Blacklisted Loan Apps Trapping Customers

23 May, 2022 20:49 IST|L Manisha

Blacklisted Loan Apps Trapping Customers
The Reserve Bank of India recently blacklisted over 130 fake loan apps, most of which were of Chinese origin, and lured clients with 'low-interest rates' and 'easy repayment' alternatives. After the RBI move, fake loan apps are using desperate methods such as crediting loan amounts without consumer requests or applications to regain the lost customers and to make new ones. 
According to the police, customers are credited with Rs 5,000 to 10,000 on an average in their wallets and bank accounts. This is done without customers' requests or permission. The app's management would begin harassing the consumer, pressuring them to repay the loan. 
According to officials, investigations into various fake loan app complaints found that interstate gangs with the help of Chinese nationals were establishing and running contact centres in Delhi, Uttar Pradesh, Noida, and Bengaluru.
The loan application management's telecallers, both men and women, begin harassing clients. It has been learned that each employee is given the contact information of between 50 and 100 customers of the loan apps, and targets are set to collect money.
Even when the principal and monthly interest are fully paid, they continue to demand more money and harass in any manner possible, including threats of defamation and physical attacks. There is no specific time for harassment," an official stated.
Harassment for men and women is different. While men are threatened that their reputations will be ruined, women are targeted by morphing their photographs and threatening to upload them on social media. The main target of these fake loan apps is lending a small amount to the client and collecting four or five times that amount as interest. In the majority of cases, Chinese nationals are known to have directly or indirectly controlled such companies across the country.

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