47 Loan Apps Were SCAMS — RBI Just Banned Them. Is Yours on the List?
RBI removed 47 fake loan apps from Play Store that were charging 200%+ interest and harassing borrowers. Before you download any loan app, here is how to check if your lender is actually registered with RBI.
Some illegal apps were charging 1% per day interest — that is 365% per year! A legit personal loan charges 10-18% per year. Always check the RBI registration.
Illegal apps charge 1% PER DAY. A legit loan is 10-18% per YEAR. Always check RBI registration before borrowing!
Key Takeaways
Legitimate loan apps always show the NBFC or bank name and RBI registration number
No real lender will ever ask for upfront fees or access your photos and contacts
If you borrowed from a suspicious app, file a complaint at RBI SACHET portal or call 14448
The Reserve Bank of India has intensified its crackdown on illegal digital lending apps, directing Google to remove 47 applications from the Play Store that were operating without valid NBFC registrations. Several apps were found charging annualized interest rates exceeding 200%.
The enforcement action follows hundreds of consumer complaints about harassment, unauthorized data access, and hidden charges. RBI's Digital Lending Guidelines (2022) mandate that all loan apps must clearly disclose the name of the regulated entity, interest rates in APR format, and provide a cooling-off period.
How to verify if your lending app is legitimate: 1. Check if the NBFC/bank name is displayed prominently in the app 2. Verify the RBI registration number on rbi.org.in 3. Legitimate lenders never ask for upfront fees before disbursal 4. Interest rates should be clearly stated before you accept the loan 5. No legitimate lender will access your photos, contacts, or social media
Platforms like GoCredit only partner with RBI-registered NBFCs and scheduled banks, ensuring every loan offer comes from a verified, compliant lender. The app displays lender credentials and FLDG details transparently.
If you've borrowed from a suspicious app, file a complaint on the RBI's SACHET portal or call the banking ombudsman helpline at 14448.
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