Instant personal loan: Is it safe to share your documents online? Find out | Mint

Instant loan apps have made the process of taking a loan quick and hassle-free, suiting your financial needs. The platform has transformed the lending scenario, where borrowers can get loans with a few taps on their phones. Due to instant loan apps, you do not have to go through endless paperwork and complicated loan processes. Instead of physically carrying your loan documents to a bank branch, you easily upload them to the app to apply for a loan.

However, the rising number of cybercrimes in India has raised the question of whether it is safe to share your personal loan documents online.

Is it safe to share information online?

Sharing personal information online may seem daunting for many. However, if you apply for a loan correctly through a Reserve Bank of India (RBI) registered app, the chances of losing your personal information are very unlikely. Additionally, the app must have a stringent data protection policy to ensure your information is safe online.

How to share information on an instant loan app?

One of the most critical factors in uploading personal information online is the method of sharing the data. Always check that the lending platform is encrypted, especially when you are uploading the documents. Use a secure email address and zip files or password-protected PDFs to share your information. This way, providing your personal details to an instant loan app will become relatively safe and secure.

In conclusion, instant loan apps are the latest addition to the lending space that provides convenience to borrowers who require urgent funds. However, due caution is required before opting for an instant loan app to cater for your financial requirements.

(Note: Raising a loan comes with its own risks. So, due caution is advised)