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This scam is going on for a long time and I shared information regarding this almost six to seven months ago In fact my friend is also the victim of this loan applications. There are more chances to be trapped for teenagers who use the internet most. After seeing multiple scam cases, I decided to talk about this issue. So let's begin.

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High penalty and Short time period

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Now most apps provide small amounts of loans for 15 days or 1 month. For example, they give you a 5k rupees ($61) loan then first they cut 1500 rs ($18) as a file charge. You already getting a low amount and after the fixed time like 15 days or 1 month, they will ask you 7k rupees ($86). Now you can calculate how much extra amount you have to pay. Also when you do not pay on time they apply a high penalty like 500 ($6) rupees per day.

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Now you will say this is a small amount and easy to pay. Yes, this is a small amount for all of us but what about teenagers and students? This amount is not small for them because everything they manage is from pocket money. And that is why they are unable to pay. It is better to completely avoid this type of loan application.

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This is life-threatening

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You can think how it can be life-threatening because loans are taken by the takers so takers get benefits so how it can be harmful to them? For example, if I have taken a loan then the loan agency should have to worry about it because I can return the money or not it is depended on me. But my friend this is not the case because the loan agency not giving a loan in the air, they know everything about you and they know your weakness.

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Personal information is the biggest thing and that is what loan company knows.

• Suicide: "Sorry, Mom and Dad": harassed by loan agents, Bengaluru student dies by suicide. This is the news that I read yesterday and this is not the first news, I have seen multiple similar cases this month and these are all related to suicide and the reason is instant loan agencies. Before giving a loan, other loan companies check your cibil score (credit score) that provides your old financial record. But if your cibil score is not good then these scam companies are ready to provide you with a loan and they are targetting students most.
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  When you install the loan application they ask for permission and you give all the permission without reading it and they get your personal data such as your contact list, media gallery, and social media account passwords. And I think this information is enough to harass you.

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Share this post so that a maximum number of people can understand this and avoid these scam apps. Have a good day.

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Thank you, everyone.

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Lucky Ali

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		Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested to learn new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥

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