There is no fixed list of fake loan apps because scammers keep launching new ones under different names. Some commonly reported names linked to loan scams include Insta Loan, Maxi Loan, RupeeGo, Lendkar and CashBus.

What matters more is knowing the warning signs. Fake loan apps often ask for unnecessary permissions, charge fees upfront, hide their details or have poor reviews. This is why you must always check if a lender is regulated by the RBI before applying. This can keep you safe from digital lending scams.

What are Fake Loan Apps?

Fake loan apps are digital platforms that appear to offer quick personal loans but operate with dishonest intent. Instead of providing genuine credit, they are often designed to extract money or misuse personal data.

Some of these apps collect upfront charges in the name of processing fees and never disburse the loan. Others approve loans but later impose very high interest rates, add hidden costs or follow aggressive recovery practices that go against RBI guidelines.

List of Fake Loan Apps in India

While multiple suspicious loan apps exist, the following names have been commonly reported by users and regulators:

  • GuayabaCash: Reported for unauthorised lending activities and unclear charges shared only after loan approval.
  • PréstamosCrédito: Known to ask for upfront fees while promising quick loans with little or no verification.
  • EasyCredit: Lacks clear RBI registration details and has complaints around excessive charges.
  • FlashLoan: Users have reported fake approvals and hidden repayment conditions.
  • Flip Cash: Flagged for operating without proper authorisation and charging hidden fees at high interest rates.
  • AA Kredit: Flags include unclear company information and requests for unnecessary app permissions.
  • 4S Cash: Reported for aggressive recovery behaviour and very high interest rates.
  • CashFish: Not RBI-registered, with multiple user complaints about forceful recovery practices.
  • ApnaAroham: Known for misuse of personal data, extremely high APR and harassment during recovery.
  • Instantáneo Préstamo: Reported for pressure tactics during repayment and unclear loan terms.

Note: These apps are listed based on publicly available complaints and warnings. App behaviour can change over time and new fake loan apps may appear. 

How to Spot Fake Loan Apps?

Quick access to credit can look tempting. But it often comes with hidden risks. Here are some common signs that a loan app may be fake:

  • Does not follow RBI lending guidelines or clearly mention its registration details
  • Has no official website or uses a poorly designed or fake website
  • Does not provide a loan agreement with clear interest rates and charges
  • Asks for processing fees or other payments before loan approval
  • Approves loans without asking for basic documents or verification
  • Has mostly negative reviews mentioning harassment or data misuse

​​How to Avoid Falling for a Fake Loan App?

Fraudulent lending applications can steal your hard-earned savings and leave you in financial turmoil. You must take these steps to prevent falling into a trap set by fake loan companies in India:

  • Borrow from RBI-approved Lenders

Before applying for a loan, check if the lender’s name features in the list of lenders approved by the RBI. Once you check this, you can rest assured that you aren’t falling into any trap. Check this list on the official website of the central bank.

  • Check the Lender’s Website

To validate a lender’s authenticity, you can check if their website is secured or not. A secure website generally has ‘https’ added at the beginning of the URL.

  • Read the Terms and Conditions

If the lender doesn’t provide you with an agreement, demand one before availing of a loan. So, read all the terms and conditions carefully before you plan to take a loan.

  • Assess Loan Fees

Before applying for a loan, check the charges associated with a loan facility. Note that some loans also carry hidden charges.

  • Check App Permissions

As per the RBI guidelines, a lender cannot store a borrower’s information beyond their personal details. Check if the application asks for access to data that it may misuse in the future. 

What Can Happen If You Use a Fake Loan App?

Using a fake loan app can lead to serious consequences like:

  • Loss of money through upfront fees or hidden charges
  • Misuse of personal data like contacts and photos
  • Harassment through calls or messages to you and your contacts
  • Damage to your credit profile
  • Stress and financial pressure due to unfair repayment demands

How You Can Identify Fibe as a Real Personal Loan App?

If you want instant credit without the risk of scams, here is how you can check Fibe’s authenticity:

  • You can verify that Fibe is an RBI-approved lender by checking registration details
  • You can read customer reviews and real user experiences online
  • You can check Fibe’s security standards, including ISO IEC 27001 certification
  • You can review clear loan terms, transparent charges and see that there are no upfront fees

With Fibe, you can get Personal Loans of up to ₹10 lakhs securely and affordably. Just download the Fibe Personal Loan App to get a loan with quick sanction and minimal paperwork.

FAQs on Fake Loan Apps in India

How do you know if a loan is real?

You can check if the lender is a regulated entity on the RBI’s website to determine if a loan offer is real. 

Which loan app is banned by the RBI?

Reserve Bank of India has prohibited the use of the following lending applications and more.

  • Lend Now
  • Cashfull
  • Cash Ray
  • RupeeGo 
  • Punch Money
  • Grand Loan
  • Lendkar
  • CashMO
  • Infinity Cash
  • DreamLoan
  • Kredit Mango
  • Rupee MO
  • CreditLoan
  • Mobipocket

How do you check if a personal loan app can be trusted?

If you are thinking, ‘Is a loan app fake or real?’, employ the following strategies to know:

  • Review the lender’s website and certifications
  • Check if the lender is a regulated entity under the RBI
  • Read customer reviews

How do I block fake loan apps?

While you cannot block them, you can report fraudulent activities of such apps to the app store and competent authorities. 

Which loan app is safe?

Lenders regulated by the RBI are considered safe for borrowing. For instance, Fibe is a regulated application under the central bank.