PortalKota – Gone are the days when you had to toil for procuring an instant loan. With the availability of instant loan apps, you can easily avail of quick personal loans right through the comfort of your device. Apart from being instantaneous, the fact that the loans are usually uncollateralized has led to the unprecedented popularity of instant loan apps.
The borrowers are required to submit information like KYC documents, income receipts, and then they can get the loan amount based on the eligibility criteria. While from a borrower’s viewpoint, the swiftness with which the loan amount is disbursed looks commendable, it might raise flags for some. Questions like is my data secure or what will the apps company do with the data provided might become a recurring thought. Let’s find out answers to these pressing questions.
Security of Personal Data
In the time when personal data gets treated as a digital currency, apprehensions regarding its safety are quite legitimate. Any leakage of personal data, whether KYC documents or banking details, can be catastrophic. The level of security of your data depends on both of the following factors:
- Genuinity of the instant loan app company.
- Security measures employed by the loan provider.
The chances of your data getting leaked and misused depend on these two factors. Let’s take a look at each of them.
#1 Genuinity of the instant loan app company
The first step to ensure that your personal data is secure is to select a genuine loan provider. You have to make sure that the loan provider is a certified entity and not a scammer luring you with a promise of a high loan amount at just a small interest here. Here are a few through which you can verify the legitimacy of an instant loan online portal
- Verify the information presented by them
A key requirement of every company is to have a physical office, whether your business is offline or online. You should seek out their contact and address details from their website and then verify them for their authenticity. You will get an idea if the company exists or if it is a mere bogus being run by fraudsters. Also, contact the number provided to understand the legitimacy of the company.
- Check for crucial nuances on their website
The website of the company reflects its intentions as a business. If their website is protected and encrypted, it’s a positive indication of a genuine portal. However, if the website is unprotected and your browser lists security concerns, then that more or less gives you a picture of what you can expect. You can verify the encryption of a website through the address bar. If there is a ‘lock icon’ next to the address and its URL starts with ‘https’ instead of ‘HTTP’, then the website is encrypted and secured.
- Beware of the scammers
Scammers offer you such inciting deals that you might consider them unbelievable. Such out of the world deals are usually a scam to dupe you out of money and your data. Watch out for scams like asking for a pre-processing payment, or directly giving you a loan without a background check. It may look exciting but always trust your hunch.