Loan Apps : How they loot the customers ?
Insta Loan fraud & mobile apps These Insta Loan applications are developed in such a way that on installing these apps they get access to the contacts, mobile information and other data on the device. These applications collect the Id proofs, PAN card, KYC documents, and bank account details of the customers. They check the genuineness of the documents and disburse small amounts in the form of a loan to their bank accounts by debiting the processing charges and GST ie, 25-30 per cent in advance. Loans are given for either seven days or 15 days. After the due date, the company categorises the customers into various buckets - S-0, S-1, S-2, S-3, M2, M3, X etc. The customers in a lower bucket get a decent treatment but as the bucket category goes up the treatment gets harsher. The call centres of the company abuse the customers in filthy language and threaten them with dire consequences. They even go to the extent of accessing the contacts of the customers from their phone and start a