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You often receive messages on your mobile offering loans worth lakhs, processed in just two minutes without any paperwork. If you are considering downloading an app to avail such an offer, you need to exercise caution. Offers for quick and easy loans can often be traps. Some apps are designed solely to steal your data, while others may actually grant the loan but then harass you by extracting money through hidden charges.

**How ​​the loan scam works**
In the pursuit of an easy loan, people often make mistakes. You download and install the app, granting it various permissions—such as access to your contact list, photos, messages, location, and camera. Once you agree to these, the fraud begins; they steal your personal information, including banking details.

In some cases, even if you do receive the loan, you are subjected to exorbitant interest rates and hidden charges. You may face harassment even after making timely repayments, with attempts made to defame you among the people in your contact list.

**How ​​to identify fake loan apps**
You need to be extra careful when downloading loan apps. Always check the app's ratings and examine its official website before proceeding. Be wary if an app requests excessive permissions. Avoid installing apps by downloading APK files sent via messages.

If you do fall victim to such fraud, report it immediately to the cybercrime branch and your bank. Uninstall the app from your mobile right away and change all your important passwords.

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