Instant Loan: Before taking an instant loan, check the app like this:

While applying on instant loan platforms, only basic information like KYC documents, income slips are asked from the borrower. Applicants get instant loan amount based on their eligibility criteria. From the point of view of the loan seeker, the speed with which the loan amount is disbursed may seem commendable. But some people may find something wrong with it. Whether my data is secure or where will the company use the information collected from me, these are the questions that must arise in everyone’s mind. Rohit Garg, Co-Founder and CEO of Smartcoin Telling us the answers to these questions.

protection of personal data

At a time when personal data is considered a digital currency, it is not wrong to consider its security. Any leak of personal information, be it KYC documents or banking details, can be catastrophic. The level of security of your data depends on the authenticity of the instant loan app and the security measures taken by the loan provider.

Authenticity of instant loan app

The first step is to choose a genuine loan provider to ensure that your personal information is secure. You have to make sure that the lending institution is a certified institution and no one is tempting you by promising higher loan amount at a lower interest rate. Here are a few ways you can verify the validity of the online loan portal. You confirm the information of those apps. Their contact/address details should be noted from their website to verify their authenticity. You will also get to know whether the company exists or not or it is just a fake company run by fraudsters. If necessary contact on the given number to ensure the validity of the company.

Check out the important nuances on their website

Always remember – every company’s website reflects its intentions as a business. If a website is secure and encrypted, it shows that it is a genuine portal. However, if your browser lists security concerns, it more or less gives you the picture you can expect. Next time you visit an online loan website, take a look at the address bar. If you see a ‘lock icon’ next to the web address and the URL begins with ‘https’ instead of ‘HTTP’, the website is encrypted and secure.

Scam Alert!

You may come across many such tempting deals that you may find almost unbelievable. Be on the lookout for scams like asking for pre-processing payments, or giving loans directly to you without a background check. It may sound exciting but always think twice before proceeding on this. Loan portal may look like a real unit, yet you will be on the radar of data theft if they do not have the necessary security features.

Talk to Loan Portal

Do not hesitate to contact the loan portal and get all your doubts cleared. Feel free to ask questions to find out what technologies are being used to protect data and protect transactions. For example, data in SmartCoin is encrypted and all possible uses of it are clearly spelled out in the Privacy Policy.

Do research on portals and technologies in use

Make it a habit to always read community reviews–both good and bad. This will give you an idea of ​​the shortcomings of the portal. If many people have raised the issue of data theft and security concerns, it is probably best to look for alternative options available. Check if the company includes any third-party units that provide loan services to you. Find out what information is being shared with these companies and also verify if they are genuine. It is usually at this point that the exchange of data takes place and is often monetized.

A few more steps to secure your data

Since, this information is available in the public domain, scammers have access to study it and learn from it. Because of this, it requires both vigilance and awareness on your part to ensure that your data is in safe hands. Take note of all the red flags (objections), if any, raised by the instant loan provider. Also, don’t hesitate to ask about the security measures they have in place as a company.