This is an applicant’s checklist: what to do, step by step, so you never hand money or data to a fraudster. If you want to understand how fake loan apps work and how their harassment tactics play out, read how the fake loan app scam works.
The four moments that matter
Where to check, from download to disbursal
A simple checklist based on RBI digital lending rules for regulated lenders. Skipping any one checkpoint is where most fraud gets in.
Before you install: verify who is lending
Find the lender’s legal name
A genuine app clearly names the RBI-registered bank or NBFC that actually lends the money, on its website and inside the app. “Partner NBFCs” with no names is a warning sign.
Check the registration
Look the NBFC up on the RBI website’s list of registered NBFCs, and check that the company’s own website lists the app as one of its lending apps. Our sister company FundsTiger keeps a list of RBI-approved loan apps you can cross-check against.
Install only from the official store or the lender’s site
Never install an app from a link in an SMS, WhatsApp message or social media ad. Fake apps often copy real brand names and logos.
Read the reviews properly
Look past the star rating. Repeated complaints about harassment, hidden deductions or messages to contacts are a clear signal to stay away.
While you apply: guard your phone and your money
- Deny access to contacts, call logs, photos and media. RBI rules don’t allow lending apps to access these. An app that insists on them is not one you want.
- Never pay anything upfront. “Processing”, “insurance”, “file” or “GST” charges demanded before approval are the oldest loan scam. Genuine fees are deducted from the loan or charged as stated in the KFS, never collected first.
- Don’t share OTPs, UPI PINs or passwords with anyone who calls claiming to be from the lender.
- Be wary of “guaranteed approval”. No real lender guarantees a loan before checking your profile.
- Watch out for pressure. “Offer expires in 10 minutes” is designed to stop you from checking.
Before you sign: read the Key Fact Statement
Regulated lenders must give you a Key Fact Statement (KFS) before you sign. It shows the loan amount, the annual percentage rate (APR, the all-in yearly cost including fees), the repayment schedule, and penal charges. Compare it with what you were told.
| Check | Genuine lender | Likely fraud |
|---|---|---|
| Who is lending | Named bank or NBFC with RBI registration | Brand name only, or an unknown company |
| Cost disclosure | KFS with APR before you sign | No KFS, or vague “low interest” |
| Fees | Deducted or charged as shown in the KFS | Paid upfront to a personal UPI ID or account |
| Phone permissions | Only what is needed (e.g. camera for KYC) | Contacts, gallery, call logs |
| Tenure | Clear schedule, often months | Seven-day terms with surprise deductions |
| Cooling-off | You can exit within the stated cooling-off period | No exit option mentioned |
If you can’t see the APR before you sign, don’t sign.
After disbursal: confirm the money trail
Under RBI digital lending rules, the loan should be paid directly from the lender’s account into your bank account, and repayments should go directly to the lender. Check your bank statement: the credit should come from the lender, not from an individual or an unrelated company. Save your loan agreement, KFS and repayment schedule.
If you later find yourself juggling several app loans, don’t take another app loan to repay them. SmartSwitch can replace them with one EMI from a regulated lender.
If something has already gone wrong
You paid an upfront fee
Stop paying immediately. Report it on the cybercrime helpline 1930 or at cybercrime.gov.in, and inform your bank about the transaction as soon as you can.
You’re being harassed
Don’t pay under threat. Keep screenshots and call records, file a cybercrime complaint and report the app on the RBI Sachet portal.
A regulated lender treated you unfairly
Write to its grievance officer. If it isn’t resolved, escalate to the RBI Ombudsman.
A loan you didn’t take appears on your report
Dispute it with the bureau and the lender. See CIBIL dispute resolution.
How to check us, too
Apply this checklist to Omozing as you would to anyone. Omozing is the digital lending brand of Aparampaar Finance Private Limited, an RBI-registered non-deposit-taking NBFC based in Bengaluru; our regulatory disclosures list our details. We lend to salaried people, up to ₹25 lakh over 3 to 36 months, with rates starting from 11% a year. You get a Key Fact Statement with the exact rate, fees and APR before you sign, the money goes straight to your own bank account, and we never ask for any fee before approval.
Borrow from a lender you can verify
Two documents, a credit officer who reads your full report, and every charge shown before you sign.
Frequently asked questions
How can I check if a loan app is genuine?
Find the name of the bank or NBFC behind the app, confirm it is registered with the RBI, and check that the lender’s own website lists the app. A genuine app shows a Key Fact Statement with the APR before you sign.
Do genuine loan apps ask for a processing fee upfront?
No. Genuine lenders deduct fees from the loan or charge them as shown in the Key Fact Statement. A demand for payment before approval is a common scam.
Is it safe to give a loan app access to my contacts?
No. RBI rules do not allow lending apps to access your contacts, call logs or media. Deny these permissions and avoid apps that insist on them.
What should I do if I paid money to a fake loan app?
Stop further payments, report it on the cybercrime helpline 1930 or cybercrime.gov.in, and tell your bank about the transaction quickly. You can also report the app on the RBI Sachet portal.
Is Omozing a genuine lender?
Omozing is the digital lending brand of Aparampaar Finance Private Limited, an RBI-registered non-deposit-taking NBFC. Our regulatory details are on our regulatory disclosures page, and we never ask for any fee before approval.
Can I cancel a digital loan after taking it?
Regulated digital loans come with a cooling-off period during which you can exit by repaying the principal and the proportionate cost. The period is stated in your loan documents.
Omozing is the digital lending brand of Aparampaar Finance Private Limited, an RBI-registered non-deposit-taking NBFC. Loans are subject to credit assessment. See our regulatory disclosures and grievance redressal process.