Have you ever been contacted by a ‘representative’ who claimed to offer a personal loan or perhaps promised to extend a loan repayment schedule in exchange for a ‘small fee’? This fee was possibly explained as a GST charge, processing fee, or an advance payment of some sort. If you have ever received such a call, you were likely contacted by a personal loan scammer.
Luckily, there are many ways to steer clear of such scams. However, before we get into how you can identify such fake scammers, let us get a solid understanding of what personal loan scams exactly are and why they can be particularly dangerous.
In simple terms, a personal loan scam is where a scammer poses as a representative from a financial lending company or a bank, promising an instant loan approval using attractive propositions like low interest rates or forged EMI plans.
They make the entire scheme sound completely credible and try to convince you to either share personal information like account credentials or identification details like Aadhaar or PAN number to process your loan or ask you to make advance fee payments stating processing charges, service charges, and so forth – with no intention of returning this money.
Often, scammers can also send out text messages or emails that contain false information about granting a personal loan, with a hyperlink. Clicking on this hyperlink can possibly redirect you to a fraudulent website that can hack your personal data and put your privacy at risk.
It is important to note that authorized loan sanctioning institutions like Banks/NBFC could sometimes ask for application fees, depending on the type of personal loan chosen. However, any fee associated with the loan is covered by the loan plan itself. So, if you are being asked for an additional upfront pre-loan payment, it is likely to be a scam.
If you ever feel like you have been contacted by a loan scammer, the universal thumb rule is to remember that there is nothing known as guaranteed approval, since that is what they are likely to promise. If the caller tells you that your loan will be instantly approved without a credit check and all you are required to do is pay a small ‘processing fee’, know that you are possibly getting scammed.
At DMI Finance, we abide by transparency and empowerment as key drivers to provide reliable, solution-oriented services. We are associated with the most credible sourcing partners in India, who are pioneers in the fintech industry and are known for their responsible services.
Our list of esteemed partners includes top companies like MobiKwik, CredRight, Money View, Finnable, IndiaLends, and MoneyTap, among others. You can take a look at the full list of our sourcing partners here: https://www.dmifinance.in/dmi-sourcing-partners.html
To avail our loan services, you can simply get in touch or register with any of our sourcing partners to find verified information regarding factors like eligibility and type of loan required. Once approvals and credit checks are completed, DMI Finance will process your loan, ensuring a quick, easy and seamless experience.
You can rest assured that the DMI Finance team will never contact you asking for money transfers or ask you to pay extra charges to avail loans. Our process is streamlined to make your experience as easy and simplified as possible.
Overall, it is best to refrain from giving away any personal information over a phone call and perform a quick credential check before revealing any kind of financial information.
Should you have any queries regarding services at DMI Finance, you can immediately get in touch with us on our WhatsAppSupport Number +91 9350657100 or connect with our team on our Customer Care Helpline 08064807777. You can find all our contact details here: https://www.dmifinance.in/contact-us.html
Until then, stay aware and stay safe!
