Credit fraud
Instant loan app trap
Instant-loan apps harvest contacts, then harass borrowers after a tiny first disbursal.
Warning signs
- 01
The app is not from a bank you know, and it is not listed by your bank.
- 02
It asks for contacts, photos, and SMS access before showing a real sanction letter.
- 03
The first amount is tiny, then fees and “processing” charges keep the balance from closing.
- 04
Recovery messages go to your contacts, or threaten to post your photos.
- 05
The privacy policy is missing, or the company name on the app does not match the lender.
A regulated lender does not recover a loan by messaging your phone book.