Online Personal Loans: Is Your Data Safe? Uncover Hidden Risks Now!

• Online loan apps collect extensive personal data like PAN, Aadhaar, bank statements, and digital behavior, often beyond income details.
• Unlike RBI-regulated banks/NBFCs, many instant loan apps are intermediaries, increasing the risk of data misuse and sharing.
• Apps frequently request unnecessary permissions (contacts, call logs, photos) not needed for credit checks, posing a danger.
• Even if a loan is rejected, data is often stored for years and shared under vague privacy policy terms like 'analysis' or 'partner sharing'.
• Financial urgency makes users vulnerable, leading them to overlook terms and conditions, resulting in privacy loss and mental stress.

Why It Matters: Exercise caution with online loans; choose regulated lenders and protect your data from risky apps.