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YOUR QUERIES: LOANS: Planning to take a loan from app-based lender? Tread with caution

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financialexpress.com

By Chaitali DuttaWhat are the factors to be kept in mind when taking a loan from an app-based lender?—Vikas Malhotra In India, almost 50% of the quick loan apps were found to be illegal by a working group study initiated by RBI earlier this year.

It was found that there is not enough transparency on the process followed for the sanction of loans. In several cases, the borrower’s documents and sensitive information collected at the time of sanction were mis-utilised by the company.

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