Alert! You might become a victim of phone loan ‘app’

THIRUVANANTHAPURAM: Beware of mobile phone instant loan offers that can ruin your reputation and financial stability. The Cyber police uncovered the shocking details of shadowy online financiers when a lady complained to the police that offensive pictures of her were spread on social media.

If someone in the contact list of your phone has taken an instant loan, then your life too might be in danger.

The Thrissur native lady who filed the complaint had put her office group photo as her profile picture. A photo of her along with a young man in the group photo began to be circulated.

The police summoned the young man and checked his mobile phone and found an instant loan app downloaded on the device. He had taken a loan of Rs.10,000 twice and had repaid it with interest. Still, they kept on demanding more money from him. Once the man refused to pay them, they began to misuse the numbers in his contact lists and other details.

When the morphed pictures of the man were sent to his mobile phone, the cyber police realized that the loan providers were behind this. The man had kept this a secret. Though two Delhi residents were caught, the scam is still continuing.

Once the instant loan app is installed on the mobile, all the details of our mobile phone will be in their control. If a copy of our Aadhar card and pan card is given, the loan amount will be credited to our account. The payback time is between one week to six months at a rate of 20% to 40%.

The processing fees will range from 10% to 25%. If we default on the payment a fine of 3% will be charged.

The threat will start once we fail to pay the EMI. They will send messages to those on our contact list. Their photos and the photos in the mobile phones of the person who took the loan will be spread on porn sites.

Many loan app companies operating from countries like China are trapping many Indian citizens. Some of these companies are Cash port, Rupay Way, Loan Cube, Wow Rupee, Smart Wallet, Giant Wallet, Hai Rupee, Swift Rupee, Fish Club, Yeya Cash, M Loan, Grow Tree, Magic Balance, Yo Cash, Fortune Tree, Super Coin, and Red Magic.

Most of these loan apps do not have RBI’s Non-Banking Financial Company license. Never rely on these dubious loan apps. If you are cheated inform the police immediately.