Financial emergencies are something we all have experienced at least once in our lives. Whether it be for a medical emergency or an important bill that came up, monetary difficulties are hard to deal with. Thanks to instant money loan apps, it looks like borrowing funds may not be that tricky after all.
However, the biggest concern that users have right now is how safe it is to get a loan through mobile money transfer apps. As we know, there are at least a dozen of these available, and getting hold of a credible loan app is crucial.
How To Choose a Safe Instant Loan App
Currently, many mobile apps can get you an instant loan. Before you proceed, it is important to check the app’s authenticity. Luckily, there are some tips and suggestions that can help you do that with more reliability.
First of All, Look Into Online Reviews of the Lender
People who have previously borrowed from the loan app often leave online reviews of their experience. You can find them on Google Play Store or other reliable discussion forums like Quora and Reddit.
Paying attention to these comments can help you figure out if the app loan feature is worth a try. Moreover, some users also share drawbacks of obtaining a loan from a certain app so when you avail of this feature, you can watch out for those particular pointers. You may also come across unethical behavior of the lender as reported by previous borrowers.
It is crucial to look for sites that host genuine, real-user reviews and ratings only. Various, fraudulent platforms do pay reviews which are, obviously, not reliable.
Do Not Provide Sensitive Personal Data
Lenders will need your contact information as well as access to bank account details, annual income, employment details, etc. There should not be any privacy issues as long as you are dealing with trustworthy lenders. You can trust them to keep your information confidential. They are under contract to not share your data with third parties.
However, there are scammers online that can misuse the personal information that you provide. Therefore, you have to ensure that you are giving out data to eligible sources only. Although lenders, online banking apps, and mobile money transfer apps use encrypted security layers, now you must do your part in protecting yourself against any fraud or scam.
Ensure That The Lending Company Has Reliable Website
A well-maintained website is often a sign of good customer support service by the lending company. It guarantees that you will be able to get in touch with them in case you need help or guidance of any sort. For example, Chime is used by several lenders for payments. If you happen to be a Chime user, you may need to know how loan transactions are processed, what are the interest rates, etc.
Luckily, Chime provides one of the best customer support in the market. You should be able to get in touch with Chime staff through the app, email, or phone. It’s okay if you are not a Chime user! Just look for a mobile app with a loan feature that has reliable contact information, a website, and preferably a physical office as well.
The above-listed tips should help you choose a reliable money transfer app if you are interested in borrowing money from it later on. These are just some indicators that can help filter out fraudulent apps and ensure you don’t end up losing money or your sensitive data to a scamming party.
Word of mouth is often sufficient to figure out a genuine and safe loan app. Do pay close attention to what previous users have to share about their experiences. This can help you separate reliable platforms from fake ones easily.
Moreover, one thing to keep in mind when borrowing through mobile apps is that they do not generally offer a large number of loans. Although the interest charges are low which is quite ideal, you can not rely on the apps for big financial emergencies like borrowing an amount enough to pay your rent.