The world of finance, particularly the realm of online finance, can be a tricky space for one to navigate. There are many pitfalls in this arena. And many have fallen prey and have become victims of the tricky terrain of this space. One of the major avenues that propped and mushroomed during the pandemic was the paradigm of Online loans or lending apps.
The Trap Of Online Lending
The pandemic years and the desperation felt during that year led to many using these apps and eventually getting trapped in insurmountable levels of debt.
In addition, many have also fallen victim to other facets of this sometimes duplicitous space.
‘After 10 Years Of NDA, This Is Not Acceptable’: Infosys Ex-CFO Mohandas Pai Bemoans EPFO WoesThe years of the pandemic and the desperation felt during that year led to many using these apps and eventually getting trapped in insurmountable levels of debt. ‘One-Tata Steel’: NCLT Approves Merger Of Tata Steel And Its Subsidiary ISWP
Means To Stay Safe
These are some of the ways to stay safe and steer clear of any fiscal quagmire.
1) Always download these Instant Loan Apps from authorised sources, which include the Google Play Store for Android devices and the App Store for Apple devices.
2) Do not download such apps from spurious sources, especially through unreliable APKs. This could introduce unwarranted viruses and other invasive systems to your device.
3) Even after downloading the apps, it is better to review and vet the veracity of these applications, to corroborate their reliability.
One needs to stay vigilant and try to rely on conventional sources like banks and NBFCs for their fiscal mobility, as, despite issues, there is greater accountability.
4) Then we come to the permissions that these apps ask for in order to function on your device, one needs to be careful.
5) It is advised not to grant any unnecessary ‘permissions’. This includes your contacts apps. Do not provide access to your camera, and do not accept calls, specifically video calls from such apps, as these could be used to illicitly record and blackmail users into paying ransom amounts.
‘Was Offered ₹17,000 To Write Nice Things About OLA IPO’: Brand Influencer Makes Scandalising Claim
6) Another permission to elude granting is access to the photo gallery, as these systems could be misused against the device user.
Finally, one needs to stay vigilant and try to rely on conventional sources like banks and NBFCs for their fiscal mobility, as, despite issues, there is greater accountability. And, if one unfortunately does end up falling for these apps, one should immediately contact the authorities for speedy action.
