A phishing attack is a practice by fraudsters to illegally procure personal information like account numbers, user ids, and passwords by sending emails claiming to be reputable companies. When a financial emergency strikes, borrowers don’t see much about the lender and hurriedly apply for loans online. This state of urgency and panic causes fraudsters to take advantage when borrowers often click on wrong links and submit their personal data.
Always check for reputed financial institutions with the contact information like lender's number, email-id, and physical address, which should be readily available on its official website. There are several loan apps online but verifying borrower’s credibility is significant to keep the personal information protected.
Make sure the financial institution or NBFC is registered. Also, read through the online reviews before applying for a personal loan. So, when these things are available, it is safe to submit personal documents for a loan online with a stringent security password.
Undoubtedly, Cyber fraud is increasing at an aggressive rate. Cyber fraudsters are always looking for ways to hack accounts for money. In addition, you should be aware of causes leading to cyber fraud:
The online loan procedure has simplified and brought revolutionary paperless documentation in contrast to the traditional school of availing loans, which required lengthy and detailed documents while applying for a personal loan.
The hassle-free paperless documentation with E-KYC verification has enabled speedy disbursal with minimal documents like your Aadhaar & PAN card. These two documents are mandatory and enough to get you an online personal loan approved in a few seconds. Similarly, when filing a cyber crime complaint, it’s important to know what are the documents required for a cyber crime complaint to ensure the process goes smoothly.
Although you should be cautious of sharing your information online, many well-known instant small cash loan apps are safe and trustworthy for credibility. Most of the renowned financial institutions and NBFCs operate in a regulated manner. Therefore, most loan apps are reliable and can be trusted when the lender is most concerned about your creditworthiness and the capability to repay the loan on time.
Loan app should allow you to calculate your loan eligibility and loan EMI with the help of the loan eligibility calculator and EMI calculator, respectively.
Hero Fincorp offers a wide range of financial products including Personal Loans for personal needs, Business Loans to support business growth, Used Car Loans for purchasing pre-owned vehicles, Two-Wheeler Loans for bike financing, and Loan Against Property for leveraging real estate assets. We provide tailored solutions with quick processing, minimal paperwork, and flexible repayment options for smooth and convenient borrowing experience.