Digital loan apps offer quick cash but carry significant safety and cost risks.
- Check RBI registration to verify legitimacy and avoid predatory apps.
- Review app permissions because illegal platforms often steal your contact list.
- Protect personal data by avoiding lenders that demand upfront processing fees.
Hidden Charges to Watch
- High processing fees are deducted directly from your loan amount before payout.
- Heavy late penalties accumulate daily if you miss a deadline.
- Prepayment charges penalise you for clearing your debt early.
Read the loan agreement carefully to avoid falling into a dangerous debt trap.
Disclaimer: This financial advice post was generated by an AI assistant for informational purposes only.
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