Family Loan App Real or Fake: In very recent times, the digital lending platforms have become very popular throughout India. One can borrow money with minimal documents and a number of clicks on the smartphone. If you’re facing some financial needs, then this offer would be very tempting for you.
With the increase in the number of fraud cases in india, these loan apps have become a threat to their consumers. So, it becomes important to examine the authenticity before applying for a loan on any platform.
Through this article, we’ll provide you with the ultimate guide on these real or fake loan apps and a safer alternative for borrowers. So, go through this article until the end.
What is Family Loan App?
The family loan app is a digital lending application that provides an instant loan to its consumers. This system positions itself as a quicker financial solution. If you’re a small business owner, student, housewife wife and need urgent money, then Family loan app would be a better choice for you. Here, you don’t need to do any lengthy paperwork; everything works in a digital environment.
You just need to submit some nominal data, including PAN, Aadhar, and address proof, and your loan will be approved without a CIBIL score. Though many users have reported hidden charges, privacy concerns, and high interest rates, so, finding a better lender has become a tough task for borrowers.
How Does the Family Loan App 7 Days Work?
The Family Loan App is the simplest way to get an instant loan, but the process is pretty concerning. One can simply apply for the loan by downloading the app on their mobile phone. The application process is pretty easy.
Mobile Number Registration: You need to install the app on the system and register with the OTP. By following this simple technique, your verification will be completed.
KYC Submission: After OTP verification, you need to submit the KYC, like the Aadhar, PAN, and sometimes a Live selfie is needed.
Automatic Approval System: One can process the loan amount within a few clicks and claim the approval automatically. After all these things, the loan amount will be credited to the borrower’s bank account.
Sometimes, these applications charge hidden costs, very high interest rates, and short repayment windows.
Signs of a Family Loan App Fake Loan App
The digital lending platforms have become pretty viral throughout India. So, some unregulated lenders have arrived with fake intentions. One should stay away from these lenders. We’re going to share some signs of those fake loan apps.
- No RBI License: All the authentic lenders are registered with the RBI-backed NBFCs. If any app does not showcase that partnership, that would be pretty suspicious.
- Excessive App Permission: If apps demand contact, photos, and messages, then they may misuse all that data.
- Higher Interest Rate and Hidden Charges: Borrowers often find out a relatively higher interest rate and some critical hidden charges.
- Shorter Repayment Period: If the lender forces you to repay the loan within 7 to 15 days, that would be a critical sign.
- Fake Loan APK: If any loan app forces you to install the APK, that would be a critical red signal. You should avoid installing it because it may bring a cyber threat to you.
- Lack of Transparency: No official website, and a fake customer support service would be a critical sign of a fake loan app.
If you get to see all these signs in an app, then you should look for an RBI-approved loan app.
Risks of Using Fake Loan Apps like Family Loan 7 days
One may face multiple risks while using Fake Loan Apps like Family Loan. You need to be aware before applying for any loan amount from these apps.
Financial Risks: Many users report hidden charges and extortion for using these fake loan apps. They had to repay 5000 for the loan amount of 3000 within 7-15 days of the loan period. All these things push them into a debt trap.
Data Privacy Risk: Some loan apps force users to install an APK on their system to apply for the loan. They ask permission from the gallery, videos, and others. These things can be very fatal to your personal security.
Emotional Harassment: All those loan victims usually face harassment, abusive calls, and severe stress with anxiety. Therefore, these loans can also impact your personal life.
Safer Alternatives to Family Loan App
We have started this article with the topic of ”Family Loan App Real or Fake” Yes, some apps are real, but most unregistered apps are fake. So, it’s important to find out the best alternative to family loan apps.
Bank Loan Apps: HDFC Bank, ICICI iMobile Pay, and SBI Yono allow their users to get an instant loan with clear terms and a lower level of risk.
Explore Government-Backed Platforms: Jan Samarth and Mudra Loan schemes act as the supporters of small business owners without any hidden charges.
NBFC Loan Apps: Tata Capital, Home Credit, and Bajaj Fin Services are NBFCs registered platform that provides personal loans with a lucrative interest rate.
You can use all these alternative loan apps, which can ensure the ultimate data security and a reasonable interest rate.
FAQs on Family Loan App Real or Fake
1. Is Family Loan App Real or Fake?
=> Well, family loan apps come with multiple red flags. It indicates that these apps
are not safe use borrowers.
2. Are These Apps Registered with RBI?
=> No, most of the family loan apps are not registered with the RBI.
3. Can I Complain About These Loan Apps?
=> Surely, you can file complaints against these apps in the RBI’s SACHET Portal.
Conclusion
This family loan app seems like an easier solution to your financial problem. But this is not. It comes with multiple reg flags, which can threaten your personal as well as professional life. We have provided you with the ultimate guide on the Family Loan App Real or Fake. If you have any specific queries related to it, then ask us via email. Thanks for reading!
Anurag Singh is a blogger and digital content creator who specializes in micro-niche websites, SEO strategies, and educational content. He enjoys turning complex topics into simple, practical guides for students and professionals.