Beware of fraudulent digital-only/online lenders, suggests Andromeda

Over the last decade, with the advent of advanced technologies, the world of finance has seen rapid growth in terms of ease & availability of finances for all sectors of society. As a result, our lives revolve around these financial instruments and the most common of all is a personal loan. It has become an inevitable part of our lives, as a quick tool to avail funds in case of an emergency or an urgent need.

With the covid-19 pandemic, over the last two years people had no option but to transact via digital mediums. For small ticket loans, many start-ups took it as an opportunity and came up with their lending platforms which were entirely digital and the process was comfortable. As it is an unsecured loan, people who suffer or went through a liquidity crisis, choose to opt for an instant personal loan which can easily be availed online without having to visit any branch or submit documents in person. However, this has lead to a steep increase in the number of online frauds who take advantage of someone’s misery and click bait users who are in dire need.

At Andromeda, we have curated a few pre-requisites which can enable a borrower to have a better understanding of the Do’s and Don’ts of availing an online personal loan from a digital-only lender. Let’s discuss it a little more;