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Explained: What’s the case with instant loan apps? How were the victims lured?
An employee of the Telangana Department of Agriculture and a software engineer died by suicide last week after being humiliated and blackmailed by callers and debt collectors from a mobile app instant loan company. Their personal details were posted by the company on social media and called them defaulters and used abusive language. What is …
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SBA Extends COVID-19 Loan Application Deadline
WASHINGTON (KLTV) – The US Small Business Administration announced Thursday that the deadline to apply for the Economic Disaster Lending Program (EIDL) for the COVID-19 pandemic disaster declaration is extended until December 31, 2021. The extension of the deadline follows the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on …
Top 5 Instant Personal Loan Apps in India 2021
A personal loan is a boon to the borrower as it can be used in an emergency or when faced with a lack of funds. Since the loan has no end-use restrictions, the amount can be used to fund a wedding, travel plans, medical needs, or pretty much anything under the sun. You can even …
Lendio Relaunches Small Business Paycheck Protection Program Loan Application
Enter Wall Street with Street Insider Premium. Claim your 1-week free trial here. Lehi, Utah, December 29, 2020 (GLOBE NEWSWIRE) – Lendio, the leading national market for small business loans, today announced that it has relaunched its online application for small business owners to access government funds set aside for additional paycheck protection program (P3) …
Lending app scam: Experts worry about exploitation of regulatory loopholes
Five suicides in a week in Telangana, allegedly linked to harassment by illegal app-based loan sharks and extortionate pawnbrokers, have raised concerns about regulatory loopholes being exploited by online scammers. Telangana Police are investigating more than a dozen payday loan apps such as Loan Gram, Super Cash and Mint Cash. An organization that lends money …
Harassment by instant loan app companies: Chinese national among 3 arrested by Telangana police
Hyderabad: In a continuing crackdown on instant app-based lenders, Telangana police said on Sunday they had busted a Pune-based call center that was allegedly used to harass business borrowers from Hyderabad. online applications for recovery purposes and arrested three people, including a Chinese woman. The trio were arrested based on a complaint from a person …
Chinese national and 3 others arrested for loan app fraud in Telangana
Cyber Crime Police Station, Cyberabad has recorded eight cases against these loan applications. Rangareddy (Telangana): A Chinese national and three gang members have been arrested in an instant loan app fraud case in Cyberabad. Cyberabad Cybercrime Police raided a call center named “Cubevo Technology Private Limited” (Skyline) located in the city run by a Chinese …
Instant Loan Apps: Another Suicide in Telangana for Repayment Harassment
A 36-year-old man, who attempted suicide for alleged harassment by microcredit loan app companies, died five days later while undergoing treatment in Visakhapatnam, Andhra Pradesh, it has been announced the police. He died on the evening of December 23 at King George Hospital. Following a complaint from his friend, the NTPC Ramagundam Police Station in …
Police raid Hyderabad call centre, Chinese man among four detained
Four people, including a Chinese national, were arrested by Cyberabad police on Friday in their crackdown on illegal app-based instant microloan companies. Police raided a call center in Hyderabad named “Cubevo Technology Private Limited”, whose head office, “Skyline Innovations Technologies India Private Limited”, is located in Delhi. Police said they have so far identified two …
Online Loan Application Fraud: Chennai and Bangalore Police Issue Notice and Ask Victims to Contact Cyber Crime Unit
The Central Crime Branch (CCB) of Greater Chennai Police has issued a notice urging people not to provide access to loan applications and notify the police if they fall prey to such online fraud. Police said there were about 60 unauthorized online loan applications on Google Play Store, which are not registered or recognized by …
Lending Apps: RBI Warns Against App Lending | India Business News
MUMBAI: Following cases of suicide Regarding alleged harassment by debt collectors of entities that provided loans on mobile apps, the RBI has warned against such lending and called on aggrieved NBFC borrowers to file complaints on its portal. “There have been reports of individuals/small businesses falling prey to an increasing number of rogue digital lending …
Digital loan fraud: RBI warns small businesses and individuals against unauthorized loan applications
Credit and financing for MSMEs: On Wednesday, the Reserve Bank of India warned small businesses and individuals against lending through unauthorized digital lending apps. The central bank issued a notification following reports of these borrowers “falling prey to an increasing number of unauthorized digital lending platforms/mobile apps on the promise of getting loans in a …
Lending Apps: RBI Warns Public Against Unauthorized Digital Lending Platforms and Apps | India Business News
NEW DELHI: The Reserve Bank of India (RBI) on Wednesday warned the general public against unauthorized lending platforms and mobile apps. In an official statement, RBI said there have been reports of people falling victim to digital loan scam in order to get quick and hassle-free loans. “Members of the public are hereby warned not …
Crackdown on illegal instant loan apps; 17 arrested from Delhi, Gurgaon, Hyderabad
Crackdown on illegal app-based instant microloan loan companies, Hyderabad police arrested 11 people from Delhi, Gurgaon and Cyberabad police arrested six more here. Based on complaints, Hyderabad and Cyberabad police have registered 16 and 7 cases against these companies respectively. In the past two weeks, three people, including an unemployed technician and an agricultural extension …
Directors of Onion Credit and Credfox Technologies arrested after 3 suicides
Hyderabad: In the past month, three people have committed suicide after falling prey to online loan applications. Shaken by these deaths, the Telangana Police had issued a notice asking people not to download these predatory money-lending apps. On December 22, detectives from Cyberabad cybercrime station arrested six people in connection with the instant loan apps …
Most Victims Who Borrowed Money From Illegal Micro Loan Apps Were Private Employees, Students – The New Indian Express
By Express press service HYDERABAD: Most of the victims who borrowed money from illegal micro-loan apps and were harassed to repay extra money were students and private sector employees. Police have opened an investigation against illegal online loan providers. The financial crisis created during the lockdown was the reason many took advantage of these loans, …
Telangana Police say online instant loan apps are illegal and will take action
Taking seriously the various mobile application companies that offer instant loans, Telangana Police said on Friday that there are at least 60 such loan applications available on Google Play Store which are not registered or recognized by the Reserve Bank of India as NBFC and their operations were illegal. Response from Telangana DGP office comes …
The Indian personal loan market is changing. Not all for the good
Getting a personal loan has never been easier. A few clicks are enough. Offers from banks and non-banks flood your screen. And no-cost EMIs mean your interest charges can be limited. The result is that more personal loans are processed, smaller in size and by younger borrowers. That’s according to a study by credit bureau …
What documents are required for a mortgage application?
Mortgage lenders tend to require full documentation. It is not uncommon for mortgage loan application files to exceed 100 pages by the time all requested documents have been received. With that in mind, here’s a quick guide to the types of documents you may need to produce when applying for a home loan. Note that …
SBA loan application shows little control over emergency funding
NASHVILLE, Tennessee (WTVF) – A Tennessee woman calls for increased scrutiny of the US Small Business Administration’s loan program, saying it has made people an easy target for thieves. Pat Golab has followed the trail left by those responsible for his identity theft in August. The last time she spoke with us about what had …