Online loans are the new in right now and while a lot of companies actually provide real loans and are legit, there is a majority of companies who are fraud and are just in the market to dupe people. Call it the pandemic’s enduring influence on personal finances, many gullible Indians have recently fallen for the rapid loans offered by unregulated digital lending applications, many of which are related to Chinese-based firms. In this article, we will cover 10 fake loan apps, which are banned by government of India.
List of Fake Loan Apps in India
1. Aladdin Lamp
Aladdin Lamp Technology Private Limited is a Private incorporated on 19 December 2019. It is classified as Non-govt company and is registered at Registrar of Companies, Bangalore. Its authorized share capital is Rs. 100,000 and its paid up capital is Rs. 100,000. It is inolved in Other computer related activities [for example maintenance of websites of other firms/ creation of multimedia presentations for other firms etc.] The company’s director is Wen Wu and the signatory is Rajveer Singh
- Coin Rupee
A coin rupee loan, also known as a gold loan, is a type of loan that is secured by gold or other precious metal. In India, coin rupee loans are commonly used by individuals and small businesses to obtain short-term financing. A coin rupee loan is a secured loan that is granted against the collateral of gold. To obtain a coin rupee loan, the borrower has to pledge gold ornaments, coins or bars with the lender. The lender then evaluates the quality and quantity of the gold and sanctions a loan based on the value of the pledged gold. The loan amount is usually a percentage of the market value of the gold.
- Money Master
Money Master Loan is a financial product offered by Money Master, a financial services company based in the United States. This loan is designed to provide borrowers with access to quick and easy financing options that can be used for a variety of purposes, including debt consolidation, home renovations, and emergency expenses.
Money Master Loan is an unsecured personal loan, which means that borrowers do not have to provide collateral to secure the loan. Instead, their credit score and income are the primary factors considered when evaluating their eligibility for the loan. Borrowers can apply for a loan amount ranging from $1,000 to $50,000, and the repayment terms typically range from two to five years.
- My Kredit
My Kredit is a financial product offered by MyKredit.com, a UK-based lender that provides unsecured personal loans to consumers. My Kredit aims to offer flexible and affordable financing options for individuals who need access to quick cash. My Kredit loans range from £500 to £2,500, and they can be repaid over a period of three to twelve months. Applicants must be at least 18 years old, be a resident of the UK, have a valid bank account, and have a regular source of income to qualify for a loan.
My Kredit offers quick and easy personal loans to eligible individuals who need funds for various purposes, including emergency expenses, medical bills, home renovations, and debt consolidation.
LoanZone is an online platform that helps borrowers in the United States connect with lenders who offer personal loans. The platform offers a quick and simple application process, and borrowers can receive loan offers from multiple lenders. LoanZone works with a network of trusted lenders, and borrowers can choose from a variety of loan options, including secured and unsecured personal loans.
The loan amount and repayment terms vary depending on the borrower’s creditworthiness and financial situation. LoanZone does not charge any fees for its service, and borrowers can apply for a loan and receive funds directly deposited into their bank account within a few business days.
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MiCredit is a mobile application-based personal loan provider that operates in several countries, including Mexico, Colombia, and the Philippines. The platform offers small, short-term loans ranging from $50 to $1,000 with repayment terms ranging from seven to 30 days. MiCredit aims to provide quick and easy access to credit for individuals who have difficulty obtaining loans from traditional financial institutions due to a lack of credit history or low credit scores. The application process is done entirely online, and funds are typically disbursed within a few hours of approval. However, the interest rates on MiCredit loans are typically high, so borrowers should carefully consider their ability to repay the loan before applying.
- Quick Loan App
Quick Loan app is a mobile application that provides quick and easy access to personal loans. The app is designed to simplify the loan application process and provide borrowers with a seamless experience. Quick Loan app offers loans ranging from $100 to $10,000, with repayment terms ranging from three months to three years. Borrowers can apply for a loan online using their mobile device and receive a decision within minutes. If approved, the funds are usually deposited into the borrower’s bank account within 24 hours. Quick Loan app also offers competitive interest rates and flexible repayment options, making it a popular choice among individuals seeking quick and convenient access to personal loans.
- Loan Tap
LoanTap is a fintech lending company based in India that offers a variety of loan products, including personal loans, education loans, wedding loans, and other customized loans. LoanTap’s loans are designed to be flexible and accessible to individuals with different credit scores and income levels. Loan amounts range from Rs. 50,000 to Rs. 10 lakhs, with repayment terms ranging from six months to five years.
LoanTap uses advanced technology and data analytics to assess borrowers’ creditworthiness and offer personalized loan options. The application process is simple and can be completed online, with loan approvals typically within 24-36 hours.
- Insta money
Insta Money is a personal loan product offered by various financial institutions and banks in India. It is an unsecured loan that can be availed of quickly and easily through digital platforms. The loan amount can range from a few thousand rupees to a lakh or more, and the repayment term can vary from a few months to a few years. The interest rates for Insta Money loans can vary based on the borrower’s creditworthiness and the lender’s policies. The loan approval process is quick and can be completed online with minimal documentation, making it a convenient option for those in need of emergency funds.
The detailed news has also been covered by Outlook India. Following the theft of personal information, borrowers are put through a continuous cycle of extortion, which has caused some of them to harm themselves. There are some trusted and verified loan apps that are operating since a long time. Some of these are Stashfin, Buddy Loan, mPokket and EarlySalary
We need to be extra careful while selecting the right company for our convenience. Visit ThinkMoneyTrader for more financial bytes like this.