200+ Fake Loan App List in 2024 (A Must-Read) Giga Mail

Published on : January 31, 2024

When you are in need of urgent funds, a personal loan seems to be a convenient option. But in an emergency, we often fail to choose the right option.

In 2024, there will be some fake loan apps causing trouble. These apps pretend to be real and promise quick loans but end up tricking people. They attract users by offering fast money and easy approval.

They might take more money than they should or use personal info without permission. These apps can be sneaky and bother people for repayment. Sometimes, they also charge higher Interest Rates set by RBI. To stay safe, it’s important to be careful and check if an app is registered with the RBI before sharing any personal details or getting a loan.

Authorities are working to stop these fake apps, but it’s also up to people to be smart and cautious while using loan apps. 

What are Fake Loan Apps?

Fake loan apps are deceptive applications that pretend to offer legitimate financial services but operate with fraudulent intentions. These apps typically promise quick and hassle-free loans, often targeting individuals in urgent need of financial assistance.

They portray themselves as genuine loan providers, presenting enticing offers, fast approval processes, and minimal documentation requirements. However, their real goal is to deceive users by extracting sensitive personal and financial information.

Once installed, these apps engage in various fraudulent activities, such as charging exorbitant hidden fees, accessing and misusing personal data, employing aggressive debt collection tactics, and sometimes even disappearing after collecting user data.

Their misleading practices exploit users’ vulnerabilities, leading to financial losses, privacy breaches, and harassment.

To avoid these scams, it’s crucial for individuals to verify the credibility of loan apps, thoroughly review terms and conditions, and refrain from sharing confidential information without proper verification. Additionally, reporting such fraudulent apps to authorities aids in curbing their malicious operations.

Fake Loan Apps in India

Users frequently divulge their banking and KYC details to these platforms post the installation of deceptive apps. They often trust the legitimacy of these apps merely because they’re available on Google or Apple’s app stores.

Consequently, their accounts face unauthorized deductions, or users encounter psychological coercion through extortion tactics. Borrowers should be cautious before selecting the loan applications. Below is a list of some fake loan apps.

S.No	Fake Loan App List	S.No	Fake Loan App List
1	Agile Loan App	112	Coin Rupee
2	Aladdin Lamp	113	Crazy Cash
3	Angel Loan	114	Insta Loan
4	Apna Paisa	115	Credit Buzz
5	Apple Cash	116	Ind Loan
6	Ariaeko Lone	117	Jo Cash
7	Asan Loan	119	Just Paise Loan App
8	ATD Loan	120	Just Money
9	Balance Loan	121	Kash Loan
10	Basket Loan	122	Koko Loan
11	Bellono Loan	123	Income Ok
12	Best Paisa	124	Income Loan
13	Betwinner Betting	125	Gold Cash
14	Bharat Cash	126	Gold Sea
15	Bright Cash	127	Goldman Payback
16	Bright Money	128	Fri Loan
17	Buddy Loan	129	Fortune Loan
18	Bus Rupee	130	Fresh Loan
19	Bharat Cash App	131	Funny Happen
20	Clear Loan	132	Flash Rupee
21	Cash Advance	133	Flip Cash
22	Cash Advance T1	134	Flash Loan Money
23	Cash Book	135	Handy Loan
24	Cash Bowl	136	Hello Rupee
25	Cash Carry App	137	Hi Credit App
26	Cash Colla	138	Hand Cash Friendly Loan
27	Cash Cow App	139	Honey Loan
28	Cash Credit	140	Holiday Mobile Loan
29	Cash Fish	141	Hu Cash
30	Cash Go	142	Hoo Cash
31	Cash Guru App	143	I Credit
32	Cash Magic	144	I Karza
33	Cash Hole	145	Lend Mall
34	Cash Host App	146	Live Cash Loan App
35	Cash Machine	147	Loan Cube
36	Cash Manager	148	Loan Dream
37	Cash Mine	149	Loan Fortune
38	Cash Papa	150	Loan Loji
39	Cash Park Loan App	151	Loan Sathi
40	Cash Pocket Live Cash	152	Rupeek Buzz
41	Cash Samosa	153	Rupee King
42	Cash Star Miniso Rupee	154	Rupee Plus
43	Cash Station	155	Rupeestar
44	Cashcarry Loan App	156	Rupiya Company
45	CashCom	157	Rush Loan
46	Cash Pal	158	Samay Rupee
47	Clear Loan	159	Sharp Loan
48	Simple Loan App	160	Simple Loan
49	Minute Cash	161	Monday Money App
50	MI Rupee	162	Slice Pay
51	Sky Loan	163	Small Loan
52	Shuttle Loan	164	Money Box
53	Silver Pocket	165	Money Ladder
54	Money Master	166	Unit Cash
55	Money Muthal	167	More Cash App
56	Money Pocket	168	My Cash Loan
57	Money Stand Pro	169	UPA Loan
58	Smart Coin	170	UPO LoanCom
59	Star Loan	171	Voice Loan
60	Store Loan	172	Volcano Loan
61	Sun Cash	173	My Kredit
62	Sunny Loan	174	Ob Cash Loan
63	Time Loan	175	OK Rupee Loan App
64	Top Cash	176	Wallaby App
65	Tree Loan	177	Wallet Payee
66	Money Stand Pro App	178	Apna Paisa
67	Money View App	179	Walletpro
68	Monney Tank	180	Warn Rupee
69	Tyto Cash	181	One Loan Cash Anytime
70	Wow Rupee	182	One Stream
71	Orange Loan	183	Coco Cash
72	Paisawala	184	Credit Finch
73	Personal Loan App	185	Early Credit App
74	Phone Pay	186	Rapid Paisa
75	Pillai Loan	187	Reliable Rupee Cash
76	Yes Cash	188	Rich Cash
77	Zo Zo Cash	189	Rich Loan Go
78	Cash Port	190	Rocket Loan
79	Alp Cash	191	Go Cash
80	Plump Wallet	192	Rupee Pocket
81	Pocket Bank	193	Rupee Salam
82	Pub Cash	194	Loan Zone
83	Quality Cash	195	Micredit
84	Quick Loan App	196	Onestream
85	Rapid	197	Samay Rupee
86	Rainbow Loan	198	Rupee Plus
87	Asan Loan	199	Small Loan
88	Cash Curry	200	Smile Loan
89	Cash Era	201	Wow Rupee
90	Cash Lion	202	Tap Credit
91	Cashon	203	66 Cash
92	Cash Light	204	Zozo Cash
93	Ant Cash	205	Cash Park
94	Coin Rupee	206	LiveCash
95	Arak Loan	207	Sun Cash
96	Cash Book	208	Sunny Loan
97	Who Cash	209	MoneyLander
98	Cash Bowl	210	IncomeLoan
99	Forpay App	211	RoyalCash
100	Rainbow Loan	212	Goldloanapp
101	Paisawala	213	MateroFinanace
102	Cashhost	214	Easy RP
103	Easybrave	215	Express Loan
104	Mobilecash	216	Eulavt App
105	Express Loan	217	Kash Loan
106	Buddy Loan	218	Crystal Loan
107	Fortress Loan App	219	Credit Pearl
108	Fortune Now	220	Link Money
109	Handy Cash	221	Daily Loan
110	Hello Box	222	Dhan Pal
111	Hi Credit App	223	Dream Loan

How to Identify a Fake Loan App: Signs to Identify Fake Apps

• Research the App – Make sure to check the reviews, ratings, and number of downloads. Authentic apps usually have a substantial user base and positive feedback. Make sure to check the reviews and ratings before downloading the app.
• Check Credibility – Verify the lender’s information, such as their website, contact details, and company background. Authentic lenders have transparent information available.
• Review Permissions – Fake apps might seek unnecessary access to personal data beyond what’s relevant for a loan application. Before allowing the app to access all the details of your phone, check thoroughly and allow only if it is necessary.
• Evaluate Terms and Conditions – Thoroughly read the app’s terms, interest rates, repayment details, and any hidden fees. Authentic lenders provide clear and comprehensive information.
• Not Registered – Generally, fake apps are not registered with RBI, before taking a loan, make sure to check on RBI’s official website if the lender is registered wit RBI or not. 
• Official Documentation – Genuine loan apps require official identification and documentation. Be cautious of apps that approve loans without proper verification or ask for excessive personal information.

How to protect Yourself from Fake Loan App Scams?

Research and Verification 

Before downloading any loan app, conduct thorough research. Verify the app’s legitimacy by checking reviews, ratings, and the developer’s information. Look for official websites or contact details to confirm their authenticity.

Use Trusted Sources

Install software exclusively from official stores like the Apple App Store or Google Play Store. Stay away from loans from third-party or questionable websites, as they could potentially lead you to fraudulent applications.

Review Permissions

Be cautious of the permissions that the application requests during installation. As the fraud apps can seek unnecessary access to personal data unrelated to loan processes and can hamper the privacy of the applicant.

Read Terms and Conditions 

Carefully review the app’s terms and conditions, interest rates, and repayment details. Genuine lenders provide transparent information, while fraudulent apps might have hidden fees or unclear terms.

Protect Personal Information 

Share only private information if you are confident in the reliability of the app. Genuine loan apps usually ask for standard KYC (Know Your Customer) documents and don’t require excessive personal details.

Be Wary of Pressure Tactics 

Fraud loan apps might pressure users to share personal details or rush them into accepting loans. Refrain from proceeding if you feel pressured or uncomfortable.

Monitor Financial Transactions 

Regularly review your bank statements and transactions for any unauthorized deductions or suspicious activities. Notify your bank of any unauthorized  transactions immediately.

Report Suspicious Apps 

If you encounter a suspicious or fraudulent loan app, report it to the relevant authorities, such as the Reserve Bank of India (RBI) or consumer protection agencies.

Conclusion

There are many fake apps in the market that pose a significant threat to individuals seeking financial assistance in India. These deceptive applications, often disguised as legitimate lenders, exploit the urgency for quick loans, preying on unsuspecting users by extracting personal and financial information.

The deceptive tactics, including hidden fees, unauthorized access to sensitive data, and coercive debt collection methods, underline the importance of heightened vigilance among consumers.

It’s crucial for individuals to exercise caution, verify the instant loan app authenticity, and refrain from sharing confidential information to mitigate the risks associated with these fraudulent apps. Authorities and regulatory bodies continue their efforts to identify and eliminate such deceptive entities.

By fostering awareness, stringent regulation, and responsible usage of loan apps, individuals can fortify themselves against falling victim to these harmful scams in the digital financial landscape.

If you are looking for a personal loan but are worried about fake apps, LoanTap emerges as a genuine lender providing personal loans at affordable rates. 

FAQs about Fake Loan apps

How do fake loan apps operate?

Ans. Fake loan apps pose as legitimate lenders, enticing users with quick loans. They extract personal and financial information, often employing deceptive tactics, hidden fees, and unauthorized access to sensitive data.

How can I spot a fake loan app?

Ans. Check app credibility by researching reviews, verifying developer details, reviewing permissions, and scrutinizing terms and conditions for hidden fees or unclear terms.

What risks do fake loan apps pose?

Ans. These apps can lead to financial losses through unauthorized deductions, misuse of personal data, coercive debt collection, and potential identity theft.

Are all loan apps on app stores safe?

Ans. Not necessarily. Some fraudulent apps manage to bypass security checks. It’s crucial to verify app credibility before downloading.

What should I do if I suspect a loan app is fake?

Ans. Report suspicious apps to relevant authorities, like the Reserve Bank of India (RBI) or consumer protection agencies, and avoid sharing personal information.

Can fake loan apps be legal?

Ans. No, many of these apps operate illegally and breach financial and privacy regulations. Authorities are actively working to identify and ban such fraudulent entities.