hard-earned money. A “Whitelist” of such 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).

Fake Loan App List In India [2024]

Users often share their banking and KYC information with this fake loan app list we are about to unveil after downloading their fraudulent apps. They think they are legitimate loan apps 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 such apps.

Below is the Fake Loan App List and compilation of fake loan companies that the Reserve Bank of India has banned.

India Fake Loan Apps List and Fake Loan Companies 2024

1. CashBean

CashBean is one of the most notorious fake loan apps in India. It has been found to be involved in several fraudulent activities, including illegal collection of personal information, threatening borrowers for repayment, and charging exorbitant interest rates.

2. Loan Gram

Loan Gram is another fake loan app that has been operating in India for a few years now. The app claims to offer easy loans with minimal documentation, but in reality, it charges high processing fees and interest rates. The app has been reported to use aggressive and threatening tactics to collect loan repayments.

3. Money View

Money View is a popular personal finance management app that has been found to be involved in fraudulent activities. The app claims to offer personal loans to users, but in reality, it charges high interest rates and processing fees. The app has been reported to misuse personal information of users and harass borrowers for repayment.

4. KreditBee

KreditBee is a popular loan app that has been involved in fraudulent activities. The app claims to offer instant loans to users with minimal documentation, but in reality, it charges high processing fees and interest rates. The app has been reported to use aggressive tactics to collect loan repayments and harass borrowers.

5. CashMama

CashMama is another fake loan app that has been operating in India. The app claims to offer personal loans to users with minimal documentation, but in reality, it charges high processing fees and interest rates. The app has been reported to misuse personal information of users and harass borrowers for repayment.

6. Quick Loan

Quick Loan is a fraudulent loan app that has been operating in India. The app claims to offer instant loans to users with minimal documentation, but in reality, it charges high processing fees and interest rates. The app has been reported to use aggressive tactics to collect loan repayments and harass borrowers.

7. MoneyTap

MoneyTap is a popular personal finance management app that has been found to be involved in fraudulent activities. The app claims to offer personal loans to users, but in reality, it charges high interest rates and processing fees. The app has been reported to misuse personal information of users and harass borrowers for repayment.

8. Rupeeland

Rupeeland is a fraudulent loan app that has been operating in India for a few years now. The app claims to offer instant loans to users with minimal documentation, but in reality, it charges high processing fees and interest rates. The app has been reported to use aggressive tactics to collect loan repayments and harass borrowers.

9. mPokket

mPokket is a popular loan app that has been involved in fraudulent activities. The app claims to offer instant loans to students with minimal documentation, but in reality, it charges high processing fees and interest rates. The app has been reported to use aggressive tactics to collect loan repayments and harass borrowers.

10. PayMe India

PayMe India is another fake loan app that has been operating in India for a few years now. The app claims to offer instant loans to users with minimal documentation, but in reality, it charges high processing fees and interest rates. The app has been reported to use aggressive tactics to collect loan repayments and harass borrowers.

How Chinese Fake Loan Apps Predate on Indian Loan Customers

Customers who have taken small loans ranging from Rs 5,000 to 10,000 were being forced to repay in large sums. An analysis of application code, call details and financial examination revealed the network was spread across Delhi, Karnataka, Maharashtra, UP and other parts of the country.

According to reports, most instant loan apps have links to entities based in China. Chinese nationals or companies directly own several financial technology (fintech) firms in Gurugram, Delhi, Mumbai and Bengaluru or control them by using proxies as directors, it said, adding that to initiate the lending business, they infused funds into these firms directly or indirectly from overseas locations such as Hong Kong.

How Does Fake loan Apps and Illegal Loan Companies Operate In India?

Fraudsters mostly target people from low or medium income groups, who are generally considered to be not-so savvy in finance and technology. They are offered small amounts (Rs 10,000- Rs 20,000) as loan.

Fraudsters first deduct a certain percentage of money lent as processing fee and combine this with penalties on any delay in repayments. They also charge exorbitantly higher interest rates than the legal range prescribed by the RBI. These lending apps get access to personal data from the borrower’s mobile phone, which they allegedly use to harass them and extort money.

How To Identify a fake loan app India 2024

How can you distinguish between a legitimate and credible loan app and the flurry of fake loan app list in India in 2024? You need to be able to identify fake loan companies in order for you to avoid them. The following 10 points which summarises their mode and of operations and unethical style will help you identify a fake loan app whenever you come across one.

1. Banned by financial and regulatory authorities

All loan apps and lending financial institutions must be approved by the regulatory authorities before they can operate. Credit is governed by a stringent legal framework; even loans between friends are regulated. This avoids exploitation and facilitates the identification of fraud attempts.

2. Unethical Loan Recovery Methods and practices

Fake loan apps have become a major problem owing to their aggressive and unethical loan recovery methods. Their modus operandi is to provide a loan in exchange for access to personal information and data on the phone, such as the contact list as well as credit and financial standing of individuals which is used as a tool for their unethical loan recovery.

3. Loan App absent or removed from Google Play Store

One key indicator of identifying a fake loan app is to find out if it is hosted at all on Google Play Store or if it was hosted and has been removed for policy violation. Most times Google blacklists and bans any loan app discovered to be fake from its Play Store.

4. Request to pay Processing, Upfront or Administrative fees

Fake loan apps often demand customers to pay an upfront, processing or administrative fees. Most times this is illegal and a swindling tactic to rob unsuspecting customers of their hard earned cash.

5. Unsecured or absence of Website, Physical Office or Social Media pages

To identify a fake loan app, simply visit their official website and ensure that the URL is safe. If the web address begins with “HTTPS”, it is a secure website (not necessarily a reliable one).

However, if the URL has simply “HTTP” without the final “s,” it is likely a fake loan app since legal organisations must comply with security rules to encrypt user data. In addition, the URL must have a padlock, which indicates that the website has the SSL certificate that certifies it is a secure website.

Also when you check online and you cannot trace any social media page, website or physical office to a loan app, it is most likely to be a fake loan application.

7. Requests for banking and financial details, passwords

Some fake loan companies are notorious for asking for your banking and financial details or sensitive password. Some others request for permission to access your data so they can mine your databse and embarass you when you fail to pay back your loan. Watch it, do not disclose any banking detail to a loan app, it may be a pawn to access your bank account and empty your savings.

8. Constant harassment and threats on customers

Most fake loan companies are in the habit of constantly harassing their customers for loan repayment even when the loan isn’t due. They send threat and defamatory messages to your contact list to blackmail you. These lending applications constantly pressurizes customers to collect loans and then forces them to repay even before repayment due date. And issuing threats along.

9. Notorious for giving out loan to customers for 7 days

Fake loan apps are notorious for giving out loan to customers for 7 days tenure instead of minimum of 60 days as stipulated by law and especially by Google Play Store policy. And the lending applications start torturing you with calls even before the loan expires. Please watch it if an online lender is part of the 7 days app list or is giving out loans for just 7 days, it most likely is a fraudulent app.

10. Invade Customers’ Privacy

Fake loan app and companies are in the habit of invading customers’ data privacy and sending defamatory and threatening messages to them and their contact list.

How Do I Keep Safe from a fake loan app and banned Loan Companies In India?

To stay safe from a fake loan app in India, please follow the precautions below

• Do not click on unknown, unverified links and immediately delete such an SMS/email.
• Unsubscribe to mails providing links to a bank, e-commerce and/or search engine website. Block the sender’s ID before deleting the email.
• Always go to official website of your bank service provider.
• Check URLs, domain names received in emails for spelling errors.
• In case of suspicion, inform the financial institution.
• There is no need to enter PIN or password anywhere to receive money.
• Check on the publishers or owners of the app before downloading it.
• When downloading an app, only give permissions that are absolutely essential for using the application.’

What is a 7 days loan app list?

A 7 days loan app list is a list of fake instant loan applications and loan companies in India that give out loans to their customers for a 7-day repayment period or tenure.

Many banned loan apps and companies in the fake loan app list in India are also part of the 7 days loan app list and are guilty for approving loans for just 7 days instead of minimum of 60 days as stipulated by law and especially by Google Play Store policy. And the lending applications start torturing you with calls even before the loan expires. Please watch it if a loan offer is giving tenure of 7 days alone, it most likely is a fraudulent app.

Are there infamous fake loan apps and loan companies In India?

The most dangerous and infamous app list in India are Raise Cash, PP Money, Rupees Master, Cash Ray, Mobipocket, Papa Money, Infinity Cash, HBDLoan, Cash Tree, Minute Cash, Cash Fish, Under Process and Well Kredit. These notorious lending platforms have been scamming and defrauding hapless Indians and we warn customers to desist from patronizing them.

How those fake loan apps operate and target their victims?

Fraudsters mostly target people from low or medium income groups, who are generally considered to be not-so savvy in finance and technology. They are offered small amounts (Rs 10,000- Rs 20,000) as loan.

Fraudsters first deduct a certain percentage of money lent as processing fee and combine this with penalties on any delay in repayments. They also charge exorbitantly higher interest rates than the legal range prescribed by the RBI. These lending apps get access to personal data from the borrower’s mobile phone, which they allegedly use to harass them and extort money.

How do I Keep Safe from Fake Loan Apps in India?

Please follow the following precautions not to fall victim of the various fake loan apps in India:

• Do not click on unknown, unverified links and immediately delete such an SMS/email.
• Unsubscribe to mails providing links to a bank, e-commerce and/or search engine website. Block the sender’s ID before deleting the email.
• Always go to official website of your bank service provider.
• Check URLs, domain names received in emails for spelling errors.
• In case of suspicion, inform the financial institution.
• There is no need to enter PIN or password anywhere to receive money.
• Check on the publishers or owners of the app before downloading it.
• When downloading an app, only give permissions that are absolutely essential for using the application.’

Conclusion

Fake loan app list in India is a list of banned loan applications that entice users to take loan at lower interest rates and even promises a 90-day interest-free period. However, after giving the loan amount, they start charging too much higher interest rate on a per day basis.

Unfortunately this has come with its burden of impovering many Indians either through perpetuation of loan app scams or outright defauding by the fake loan apps. Indians in their thousands have, of late, been getting sucked into the trap of instant loans being offered by unregulated digital lending apps

At the time of downloading the app, it will ask for permission to capture the contact list, photo gallery and other personal data of the phone of the loan seeker. As soon as the permission is granted by the loan seeker, all his/her data got transferred to Chinese servers, according to investigations by QUICK LOAN ARENA. Please be cautious before downloading any money borrowing apps and patronizing their loan services.