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Bangalore, India
In recent years, the proliferation of digital lending apps has made it easier for individuals to access quick loans. However, not all apps operate ethically, and some have been banned due to fraudulent practices. If you’re in India, it’s crucial to be aware of these banned loan apps to protect yourself from scams and financial exploitation.
Why Are These Apps Banned?
The Reserve Bank of India (RBI) maintains a list of non-banking financial companies (NBFCs) that are authorized to provide loans. Unfortunately, several illegal and illegitimate loan apps have emerged, promising instant loans but often trapping borrowers in debt cycles. To safeguard consumers, the RBI has taken action against such apps.
List of Banned Loan Apps (2024)
- Altico Capital India Limited
- Amandeep Transport and Leasing India Limited
- Cash Goo
- Cash Star
- Cashplus
- CLSA India Finance Private Limited
- GPL Finance Limited
- Cool Cash
- First Cash
- Gold Bowl
- Happy Cash
- Krazy Bean
- Krazy Rupees
- Loan Card
- Money Now
- Monkey Box
- Past Credit app
- Pocket Rupee
- Pramanand Commercial Private Limited
- Real Rupee
Remember, using any of these banned loan apps can lead to financial distress and privacy breaches. Always verify the legitimacy of any lending platform before sharing personal information or applying for a loan.
Stay informed and protect yourself from fraudulent loan apps!
Please note that this list is based on information available up to March 2024.
Important Note: Always check for updates from official sources like RBI to stay informed about any new additions to the banned apps list. 🚫💸
True,
I didn’t believe it either at first… Don’t download unknown loan apps