How Secure are Instant Loan Portals

  • Updated on: 8 Nov 2023
  • Published on: 23 May 2019
How Secure are Instant Loan Portals

Choosing a genuine instant loan app to get instant loans is crucial. Many rely on these loans to cover their daily expenses. After all, convenience is the key in today’s fast-paced world. While this has increased the popularity and demand for robust instant loan apps, there are instances where many have fallen prey to an unsecured or fake app. 

Due to this, choosing a secure loan app has become more pertinent than ever. Doing so helps ensure your personal information’s safety and avoid misuse. Thankfully, there are a few tips that you can rely on to ascertain whether a quick loan app is real or fake. To know these tips, read on.

Verify the physical address and contact information

Verifying the address and contact details is the first and most crucial step in ensuring that you choose a genuine instant loan app. If you can’t locate the office of the lender, there may be a chance that it could be fake. You must look for the following details to check the loan provider’s address and contact details:

  • Lender’s name
  • Lender’s phone number
  • Lender’s email address
  • Physical office address of the lender 

Choose an RBI-registered Loan App

The easiest way to choose a secure instant loan app is to check if it is registered with the Reserve Bank of India (RBI). Only the RBI-registered lenders can offer credit in India. If you find an unauthorised application, it is a big red flag and you must file a complaint with the Sachet RBI portal online.  

Review the Permissions Asked by the Loan App

Providing certain details, like PAN Card, Aadhaar Card and other KYC details, is necessary when you apply for a loan. However, some applications may also ask you to grant access to your email, gallery and contacts. This indicates that it may not be a genuine instant loan app.

As such, checking the permissions you grant is essential when downloading an instant loan app. On the other hand, genuine online loan portals don’t require an extensive list of permissions. In fact, authentic lenders employ multiple layers of protection so that your data remains secure when you apply for an online loan.

Also Read: How safe are loan app?

Analyse the Reviews and Ratings of the Loan App

Another way to determine if a quick loan app is real or fake is to check its reviews and ratings. You can check the borrower’s reviews submitted on search engines. Many of them also share their experience of the downloading and installation process, as well as loan application, processing and disbursal timeline.   

In addition, you can also access the ratings on Google’s Play Store and Apple’s App Store. Many borrowers also leave their reviews of the application on these stores. While this helps you check whether the lender is genuine, it also helps you get insights into the overall process. If too many reviews point to negative experiences, it may be better to choose a different lender for a seamless borrowing experience.

Check for App Security and Encryption 

Another way to ensure that you choose a secure loan app is to look for encryption and security measures put in place by the loan provider. If you are applying through the website, look for the lock icon on the web browser. This icon indicates that the website has encryption, so all the personal details you enter are secure. 

Another way to check the website security is to look for “https://” in the URL instead of “http://”. You should also check the privacy policy, as a non-existing or vague policy is a big indicator of a suspicious lender. Looking out for such encryption and protection measures is vital for your data security. 

Fibe is among the leading and trusted lenders offering secure personal loans of up to ₹5 lakhs. Fibe app has a PCI DSS App-based journey with ISO/IEC 27001 Certification to protect its customers. In terms of application, the entire process is quick, hassle-free and requires minimum documentation. 

Download the personal loan app here, or log in to our website to get safe and secure personal loans instantly.  

FAQs on How Secure are Instant Loan Portals

Is it safe to apply for a personal loan online?

Yes, applying for a personal loan online from the genuine instant loan app or website is safe. You can use various ways to determine whether the lender is genuine and ensure your personal information and finances are secure.

How do you check if a personal loan app can be trusted?

The best way to identify a secure instant loan app is to check if it is registered with the Reserve Bank of India (RBI). You should also check the encryption and protection measures employed by the lender.


Our top picks

Can Millennial Stress be Resolved by Financial Wellness?
Finance | 3 mins read
How Organisations Can Measure the Impact of Financial Wellness Programs
Finance | 3 mins read
How Can HR help Overcome Staffing Challenges in the Digital Age?
Corporate | 3 mins read
5 Signs of A Good HR Function
Corporate | 3 mins read