Beware of Loan Scams: Don’t Fall for Too-Good-to-Be-True Offers

Loan scams are becoming increasingly common, targeting people through calls, social media ads, or posters. These offers often promise quick approvals and no credit checks but demand upfront fees or sensitive personal details. Falling for these scams can result in financial losses or unauthorized transactions.

To stay safe, verify the lender’s authenticity through official sources. Be cautious of offers that seem unusually good or push for immediate action. Avoid sharing personal information such as your bank account, PAN, or Aadhaar with strangers. Genuine lenders are transparent about terms and fees.

If something feels off, report it to the police or cyber cell immediately. You can also approach the RBI Ombudsman or consumer protection agencies. For added security, consult your bank or a trusted financial advisor before proceeding with any loan offer.

Remaining vigilant and taking these precautions can help protect you from scams. Always put safety first when managing your finances.