Is Your Personal Data Safe with Instant Loan Apps? What You Must Know

If you’re planning to download a loan providing app, the first thing you might ask is – is it really safe to use? The answer is yes, but only when you borrow from an RBI-approved and reliable lender. 

With instant loan apps, you don’t have to step into a bank branch anymore. Everything – from applying to getting the loan – happens online in just a few minutes. These apps have made borrowing simple, quick, and stress-free. 

But here’s the concern: scams do exist. According to an RBI report, India recorded more than 9,000 banking scams in 2021-22. Naturally, this makes many people hesitate before installing a loan app. The good news is, there are simple checks you can do to ensure you’re choosing a safe and authentic app.  

Let’s break it down. 

How to Ensure You Are Using a Safe Loan App? 

1. Check the app company’s website and offline address 

Always verify if the app is backed by a registered lender or NBFC. Look for: 

• Lender’s name 

• Contact details (phone number and email ID) 

• Physical office address 

• Link to an official website 

If these are missing, it’s better to avoid the app. 

2. Verify if the app is approved by the RBI 

• Genuine apps are associated with RBI-registered banks or NBFCs. 

• The app should clearly display its lending partner. 

• If the app doesn’t mention this, treat it as a red flag. 

• You can also report fake apps via the Sachet RBI portal. 

3. Be alert about the permissions asked by the app 

Check the app’s permission requests carefully: 

• Acceptable: PAN, Aadhaar and KYC details needed for loan processing 

• Red flag: Requests to access your photos, contacts, or emails 

• Trusted apps protect your data with multiple security layers 

4. View the reviews and ratings of the loan app online 

Before downloading, spend a few minutes on: 

• Checking ratings on Google Play Store or App Store 

• Reading user reviews about their experience 

• Looking for positive mentions like quick disbursal and transparent terms 

• Avoiding apps with complaints of harassment or hidden charges 

If you’re searching for a reliable urgent loan app, Fibe is a trusted choice among borrowers. With Fibe, you can get instant cash of up to ₹5 lakhs in just a few minutes. Fibe combines convenience with security, ensuring your personal data is protected while offering quick access to credit.  
Visit the website or download the app today! 

FAQs on the Safety of Loan Apps 

Are instant loan apps safe? 

Yes, provided you only use RBI-registered apps. 

How safe is it to avail of online loans? 

Safe, as long as you borrow from authentic lenders and check loan terms. 

Can a loan app access my bank account? 

No. A genuine app will only use secure third-party services to verify bank statements. 

Is it safe to share documents on loan apps? 

Yes, with an authorised lender like Fibe, your documents are encrypted. 

What should you avoid when availing of a loan? 

• Borrowing without checking repayment terms 

• Taking loans at extremely high interest rates 

• Using apps with no RBI registration 
   

What are instant loan apps and why be cautious? 

They are digital loan providing apps from banks, NBFCs, or fintechs. Fraudsters sometimes mimic these apps, so always verify authenticity.