Saturday, April 13, 2024

Why you should ignore loan apps asking for the following details

Kenya is at the forefront of technological innovations in Africa and is often nicknamed Africa’s ”Silicon Savannah.’’

While some forms of technology have made positive changes in the country, there is evidence of the negative sides of technological advancements, among them online fraud.

One sector that has been hugely affected by online fraud is the digital lending sector. With the rising number of digital lending apps, scammers have stepped up with fake loan apps on Playstore and Appstore, cheating unsuspecting borrowers off their money.

These apps have specific characteristics that will help you tell they are fake. Some of these characteristics include;

  1. They request a registration fee for the service
  2. They are never concerned with how the borrower will repay the loan. They never bother about credit scores or collateral while claiming to give out loans.
  3. Before giving out the loan, they will tell you to pay some borrowing fee and that the money will be refunded once the loan has been processed. Legitimate lenders usually deduct the borrowing fee from the loan.
  4. Have fake or non-existent telephone numbers, websites, and addresses.
  5. They don’t have registered physical addresses and contacts.
  6. Do not have customer care helplines or mechanisms
  7. Too many ads on the apps.

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Do not disclose personal details such as PIN, bank account details, usernames, or passwords to protect yourself from such scams. You should also avoid installing apps from the internet if you are unsure of the source.

You can report these apps on the Google Play store by flagging them as inappropriate, and Google will act accordingly. Follow the following steps to report the apps on the Google Playstore.

  1. Open Google Playstore App on your mobile phone.
  2. Search the intended fake app and click it
  3. Go to the menu top right corner and click ” Flag as inappropriate.”
  4. Select the reason and submit.

You can also report these fake loan apps to the Digital Lenders Association of Kenya (DLAK). However, DLAK will only act on the member apps. Follow the steps below to get started.

  1. Go to the DLAK website
  2. Select Customer Complaint from the menu
  3. Fill in the details required
  4. Describe your complaint
  5. Select the intended lender
  6. Click “Report”

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