Fake Loan Apps List in India: Banned by RBI (2024) » GADGET SKOOL

Fake Loan Apps List in India: Banned by RBI (2024)

Fake Loan Apps List in India: In recent years, India has seen a surge in the popularity of mobile loan apps. These apps promise quick and easy loans with minimal documentation and hassle.

However, not all of these apps are legitimate, and many fall into the category of fake loan apps.

In this article, we’ll walk you through what fake loan apps are, how to spot them, and most importantly, how to protect yourself from falling victim to their scams.

Also, we will be sharing a list of the fake loan apps that the RBI already banned, and you must stay aware of them.

Table of Contents

What Are Fake Loan Apps?

Fake loan apps are normal mobile applications that claim to offer easy and instant loans online but operate fraudulently. They often target individuals in need of quick financial assistance, exploiting their urgency. These apps typically ask for personal and financial information during the application process, which is later misused for various illegal activities, including identity theft and blackmail.

RBI’s Updated List of Fake Loan Apps

Signs of Fake Loan Apps:

Recognizing fake loan apps is crucial to avoid becoming a victim. Here are some signs to understand if a loan application is fraud or real.

#1. Unrealistic Loan Offers

Fake loan-providing apps promise large loan amounts with minimal interest rates, often too good to be true.

Be cautious if the offer seems too lucrative or generous, and do some research before applying.

#2. Lack of Credible Information

Check for genuine contact details, a physical office address, and a valid website. Fake apps usually provide vague or unverifiable information.

If you are downloading an app online from any application portals, properly check the developer’s contact details and verify them using a quick Google search.

#3. High-Risk Permissions

Fake apps may ask for unnecessary access to your device’s camera, contact list, or location data. Be wary if the permissions seem unrelated to the loan process.

While some genuine loan aggregators also require the same information to provide you with a quick personal loan, service availability, and check eligibility, it is a red flag to be alert.

#4. Pressure to Apply Quickly

Scammers often create a sense of urgency, pressuring you to apply immediately without giving you time to research or think it over.

Their main motto is to trap you, and they do so by setting up virtual customer support desks.

#5. Poor App UX/Website Information

While developing a user-friendly & rich UX-based app requires a lot of investment, most genuine loan providers do invest to ensure the best customer navigation experience.

Whereas fraudsters don’t think about investing in the app interface and website design, they quickly try to find victims and scam them.

Risks of Using Fake Loan Apps:

risks of using fake loan apps

Using fake loan apps can have severe consequences:

1. Financial Loss: Scammers can deduct hidden fees or charges from your bank account, leading to significant financial losses.

2. Identity Theft: Your personal and financial information may be used for identity theft, leading to fraudulent activities in your name.

3. Harassment: Some fake apps resort to harassment and blackmail if you fail to repay the loan, causing emotional distress. we already have covered everything on dealing with fake loan app harassment that you can check.

It also has been noticed in some cases, some fake loan apps try multiple hard inquiries on your behalf without your permission, which further leads to a poor credit score.

So regularly keep an eye on your credit report, you can check your credit score online for free.

List of Fake Loan Apps in India (Banned by RBI):

In recent years, the Reserve Bank of India(RBI) has imposed some strict restrictions on online fraudulent activities for lending partners and NBFCs. Also, hundreds of apps have already been banned by the team to secure the digital lending space.

Here’s the list of loan apps that are involved in fraudulent activities.

  • Agile Loan App
  • Aladdin Lamp
  • Angel Loan
  • Apna Paisa
  • Apple Cash
  • Asan Loan
  • ATD Lone
  • Balance Lone
  • Bellono Loan
  • Best Paisa
  • Bharat Cash
  • Bright Cash
  • Buddy Loan
  • Bus Rupee
  • Cash Advance
  • Cash Book
  • Cash Carry App
  • Cash Cola
  • Cash Colla
  • Cash Cow App
  • Cash Hole
  • Cash Host Loan App
  • Cash Machine Loan
  • Cash Magic
  • Cash Manager
  • Cash Mine
  • Cash Papa
  • Cash Park Loan App
  • Cash Park
  • Cash Pocket
  • Cash Samosa
  • Cash Station
  • Cashcarry Loan App
  • Cashcom
  • Clear Loan
  • Coin Rupee
  • Crazy Cash
  • Credit Buzz
  • Crystal Loan
  • Daily Loan
  • Dhan Pal
  • Discover Loan App
  • Dream Loan
  • DuttaRuppes
  • E Paisa
  • Eagle Cash Loan App
  • Early Credit App
  • Easy Barrow Loan App
  • Easy Borrow Cash Loan
  • Easy Brave
  • Loanzone
  • Lucky Loan App
  • Lucky Wallet
  • M Pocket
  • MagicCash Loan App
  • Magic Money
  • Magicc Loan
  • Mama Loan
  • Marvel Cash
  • Marwel Loan Baba
  • Matero Finance
  • May Loan
  • Mi Rupe
  • Minute Loan App
  • Minute Cash
  • Minutes in Cash
  • Mo Cash
  • Mobikquick
  • Mobile Cash
  • Monday Money App
  • Money Box
  • Money Ladder
  • Money Lander
  • Money Master
  • Money Master App
  • Money Muthual
  • Money Pocket
  • Money Stand Pro
  • Money Standup
  • Money Tree
  • Money View App
  • Monney Tank
  • More Cash
  • More Loan
  • My Cash Loan
  • My Kredit
  • Name of App
  • Ob Cash Loan
  • Ok Rupee Loan App
  • One Loan Cash Any Time
  • One Loan Easy Loan
  • Onstream
  • Orange Loan
  • Paisawala
  • Personal Loan App
  • Phone Pay
  • Pillai Loan
  • Plump Wallet
  • Pocket Bank
  • Pokemoney
  • PradhanmantriYojna Loan
  • Pub Cash
  • Quality Cash
  • Quality Cash Loan App
  • Quick Loan App
  • Rapid
  • Rainbow Loan
  • Rapid Paisa
  • Reliable Rupee Cash
  • Rich Cash
  • Rich Loan Go
  • Rocket Loan
  • Royal Able Rupee Cash
  • Royal Cash
  • Rupee Box
  • Rupee Loan
  • Rupee Cash Loan
  • Rupee Magic
  • Rupee Mall
  • Rupee Online
  • Rupee Papa
  • Rupee Pocket
  • Rupee Salam
  • Rupee Smart
  • Rupee Star
  • 66 Cash
  • 66 Cash App

This list is being updated regularly, so bookmark this page for further updates.

Also Read: Best personal loan apps to try

How to Protect Yourself from Getting Trapped?

While there are no such ways to protect yourself from being a victim, this is because the fraudsters try each and every possible method to conduct the scam operation. There are some key points to keep in mind that we have discussed below.

1. Research Extensively

Before downloading any loan app or applying for an online personal loan, research its credibility. Read user reviews, check for a physical office address, and look for the app on the official app stores like Google Play Store or Apple App Store.

Note: If you are getting phone calls regarding a loan offer, first you need to verify the lender details and check for any pre-approved offers from the official website or mobile app. Don't just apply blindly.

2. Verify Permissions

Review the app’s permissions before installation. Avoid apps that ask for excessive access to your device. Some legitimate apps require permissions like Camera, Contacts, Messages, Location, Microphone, etc.

Once you have enough data about the legitimacy of an app, you can allow the requested permissions.

3. Read the Terms and Conditions

Before applying for any type of loan, go through the terms and conditions of the loan app. Legitimate apps have clear and transparent terms.

If an app doesn’t have clear terms and conditions on a dedicated page or PDF document, immediately uninstall and delete the app.

4. Protect Your Personal Information

Do not share personal or financial information unless you are certain of the app’s legitimacy. Check for a secure connection (https://) in the website address when sharing data over a website.

5. Report Suspected Apps

If you come across a fake loan app, report it to the relevant authorities like the Reserve Bank of India (RBI) or the National Cyber Crime Cell. You can also lodge a complaint to your nearest local authorities if possible.

Some Important Points to Remember:

  • If any app advertises its services through enticing promises of quick cash, often accompanied by slogans like “No Credit Check” or “Instant Approval.” – Stay aware.
  • If any online app is asking for Processing Fees, while genuine lenders charge a processing fee after the loan is approved, fake loan apps ask for this fee upfront. Once the user pays, they disappear.

Learn how to report a fake loan app.

Also Read: NAVI loan app, things to know

Frequently Asked Questions(FAQs):

What are fake loan apps?

Fake loan apps are mobile applications that fraudulently claim to offer quick and easy loans with zero paperwork to individuals. They often target users in need of immediate funds but end up deceiving and exploiting them.

How do I identify a fake loan app?

Fake loan apps typically lack transparency, have poor user reviews, ask for unnecessary permissions, and may demand upfront fees. Always conduct thorough research and verify the lender’s legitimacy through various channels.

Are all online loan apps fake?

No, not all loan apps are fake. Many legitimate lenders offer their services through mobile applications. It’s essential to differentiate between genuine and fake loan apps by checking their credibility and user reviews.

How can I check if a loan app is RBI-registered?

You can visit the official website of the Reserve Bank of India (RBI) and access their list of registered non-banking financial companies (NBFCs). Ensure that the lender is listed there to confirm their legitimacy.

Are fake loan apps illegal?

Yes, fake loan apps are illegal and engage in fraudulent activities. They often violate various financial and data privacy regulations, which can lead to severe legal consequences.

What actions has the RBI taken against fake loan apps?

The RBI has been actively working to combat fake loan apps. They regularly publish lists of unregistered NBFCs, warning users about these apps and urging them not to engage with them. They also collaborate with law enforcement agencies to take legal action against such apps.

How can I protect myself from fake loan apps?

To protect yourself, research loan apps before downloading them, ensure the lender is registered with the RBI, review app permissions, read the terms and conditions, avoid apps that ask for upfront payments, use secure payment methods, and report any suspected fraudulent activity to authorities.

What should I do if I’ve been scammed by a fake loan app?

If you’ve been scammed, report the incident to your local law enforcement agency and the cybercrime cell ASAP. They can guide you through the necessary steps for legal action. Additionally, consider informing your bank about the fraudulent transaction.

Are there any safe alternatives for obtaining loans through mobile apps?

Yes, there are safe alternatives. Many established financial institutions, banks, and registered NBFCs offer legitimate loan services through mobile apps. Research and choose reputable lenders with a track record of transparent operations.

I need a loan, and I found an app that promises quick approval. How can I be sure it’s safe to use?

Before using any loan app, verify its legitimacy by checking if it’s registered with the Reserve Bank of India (RBI). Also, read user reviews, research the app’s reputation, and be cautious if the app asks for excessive personal information or upfront fees.

What personal information should I never share with a loan app?

Never share your Aadhar card, PAN card, debit card PIN, net banking details, or any sensitive information over the phone or through an app. Unless you are sure about the app’s legitimacy.

Is it safe to upload my bank statements and ID documents on a loan app?

It’s generally safe to share these documents with reputable, registered loan apps. However, ensure that the app uses secure encryption for data transmission, and double-check their privacy policy.

You can also use third-party aggregator services to protect your data & only share necessary information as requested.

How can I report a suspicious loan app that’s not registered with the RBI?

If you come across an unregistered or suspicious loan app, you can report it to the RBI through their official website. Additionally, inform your local cybercrime cell and the Google Play Store or Apple App Store to have the app removed.

Can I trust loan apps that guarantee instant approval and no credit checks?

Be cautious with loan apps that make such guarantees. Legitimate lenders typically conduct some form of credit check(soft inquiry or hard inquiry), and extremely fast approvals may be a red flag. Ensure the lender is RBI-registered before proceeding.

What should I do if I suspect that a loan app is misusing my personal information?

While many apps take your consent to share your data with third-party lenders, If you suspect misuse of your personal information, stop using the app immediately.

Report the issue to your local cybercrime cell and the app store where you downloaded it. Also, consider changing passwords and enabling two-factor authentication for your accounts.

What can I do to recover my money if I’ve been scammed by a fake loan app?

while it’s very challenging to recover your money from such apps, you can report the app to the cyber cell & local authorities. Additionally, you can cancel the autopsy if activated using your e-NACH mandate and discuss it with the lender politely.

What documents are typically required when applying for a loan through an app?

The documents required may vary from one loan app to another, but common documents include Aadhar card, PAN card, bank statements, salary slips, and address proof. The specific requirements will be mentioned in the app.

Is the Chinmay loan app RBI registered?

Yes, the Chinmay personal loan app is a RBI registered entity.

Rapid Paisa app real or fake?

The Rapid Paisa app is backed by a RBI registered entity known as, Jayanth Financial Services Private Limited. However, there is no clear proof of the authenticity of the app. You must avoid such apps.

Loanbaba app fake or real?

The Loanbaba app was recently delisted from the Google Play store due to unfaithful activities, so be cautious while using such apps.

Is the Cash Park loan app real?

No. the Cash Park loan app is a fake personal loan app. Don’t use this app.

Bharat cash loan app real or fake?

The Bharat cash is a fraudulent loan application, avoid using it.

Is the Cash Papa app fraud or real?

The Cash Papa personal loan app is a fraud app.

Navi loan app fake or real?

The Navi loan app is a 100% genuine loan app, you can try.

Is the Royal Cash app genuine?

No. The Royal Cash is a fake loan app. Avoid installing and using it.

Is the Yes Rupee loan app legit?

No. The Yes Rupee loan app is not legitimate.

Rich Cash loan app is real or fake?

The Rich Cash is a fake loan app.

Cash Station loan app is real or fake?

Cash Station loan app is a scam app. Don’t trust it.

Cash Pocket loan app is genuine?

No. The Cash Pocket loan app is not trustworthy.

Is the Buddy loan app real?

Buddy loan app is a loan aggregator app backed by trusted RBI-approved financial partners. It is a trustworthy app you can try.

Rupeestar loan app real or fake?

The Rupeestar is a fake and scam loan app.

Paisa Home loan app is real or fake?

Paisa Home is another fake loan app you must avoid.

Is the Ob cash loan app authentic?

No. Ob cash is not an authentic loan app, don’t fall into the trap.

Is the Rupee Pocket loan app trustworthy?

The Rupee Pocket loan app is not a trustworthy personal loan app.

Final Words:

Fake loan apps are a growing concern in India, preying on the vulnerable and financially distressed.

By staying informed and following the steps mentioned in this guide, you can protect yourself from falling victim to their scams.

Remember, it’s always better to be safe than sorry when dealing with loan apps and financial transactions.


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About Chinmay kumar

Diving deep into the digital realm, he's a tech enthusiast with an insatiable curiosity for cutting-edge gadgets and emerging innovations. With a knack for staying ahead of the curve, he immerses himself in the ever-evolving world of technology, constantly scouring the vast expanse of the internet to uncover the latest trends and breakthroughs. As a voracious reader, he devours knowledge, fueling his passion for exploring new frontiers and pushing the boundaries of possibility in the digital age.

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