Chinese Loan Scams

Instant Loan! No paperwork required, No CIBIL score check, No previous records necessary, instant loan approval and minimal interest rates. These words can trick most of the population to turn their heads towards it and make their mouths water.

With the official process, there will be a ton of paper/digital work and waiting period to even know if you qualify for applying for a specific loan. You have to have a perfect CIBIL score, a property to submit as collateral (in high amount of loans), paperwork with little to no mistakes etc. and a lot more to be even considered as a worthy candidate for getting a loan sanctioned. And this entire process takes a lot of time to complete. Even after getting the loan sanctioned, the interest rates could be a nightmare and monthly EMIS haunt in instalments. So, amidst all these chaos, if someone extends their hand out and tell you that they will offer you a loan at minimal interest, with little to no paperwork and record checking, what would you do? Right there, the moment of pause you took to ponder about it is enough for the scammers to get ahold of you with those alluring words and trick you into their traps.

There are numerous applications in the market (Play Store and App Store) through which one can avail an almost instant loan of comparatively smaller amounts like upto 30,000 Rs. The process of availing this loan will be made awfully easy for users to sign up instantly. The users enter all the personal details requested by the application. In a moment of haste or disregard, most of the users approve all the requested permissions for the application.

There's a catch here. Just like it is absurd for a calculator application to ask for permission to access calls, contacts and files in your device, most of these apps request for various permissions that are normally irrelevant for applications like them. Once the user grants all the permissions, all kinds of data that can be exploited from the user's device will be transferred to their servers, which are most likely hosted in a different country.