500+ Fake Loan Apps List in India 2023

500+ Fake Loan Apps List in India 2023

Here we have mentioned 500+ Fake Loan Apps in India You Should Avoid at Any Cost.

Access to quick loans is more important than ever in today's fast-paced environment, when financial requirements occur suddenly. However, as online lending platforms have grown in popularity, there has been an increase in fake loan applications in India relying on young customers. These fake applications offer fast money with minimum documentation, but they are actually meant to financially harm users and violate their personal information. In this post, we will look at the hazards of fake loan applications and give important suggestions for identifying and avoiding them.

Personal loan online lending has become a useful choice for those who need to borrow money quickly. However, with rising demand, there has been an increase in the number of loan apps, as well as bogus loan apps masquerading as real lending platforms. Fake loan apps are also known as 7 day loan apps. These 7 day loan applications defraud customers by promising immediate loans.

These online lending apps guarantee to provide you with a personal loan immediately without the need for any documentation or other types of verification. 

This proposal is so tempting that consumers easily fall for it by revealing all of their personal and financial information. They take loans from these applications without verification, resulting in a number of problems in their lives.

The following article will educate you about the applications that the RBI has banned. Here you will discover an updated fake Loan App List 2023, so that you are informed of any fake loan applications, real or not, before completing a loan application.

Fake Loan Applications Are Common

In recent years, India has seen an increase in the number of digital lending platforms that provide immediate loans to consumers with the press of a button. While there are many respectable lenders in the market, there has been an alarming increase in fake loan applications pretending to be actual lenders. These applications rely on people's serious financial needs and lack of information to fool them.

What are Fake Loan Apps?

Fake loan apps are misleading smartphone applications that pretend to provide quick and cheap loans to people in need of money. These fraudulent applications generally target needy borrowers who might be experiencing financial troubles or in need of fast cash for an emergency. The applications attract customers by promising hassle-free loans with minimum documentation and fast approval.

The truth, however, is far from what they represent. Fake loan applications are intended to take advantage of naïve users by gathering personal and financial information without giving real lending services in exchange. Users must supply sensitive information such as their bank account information, Aadhaar number, and other personal data when downloading and installing these apps.

After the theft of the user's data, these fraudulent applications can get involved in a variety of criminal acts, including selling the information to third parties for identity theft or utilising it for unauthorised financial transactions. Fake lending apps may even utilise harassment and intimidation to extort money from users who fail to repay the non-existent loans in some situations.

The effects of falling victim to fake loan applications can be serious. Users may suffer financial losses as a consequence of hidden charges and fees, credit score harm, and exposure to possible legal issues as a result of fraudulent activity undertaken using their personal information.

Users need to take care and undertake comprehensive research before downloading any lending app to protect themselves from these frauds. It is critical to validate the lending platform's trustworthiness, look for user reviews and ratings, and avoid giving important information with untrusted applications. Furthermore, customers should only borrow from licenced and registered financial institutions to provide a safe and secure borrowing experience.

How fake loan apps operate?

In order to attract potential borrowers, fake loan applications utilise aggressive marketing strategies. They frequently promote tempting loan offers with low interest rates and simple repayment alternatives, appealing to individuals in desperate need of finances. When a user downloads the app and enters their personal and financial information, the app owners acquire unauthorised access to their data, which can have serious implications.

To attract unaware consumers into their fraudulent schemes, fake loan applications utilise fraudulent and manipulative approaches. These apps are particularly designed to take advantage of those who are in desperate need of money but do not have access to standard financial systems. This is how most of these frauds work:

Attractive Advertisements: Fake loan apps often advertise extensively, using attractive offers and catchy slogans to grab the attention of potential borrowers. They promote easy and instant loans with no credit checks, making them appear as the perfect solution for those facing financial emergencies.

Easy Download and Registration: To entice users, these apps are made easily accessible on various app stores. Once downloaded, users are asked to register by providing basic personal details, such as name, phone number, and email address.

Request for Personal Information: After the initial registration, the app requests more sensitive information, including bank account details, Aadhaar number, PAN card details, and other financial data. Users are led to believe that this information is necessary for loan processing.

No Loan Disbursement: Despite providing all the required personal information, users may not receive the promised loan amount. Instead, they may face multiple delays and excuses from the app, leaving them in a vulnerable situation.

Hidden Charges and Fees: Some fake loan apps may charge high processing fees, insurance charges, or other hidden fees during the loan application process. Users may end up paying these charges without receiving any loan.

Data Theft and Identity Fraud: Once the app has obtained users' personal and financial information, it may use it for malicious purposes. This includes selling the data to third-party entities engaged in identity theft or unauthorized financial activities, putting users at risk of financial loss and reputational damage.

Harassment and Intimidation: In some cases, fake loan apps may resort to harassment and intimidation tactics to recover non-existent loan amounts. Borrowers may receive threatening calls or messages, causing immense stress and anxiety.

App Disappearance: After extracting personal information and financial data from users, some fake loan apps may suddenly disappear from app stores, making it challenging for users to report or seek recourse.

Fake Loan Apps List in India

Fake loan apps are digital applications that trick people into giving away their money. They have become more common in India. The Reserve Bank of India (RBI) is working on making a "Whitelist" of safe apps that can be trusted on the Google Play Store or Apple App Store.

These fake apps look real and are available on official app stores. When users download them, they are asked to give their banking and KYC information. But these apps are not genuine, and they misuse this information. As a result, money is taken from users' accounts without their permission, or they are threatened and forced to pay.

So, be careful when using such apps. The RBI blacklisted a list of fake loan apps that you should avoid.

Remember to always check the credibility of an app before sharing your personal information and use only trusted lending apps. Stay safe and protect your hard-earned money!

We are providing information regarding the Reserve Bank of India's banned Fake Loan App List.

How to Identify Fake Loan Apps in India

Shady Website and Poor User Interface

Most fake loan apps have poorly designed websites with numerous grammatical errors and misspellings. Legitimate lenders invest in user-friendly interfaces and maintain professional websites.

Highly Unrealistic Promises

If an app promises guaranteed loans with no credit checks and instant approval, it's likely a scam. Legitimate lenders always assess creditworthiness before granting loans.

No Physical Address or Contact Details

Authentic lenders provide clear contact information and have physical offices. If an app lacks these details, it's a major warning sign.

Unprofessional Customer Support

Scammers often have unresponsive or unhelpful customer support teams. Legitimate lenders prioritize customer service.

Unsecure Data Handling

Fake loan apps may not have proper data encryption, putting users' personal information at risk. Genuine lenders follow strict data security protocols.

A fake loan application will include the following characteristics that can help you detect it:

  • Very high interest rates or loan conditions.
  • Requests for sensitive information, such as an Aadhar number or full access to a bank account.
  • There are no upfront fees or hidden charges.
  • App interface that is poorly designed or amateurish.
  • Inadequate contact information or ambiguous information about the lender.
  • There is no physical address and little information about the firm.
  • Requests for quick payment or money transfer.
  • Requests for remote device access.
  • There are no explicit policies or terms and conditions.
  • There is no clear information on loan repayment and interest rates.

The Risks of Using Fake Loan Apps

Financial Losses and Hidden Charges

Borrowers who fall prey to fake loan apps end up paying high processing fees and hidden charges without receiving the promised loan amount.

Identity Theft and Data Breaches

Fraudulent apps may sell users' personal information to third parties, leading to identity theft and fraud.

Harassment by Fraudulent Lenders

Borrowers who fail to repay fake loans on time may face harassment and threats from loan sharks associated with these apps.

Steps to Protect Yourself from Fake Money Apps

Research and Verify Lenders

Always research and verify the credibility of a lending app before downloading or providing any personal details.

Check for Licensing and Registration

Ensure that the lending app is registered with relevant authorities and has a valid license to operate as a financial institution.

Read User Reviews and Ratings

Go through user reviews and ratings on app stores and other platforms to get a better understanding of the app's reputation.

Avoid Sharing Sensitive Information

Never share sensitive information like bank credentials, Aadhaar number, or OTPs with any unverified app.

Legal Actions Against Fake Loan Apps

The Indian government and regulatory bodies are taking strict measures to curb the menace of fake loan apps. Consumer awareness programs are also being initiated to educate people about the risks involved.

Realizing Your Financial Needs Responsibly

While the availability of quick loans can be tempting, it is essential to understand your financial situation and opt for reputable lending platforms to meet your needs responsibly.


Fake loan apps in India pose a significant threat to unsuspecting individuals seeking financial assistance. It is crucial to stay informed and cautious when dealing with online lending platforms. Always remember that legitimate lenders prioritize the safety and welfare of their customers. Avoid falling into the traps of fake loan apps by following the tips mentioned in this article.

FAQs on Fake Loan Apps

What are the real loan apps?

PaySense, Bajaj Finserv, dhani, Paytm Postpaid, Money Tap, and others are among the top lending loan apps in 2023.

Are all online lending apps fake? 

No, not all online lending apps are fake. Many legitimate apps operate in India, but it's crucial to verify their authenticity before using them.

Which loan app approved by RBI?

Paytm, Bajaj Finserv, Capital First, EarlySalary, HomeCredit, LazyPay, MoneyTap, and Simpl have all been approved by the Reserve Bank of India (RBI).

What should I do if I suspect a loan app is fake? 

If you suspect a loan app is fake, avoid providing any personal information and report the app to the relevant authorities.

Can I get a loan without a credit check? 

Legitimate lenders often conduct credit checks to assess borrowers' creditworthiness. Be cautious of apps claiming to provide loans without any credit checks.

How do I stop fake loan apps accessing my contacts?

Use approved app stores to avoid fake loan applications from accessing your contacts. Examine the app's permissions. Keep your phone up to date. Make use of a security app. Be wary of free downloads. Read app reviews, use two-factor authentication, and avoid sharing personal information. 

Which app is the best for an emergency loan for medical treatment?

Fullerton India, Navi, zest, Fullerton India, Upwards, and Fibe are the finest emergency loan applications in India.

Is easy loan app real or fake?

Beware of the "Easy Loan" app available on the Google Play Store, as it has been reported as a fake loan app involved in fraudulent activities. Users have faced harassment and security threats after downloading this app. 

How can I improve my credit score? 

Improving your credit score involves responsible financial behavior, such as paying bills on time and reducing outstanding debts.

Where can I find legitimate lending apps? 

You can find legitimate lending apps through app stores, official websites of banks and financial institutions, and recommendations from trusted sources.

Which loan apps are banned in India?

Several well-known loan apps have been banned in India, including Indian 'Buy Now Pay Later' (BNPL) apps like LazyPay, and others with Chinese links such as Chinagora, CashBean, Moneed, CashNow, CashMouse, LoanFront, and Kissht. The Reserve Bank of India (RBI) received multiple reports from individuals about these apps' fraudulent activities, leading to the issuance of orders to block them, as instructed by the Ministry of Home Affairs. The ban aimed to protect consumers from unethical practices and to safeguard their personal and financial information.

What are the fake loan apps in IOS?

The Indian App Store was discovered to include multiple fraudulent lending applications that threatened consumers with excessive interest rates. Although Apple has banned and deleted them, they may still be present on your iPhone. These applications are called Pocket Kash, White Kash, Golden Kash, and OK Rupee. These platforms offered customers cheap loans and then charged high fees and interest rates. Furthermore, the fraudsters used horrible techniques to force the loanees to pay.