Loan Fraud: How people are getting cheated in the name of cheap loans, what to do and what not to avoid

Cheap Loan Interest: People easily get trapped in the affair of cheap loans, after which they get threatening calls. If you want to protect yourself from this type of fraud, then definitely try the tips mentioned here.

Delhi Police has busted a gang providing loans at low interest rate. In this case, the police arrested 18 people, including 8 women. These people run call centers for Chinese apps and extort money from people. According to reports, this call center was running under a finance company. This gang traps innocent people by luring them with cheap loans. If you are also dreaming of taking a cheap loan, then be a little careful.

These vicious criminals not only used to extort but also used to hack people's phones. Even if someone had repaid the entire amount of the loan, even then more money would have been recovered from him. Let us see how this black game of cheap loans was going on.

phone hacked due to loan

First of all the Chinese loan app is downloaded. After this, permission is taken to collect the data of the phone. After this the phone is hacked and details of people's photos, videos, contacts etc. are stolen. Only 60-70 percent of the loan that people ask for is given, the rest of the money is deducted in the name of processing fee.

Nude photo threatened to go viral

If someone repays the loan in full, then his objectionable pictures are threatened to go viral. Especially for tampering with the photos of women, they are made nude and intimidated by threatening to make them viral on social media. Apart from this, fear of defamation is shown among the people included in the contact list. In this way, the business of extortion is carried on illegally.

what to do what not to do

While taking a loan, keep in mind that the finance company or app is registered with a regulatory body like RBI. Apart from this, find out the right interest rate and make sure that the grievance system ie the system for resolving the complaint is perfect. Collect the complete details of all the fees and charges.

Check the reviews of financiers on the internet. If taking a loan is very easy, then understand that there can be some or the other problem. That's why always be careful and give the permission of the phone thoughtfully. Do not tell OTP to anyone and do not click on unknown links.