With hundreds of loan apps available online, choosing the right one can be tricky — and risky. Some apps look legit but are actually illegal or unsafe.
So how do you know if a loan app is RBI-approved and trustworthy?
Let’s break it down.
Step-by-Step: How to Check If a Loan App Is Safe
1. Look for RBI Authorization
Only NBFCs (Non-Banking Financial Companies) or banks registered with RBI can legally lend money in India.
✅ Visit the official RBI website: https://rbi.org.in
🔎 Go to: "NBFC List" or "Bank Directory"
🔍 Search for the name of the company or app’s lending partner
If the company is not listed — 🚫 it's not RBI-authorized.
2. Check the App Developer Info on Play Store/App Store
Scroll to the bottom of the app page
See who published the app — it should be a registered financial entity
Avoid apps with no clear ownership or privacy policy
3. Visit the App’s Official Website
Does the app show:
RBI Registration Number?
Customer care contacts?
Physical address?
Privacy and data protection policy?
If any of these are missing, consider it a red flag 🚩.
4. Check for a Lending Partner
Most apps work with an RBI-approved NBFC or bank.
Example: “XYZ Loan App is powered by ABC Finance Ltd (RBI Reg. No. XXXXX).”
If you don’t see a lending partner mentioned = Risky.
5. Look for the RBI’s “Whitelist” of Apps
As of 2023–24, the RBI and MeitY (Ministry of Electronics and IT) began releasing a whitelist of approved digital lending apps.
✅ Cross-check apps from official government sources.
Warning Signs of Unsafe Loan Apps
| Red Flag | What It Means |
|---|---|
| Demands full phone access | Your data is at risk |
| No official website | Likely a fake or scam |
| Harassment via calls/messages | Not RBI-compliant |
| Too-good-to-be-true offers | Hidden charges or fraud |
| No RBI license or NBFC link | Illegal operations |
Safe Alternatives: Use Trusted Apps Like
✅ Vizzve (Backed by RBI-regulated NBFCs)
✅ CASHe
✅ KreditBee
✅ Navi
✅ PaySense
Always check who’s behind the app before sharing your PAN, Aadhaar, or bank details.
❓FAQs
Q1: Can I trust every app on Google Play Store?
No. Some fraudulent apps pass basic checks. Always cross-verify using RBI’s NBFC list.
Q2: Is it illegal to borrow from non-RBI-approved apps?
Borrowing isn't illegal — but it’s unsafe. These apps aren’t bound by RBI’s rules and may misuse your data or charge hidden fees.
Q3: What do I do if I’ve already shared data with a shady app?
Uninstall the app immediately
Block unknown calls/messages
Report the app to cybercrime.gov.in
Monitor your financial activity
Published on : 1st August
Published by : SMITA
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