Beware of Fake Loans: Protect Your Wallet from Digital Lending Scams

• Digital lending platforms in India offer quick personal loans, but also increase the risk of 'fake loan' scams.
• Scammers lure victims with attractive offers like instant approval and low interest rates, often demanding advance fees or personal details.
• Identify fake loans by checking for advance fee demands, lack of physical address, overly attractive offers, and absence of credit checks.
• Genuine lenders provide transparent terms, secure websites (https://), and detailed loan agreements after approval.
• Always apply for loans through RBI-approved platforms or partners, and monitor credit reports and bank statements for unauthorized activity.

Why It Matters: Exercise caution, verify lenders, and use RBI-approved platforms to avoid falling victim to fake loan scams.