Digital App Loan: The trend of digital loans is increasing rapidly in India. There has been a huge increase in the number of apps and platforms offering digital loans in recent years. Actually, digital loans are more convenient and faster than traditional loans.
Loan borrowers can apply for a loan online without visiting a bank or financial institution and can get the loan soon. However, it also has many disadvantages. Let us know in today’s news what things to keep in mind if you are taking a digital loan.
What things need to be taken care of
Digital loan apps may be easy to use, but they also come with some risks. The biggest risk among these is high interest rates and various charges. Many times, digital loan apps charge higher interest rates than traditional loans. If care is not taken, you may have to pay a huge amount in interest and charges. That means one mistake of yours and your account is empty.
Keep these things in mind before taking a loan
Before taking a loan, ensure whether the loan giving platform is registered with the Reserve Bank of India (RBI) or not. Also, check the background of the platform. Also, before taking the loan, read the loan agreement carefully and understand all the terms, such as interest rate, repayment schedule and other charges.
Understand the terms and conditions
Read the terms and conditions carefully before taking the loan. Make sure that you are completely familiar with the interest rate, repayment schedule, fees and other obligations. Also check if there are any hidden charges or penalties on early or late payment.
Do not give access to the phone
Whenever you take a loan from any app, the app asks you to give access to your phone. Think a hundred times before giving it OK. We are saying this because later the companies giving digital loans illegally use this as a weapon against you at the time of recovery. After giving access, all the data, photos, numbers of your phone go to the companies and when you refuse to repay the loan or pay their arbitrary charges, then these companies put your personal photos on the internet and your contacts. I save people by calling them and harassing them.
Disclaimer: (The information provided here is being provided for information only. It is important to note here that investment in the market is subject to market risks. Always seek expert advice before investing money as an investor. ABPLive.com does not advise anyone It is never advisable to invest money here.)
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