Beware of Fraudulent Loan Apps: Illegal and May Lead to Many Serious Consequences

Almost everyone at some point of time might have come across advertisements of loan apps via online social media platforms or would have just seen a few listed on app stores on smartphone devices. It is sure that people might think of taking a loan from these loan apps when in dire need of money, and at least some of them have taken loans from these apps. However, what followed them later are obvious days of shame and misery.

There are many loan apps currently out there in the market that are easily accessible to anyone searching for it, with a disguise of a trusted platform. This article will be taking you through why such fraudulent apps shouldn’t be trusted and what all are the serious consequences that may arise from them.

NEVER RELY on Fraudulent Loan Apps !

Recently, a known tipster took it to the X platform to share about an incident which happened to a person he knows. This person he is talking about, after taking a loan from a particular loan app that is available on the Google Play Store, has turned a victim of threatening calls and blackmails. The app in question that appears to be a fake app as mentioned by the tipster was accessed by the person via a YouTube ad, which has brought him to such a condition.

The above given is simply one of many incidents that have occurred and that might still occur in the future if users trust and fall for such fake and fraudulent loan apps. These apps are never to be trusted and even while in need of money, users are not at all advised to take loans from these loan apps. Giving an impression as if these loan apps are helping people in difficulties, they are actually pushing people to more hardships, depriving them from having a peace of mind and mentally torturing them to a point where they will consider suicide as an only option out from the problems they have unknowingly created.

Some of the consequences that users must keep in mind before making use of such loans apps are that they have very high interest rates and just like in the above mentioned case, if users are reluctant or are not in the position to pay the interest which in most situations are more than the loan amount itself, the people behind the loan apps would threaten and blackmail users. Nude photo morphing and defamation among the people in users’ contacts via social media platforms like WhatsApp, Facebook or Instagram, gaining access to device data and misusing it, mental harassment, and more are also some serious consequences from relying on loan apps. Also to note as important, these loan apps are not legal and in no way can people behind them be brought before law and punished.

So, people must educate others about the traps set within these kinds of illegal loan apps, particularly to elders, friends, and family members who are unaware about these and who may become easy targets to such malpractices. It is thus recommended that people must only take loans from authorized and recognized bodies like a bank, and never to rely on these fraudulent loan apps, even if it is only a small sum that is needed.