When you apply for a loan online, you are submitting highly sensitive personal and financial information. It is important to prevent any fraud and accidentally put your information at risk.
While avoiding fraudulent schemes can seem straightforward, there are certain precautions you may not know of. So, here are our top 10 tips you can protect yourself from fraud when you apply for an instant loan!
1. Use Reputed Loan Apps
Only apply for instant loans through reputed loan apps. There are many mobile apps on the market that offer a range of personal loans and instant loan options. Do your research and only go ahead with apps, lenders, and companies that are well-known and verified. Download the loan app from the company’s official site.
2. Double Check the Loan Agreement Before Signing It
When you apply for a loan, you receive a loan agreement from the lender that has all the terms and conditions of your loan. Make sure to read the fine print carefully and double-check all the loan details before signing the agreement. This is to verify that all the information of the lender and the terms of the loan are legitimate.
3. Verify Lender Before Submitting Confidential Information and Transferring Funds
You might need to pay certain processing fees when you apply for a loan. Verify the lender before you submit your confidential information and transfer funds to them. You can check if the lender is legal through the Reserve Bank of India website.
4. Use a Secure and Private Internet Connection
Applying for a loan through public WiFi might put your data at risk as scammers might be able to access sensitive data such as your card details and bank information. So, when you are submitting confidential information online, it is worth taking extra precautions and using a secure and private internet connection.
5. Check That the Website Is Legitimate
An easy way to check if the website that you are applying for the instant loan is legitimate is if the website URL starts with a ‘https://’, rather than ‘http://’ or any other variation. Keep an eye out for fake or imposter websites whose names are similar to popular loan apps and websites.
6. Do Not Pick Up Unsolicited Calls
Do not pick up unsolicited calls or respond to phishing texts and emails. Identity verification or true caller apps that show the details of the caller can help you avoid scammers. Legit banks, loan apps, or other lenders never ask you to share sensitive information on call or text. So, if anyone asks you to do so, they are likely a scammer and you can report their number to the authorities.
7. Keep Your Phone and Computer Security Updated
Most operating systems offer built-in security from hackers and viruses. They roll out regular updates to improve their security. Regularly updating your phone and computer security certainly goes a long way in protecting you from fraud. You can also install special antivirus software on your mobile or computer.
8. Read the Site’s Privacy Policies
Most loan lenders have privacy policies that are available to read on their website or app. These policies show how they protect your financial and personal information. If you aren’t satisfied with the privacy policy, search for another provider to get a loan.
9. Create Strong Passwords
Creating a strong password can keep your financial information safe. Follow the guidelines set out by the lender regarding the capital case, lowercase, and special characters to create a password that is difficult to crack.
10. Don’t Offer Remote Access to Your Computer
If a caller asks for remote access to your phone or computer, they are likely a scammer. Through remote access, someone can get into any confidential financial information you may have saved on your phone. So, be safe and never give permission for it.
Getting sensitive information leaked can lead to many problems. But, you can stay safe from online fraud with the proper precautions!
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