We all know that the expansion of Covid has accelerated the pace of digitization in the country. The difficulty of going to the banks has quickly led people to digital transactions. Today there are several mobile apps running in the country called FinTech or Financial Technology.
Instant loan apps are one of the fastest growing popular services. The uniqueness of these apps is that you can get a loan online in a matter of minutes without the hassle of paperwork in banks.
In the 2014-15 financial year, the country's digital credit transaction stood at $ 33 billion. By 2020, it will reach $ 1 billion. By 2023, the region's growth is projected to reach $ 350 billion.
According to a survey conducted by apps analytics firm Appflyer, from January 2019 to March 2021, India was the world's largest downloader of financial apps. The country received 1.49 billion downloads during the period. Brazil is next with just 50 million downloads.
Today, many instant lending apps are seen on YouTube and TV. This has led many to rely on such apps for even the simplest of things. The fact that you can get instant loan of up to Rs 5 lakh through such apps is another factor that attracts people.
But the fact is that many people are not aware of the liars in this field. Earlier this year, the central government banned 27 fake apps. Getting into fake apps can be a big headache in the future. From fraudulent calls to digitally made pornographic videos, these scams are often used against consumers.
Our country does not have strict guidelines to control fake loan apps. Therefore, it may not be easy to spot liars.
