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Most Indian Consumers Still Susceptible To Illegal Loan Apps

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Most Indian Consumers Still Susceptible To Illegal Loan Apps

A recent study conducted by the Fintech Association for Consumer Empowerment (FACE) reveals that nearly one-third of high-confidence customers in India lack knowledge about digital loans and struggle to detect illegal lending apps. The study found that many customers are unaware of key information such as the lender's name, key fact statements, and grievance redressal mechanisms. Over half of the respondents show limited knowledge of the verification factors for loan apps and are susceptible to fraud and scams. The report recommends addressing these gaps to protect customers and maintain trust in digital lending. Additionally, the Reserve Bank of India (RBI) is planning to establish a public register of whitelisted lending apps to combat illegal lending practices.

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