Instant Loan: The dream of a loan (personal loan) in 5 minutes! Do you also need money immediately? At such times, many times people turn to instant loan apps, because they seem very tempting, but wait! There can be a big fraud hidden behind this happiness. Before taking any loan from them, see the real face of these apps...

As soon as the loan is approved, a hefty processing fee is deducted first. This can be 5% to 15% of the loan amount or even more! If you ask for 10,000, you will get ₹9000 or even less.

Not just processing fees! GST (18%), platform fee, documentation charge, credit score check fee... God knows how many charges cut into your pocket, which are not even told in advance. So if you

The advertisement shows 1% interest per month or 12% per year or their agents make false promises to you. Whereas in reality the APR (annual rate) can be from 36% to 48% or even more. In this way even a small loan becomes heavy.

If there is a delay of even a day, a heavy penalty is levied. Charges are added on a daily basis and the burden of loan increases like a rocket due to interest on interest. While taking late payment, these companies levy incalculable charges.

Many illegal apps call your contacts to recover money, threaten and try to defame. You must have also heard news of such wrong practices by many instant loan apps, now you also need to be alert.

RBI has tightened the rules. Now it is necessary to tell the name of the real loan-giving company (bank / NBFC), all the charges beforehand, and provide the method of complaint. Still, you have to be careful yourself.

Before taking a loan, read the ratings and reviews of the app. Check if the company is an RBI-registered NBFC or not. Read the terms and conditions (T&C) carefully. Ask for all charges and interest rates in writing. Stay away from these apps unless there is an urgent need.