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India
Predatory Loan App
Instant loan apps charging extreme interest rates, then using threats, blackmail, and contact harassment for collection.
How This Scam Works
- 1Apps offer instant loans with minimal documentation
- 2They request access to your contacts, photos, and location
- 3Interest rates are 30-40% for just 7 days
- 4If you miss a payment, they call and threaten your contacts
- 5They may create morphed photos to blackmail you
Red Flags to Watch For
- Extremely short repayment periods (7 days)
- Requesting access to all phone contacts and photos
- No RBI registration or NBFC license
- Interest rates above 36% annually
What to Do If You're a Victim
- Only borrow from RBI-registered lenders
- Report the app to Google Play Store
- File a police complaint and at cybercrime.gov.in
- Contact RBI's Sachet portal for complaints against lenders