How to Avoid Digital Lending Scams This Festive Season

Know to avoid scams while shopping online

Digital lending scams are becoming increasingly common, especially during the festive season, when people are more likely to borrow money to buy gifts and celebrate. Here are some tips on how to avoid falling victim to these scams.

Only borrow money from reputable lenders

Only borrow money from lenders who are registered with the Reserve Bank of India (RBI). You can check the RBIs website to see if a lender is registered.

Be wary of unsolicited loan offers

If you receive an unsolicited loan offer, be careful. Scammers often use unsolicited offers to lure people into their scams.

Do your research

Before you borrow money from any lender, do your research. Read reviews of the lender online and see what other people have said about their experiences.

Read the terms and conditions carefully

Before you sign any loan agreement, be sure to read the terms and conditions carefully. Make sure you understand all of the terms, including the interest rate, repayment schedule, and any fees.

Be careful about sharing your personal information

Be careful about sharing your personal information with lenders. Scammers often use peoples personal information to commit identity theft.

Report any suspicious activity

If you suspect that you have been a victim of a digital lending scam, report it to the RBI immediately. You can also report the scam to the police.

Conclusion

By following these tips, you can help to protect yourself from digital lending scams this festive season. Remember, be careful about who you borrow money from and never share your personal information with anyone you dont trust.