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🚨Alert: 'RupeeKing' app removed from Play Store.✅Update: HDFC Interest rates dropped to 10.5%.⚠️Warning: New scam app 'QuickCash' detected.✅Update: SBI Personal Loan rates at 10.25%.
🚨Alert: 'RupeeKing' app removed from Play Store.✅Update: HDFC Interest rates dropped to 10.5%.⚠️Warning: New scam app 'QuickCash' detected.✅Update: SBI Personal Loan rates at 10.25%.

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Frequently Asked Questions

Everything you need to know about loan app safety and personal loans

We verify loan apps by checking their RBI license status, reviewing user complaints, analyzing app permissions, checking for scam reports, and verifying their business registration. Each app gets a safety score based on multiple factors including regulatory compliance, user reviews, and security measures.
A CIBIL score above 750 is considered excellent and helps you get the best interest rates. Scores between 700-750 are good, while scores below 700 may result in higher interest rates or loan rejection. Most banks prefer a minimum score of 650-700 for personal loan approval.
Not all instant loan apps are safe. Many unregulated apps charge exorbitant interest rates, use aggressive recovery methods, and may misuse your personal data. Always check if the app is RBI registered, read reviews, and verify their license before applying. Use MoneyScore to check the safety rating of any loan app.
Personal loan interest rates in India typically range from 10% to 24% per annum. Banks like SBI, HDFC, and ICICI offer rates starting from 10.25% to 12% for eligible customers. NBFCs and fintech apps may charge higher rates (12% to 24%). Your credit score, income, and loan amount determine the final rate.
To improve loan eligibility: maintain a CIBIL score above 750, have a stable income source, reduce existing debt, maintain a good credit history, avoid multiple loan applications, and ensure all documents are in order. A good credit score is the most important factor for loan approval and better interest rates.
Typically, you need: Identity proof (Aadhaar, PAN, Passport), Address proof (Aadhaar, Utility bills), Income proof (Salary slips, Bank statements, ITR), Employment proof (Offer letter, Employment certificate), and recent photographs. Requirements may vary slightly between lenders.
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How to Choose a Safe Loan App in India

With hundreds of loan apps available in India, choosing a safe and legitimate lender is crucial. Many unregulated apps have been flagged for predatory lending practices, excessive interest rates, and data privacy violations. Here's how to identify safe loan apps:

1. Check RBI Registration

Always verify if the loan app is registered with the Reserve Bank of India (RBI). Only RBI-registered Non-Banking Financial Companies (NBFCs) and banks are authorized to provide loans. You can check the RBI website or use MoneyScore to verify the registration status instantly.

2. Review Interest Rates

Legitimate lenders typically charge interest rates between 10% to 24% per annum. If an app offers extremely low rates (below 10%) or doesn't disclose rates clearly, it's a red flag. Compare interest rates across multiple lenders before making a decision.

3. Check App Permissions

Safe loan apps only request necessary permissions like contacts (for KYC) and location (for verification). Be wary of apps that request access to your photos, messages, or other unnecessary data. This could indicate potential data misuse or harassment tactics.

4. Read User Reviews

Check app store reviews and user feedback. Look for patterns in complaints - multiple reports of harassment, hidden charges, or data breaches are serious warning signs. Legitimate lenders have transparent processes and good customer service.

5. Understand Your CIBIL Score

Your CIBIL (Credit Information Bureau India Limited) score is crucial for loan approval and interest rates. A score above 750 helps you get the best rates from banks like SBI, HDFC, and ICICI. Check your CIBIL score regularly and work on improving it before applying for loans.

6. Compare Multiple Options

Don't settle for the first loan app you find. Compare interest rates, processing fees, prepayment charges, and eligibility criteria across multiple lenders. Use MoneyScore to compare loan apps side-by-side and make an informed decision.