SimplyCash asks customers to be vigilant before downloading instant loan apps and to remember warning flags

NEW DELHI, January 14, 2022 /PRNewswire/ — Against the backdrop of the RBI task force’s disclosure that it had identified over 600 fraudulent loan applications, it’s relevant to understand what are the basic warning signs that should alert any borrower potential. The same sentiment is also shared by SimplyCash (the instant personal loan app powered by Hero Fincorp), which strongly urged everyone to be mindful when applying for an instant personal loan from mobile apps.

SimplyCash, one of the most trusted apps in the market today, urged customers to be careful before sharing data with unknown instant money lending apps and heed these warning signs –

• Fake apps do not care about credit history and gladly accept applications from people with bad credit history.
• Fake loan applications usually inundate potential clients with text messages or emails to get them to apply immediately.
• The majority of fraudulent lenders are just visible on the download store and do not have a physical address.
• Fake lenders’ websites are not encrypted and the padlock icon is missing from the pages where customers are prompted for their information.

Here’s what makes SimplyCash the safest loan companion

SimplyCash takes the security of its customers’ data very seriously. Here are the six secure shields it uses to protect its customers.

• Multiple authentication including OTP

SimplyCash has deployed two-factor authentication in its app. This means that when the details are entered by a customer, an OTP will be sent to the registered email id or mobile number, thus removing the chances of submitting a fraudulent loan application.

Unlike fake apps, SimplyCash uses a granular role-based access system. This means that when a customer requests something, such as an overdue statement, a change to their personal information, or anything else, only the authorized system will have access to that particular request and perform that specific task.

Using an unencrypted way of storing data is one of the most popular methods fake lending apps use to compromise customer data. SimplyCash uses HTTPS to hide the data exchanged on its platform.

• Maker Checker for all configurations:

To ensure customer data remains safe and secure, SimplyCash has a defined set of rules and workflows for all setups. The principle process of the manufacturer verifier ensures that the specified execution is delivered to the correct administrator.

SimplyCash takes the stress of failed transactions away from the customer by performing an audit check on transaction processing and setup.

A champion of bankable credit trusted by millions

According to a survey conducted by SimplyCash six months ago, 51% of its customers choose SimplyCash because they trust the Hero Fincorp brand. It also proves that even though customers are looking for convenience, brand trust was still important to them when availing loans. The reliability of the app can also be seen in the fact that it has a customer base of over 2 million users and has successfully shelled out Rs. 200 crores in 10 months.

About SimplyCash

Powered by Hero FinCorp, SimplyCash is an instant personal loan app that provides cash loans up to ₹1,50,000 for salaried and self employed. Driven by technology and fueled by innovation, SimplyCash mobile app is available on Android play stores such as Google Play Store, Samsung Store, Xiaomi Store, etc. SimplyCash currently offers its services in more than 90 major locations in India. It is a duly registered trademark and loan product offered, managed and operated by Hero FinCorp.

About Hero FinCorp

Finances made simple. Three simple words that lead india Hero FinCorp Limited, champion of next-generation ultra-lean credit. It was incorporated into December 1991 as a hero Honda FinLease Limited. From March 2021, Hero FinCorp, on a consolidated level, reached assets under management of ₹ 27,464 crore.

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