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Guide · Safety

How to identify fake loan apps

A loan app is likely fake if it is not linked to an RBI-registered bank or NBFC, asks for an upfront fee, wants access to your contacts or photos, or does not give you a Key Fact Statement. Under RBI’s digital lending rules, the loan must come from a regulated lender, be paid directly into your bank account, and come with a KFS showing the APR. Report fraud on RBI’s Sachet portal or the cybercrime helpline 1930.

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Warning signs

  • No named RBI-registered lender behind the app
  • A “processing” or “approval” fee before disbursal
  • Requests for access to contacts, photos or call logs
  • No Key Fact Statement or unclear APR
  • Threats or harassment over repayment
  • Money sent from a third party’s account, not the lender’s

What genuine digital lenders must do

  • Disclose the regulated lender’s name
  • Give you a Key Fact Statement with the APR before you sign
  • Pay directly into your bank account and collect directly from it
  • Offer a cooling-off period to exit the loan
  • Have a named grievance officer

How to check and report

  1. Check the lender on RBI’s list of registered NBFCs at rbi.org.in
  2. Check RBI’s public list of digital lending apps
  3. Report unregistered lenders on sachet.rbi.org.in
  4. Report fraud or harassment on cybercrime.gov.in or by calling 1930

Frequently asked questions

Is Finriseo a loan app?

Finriseo is a loan comparison platform. Loans are given by the RBI-registered NBFC you choose, and they issue the KFS.

What if a loan app is harassing me?

Report it at cybercrime.gov.in or call 1930, and file a complaint on RBI’s Sachet portal if the lender is unregistered.

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Finriseo is a loan comparison platform, not a lender. Loans are given by RBI-registered NBFCs and are subject to their approval, rates and terms.

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