Loan apps: How to protect yourself from such scams

Consumer purchasing habits have changed considerably since the Covid 19 pandemic. It is noticeable that, now at instant, all consumption activities appear to be contained within a smartphone, including online shopping or even online-loans.

What is borrowing via mobile application (app)? Is it safe enough?

The concept of online borrowing involves borrow through websites and mobile applications (apps) that provide very basic functionalities. In attempt to disburse the loan, the borrower only needs to fill out the necessary details, including their full name, government-issued identification, borrower's phone number, and bank information.

Is there a risk involved with a loan this straightforward and easy, with such alluring offers? Undoubtedly, a lot of people are asking this question already.

How to know which loan app is trustworthy and legitimate?

As well since loan application scams are becoming more prevalent and sophisticated, borrowers must have a thorough understanding of both the company that owns the application as well as the loan process, which includes all requirements, processes, fees, interest rates, loan terms, and other conditions. You should carefully read the loan application's terms and conditions to make sure there aren't any unclear clauses or extra expenses like commissions or brokerage fees.

Make sure that your loan applications are submitted to reputable banks or financial companies licensed by the State Bank.

With more than 17 years of experience in consumer lending in Vietnam, Shinhan Finance is one of 16 non-banking credit institutions licensed by the State Bank of Vietnam.

The company currently owns and develops only one Financial Management application iShinhan - "Top 10 Trusted Products 2022" in the field of Digital Finance, Digital Technology products, Education category organized by VnEconomy.

With this application, customers will easily access timely financial solutions when applying for unsecured loan services or opening credit cards on the app.

Digital Personal Loan is the online financial solution with an automatic approval process on iShinhan. It is a personal loan offering loan amount up to 70 million VND and tenure up to 48 months. The entire loan registration, customer verification, loan approval and contract processes are completely digitalized automatically in iShinhan. Specially, customers do not have to pay on any other fees or commission fee.

Besides, customers can register on iShinhan with only chip-based citizen ID card and be automatically verified without providing proof of income.

Additionally, the loan approval process is completed within 15 minutes by adopting advantages of modern technologies. It supports saving customers much time to get financial source, especially during increased demand period of year-end season.

See more about digital loan via iShinhan here.