Preoccupied with work? No time to go to a bank in person for your loan? Found the Aladdin Lamp loan app ad on Google and, without any second thought applied for a loan.
But wait, did you check which category it falls under?
Want to know if this is the right app for you?
Let’s find out!
Aladdin Lamp Loan App Review
The Aladdin Lamp Loan app is running a business with the name Aladdin Lamp Technology Private Limited.
It claims to offer loan services, instant loan provider.
Great!
However, as soon as you start looking for the app on the Google Play Store or App Store, it is not listed.
What does it indicate?
Well, the clear sign that the app doesn’t exist in reality.
Most likely, scammers are making people download the apk file that can lead not only to financial losses but other damage, like identity theft, malware attacks, etc.
Aladdin Lamp Loan App Complaints
Since the app has no presence on Google or the Play Store, there are a few registered complaints on some websites.
As per the reported complaint, it is clear that the platform is misusing data and other details of the victim, who believed in their services and took a loan.
He also mentioned that on one hand, the app harasses him to pay the loan amount, and on the other side, there is no repayment option available in their app.
Apart from this, based on the complaint, it is clear that the app is working along with the PaPa Money app, which claims to offer instant loan services.
Here is the detail of their Facebook page:
Now, another red flag that indicates the scam as there is no legitimate and registered app with the name PaPa Money.
There is another evidence that these two companies, Aladdin Loan and PaPa Money, were working together or actually one single entity using different name to deceive people.
A classic pattern of fraud.
As per the complaint, one user applied for a loan through its platform, but even without a disbursement, they asked for repayment. He mentioned in his complaint to escalate it to the RBI, too.
But, what do you think, will he get any such assistance?
Well, obviously not, as the loan provider is not registered with the RBI.
Yes, red flags are going off as bright as possible! All this information is extremely suspicious. The app needs serious research before getting any loans.
Now, this scam happened 3 years back, so why are we talking about this now?
Well, because maybe this platform is no longer active, but scams like these are still going on. And that is why it is utmost important to check whether you are using the real and authorized loan app or someone is tricking you.
How to Idеntify Fakе Loan Apps?
Here are some tips that help you identify fake loan apps in India:
- Thе app doеs not clеarly statе thе namе of thе bank or NBFC providing thе loan.
- Thеrе is no RBI rеgistration numbеr.
- Thе app demands full permissions on your device. For example, camera, contacts, other data, etc,.
- Bad reviews were found on the internet.
- The loan terms are barely discussed or never mentioned.
How to Chеck if a Loan App is RBI Approvеd?
Want to borrow from a loan app. Check these before borrowing!
- Visit thе official RBI wеbsitе
- Go to thе sеction listing Rеgistеrеd NBFCs and Licеnsеd Banks.
- Sеarch for thе еxact lеndеr namе mеntionеd insidе thе app.
- If thе namе is not listеd, thе app is not lеgally allowеd to lеnd.
- Also rеviеw thе RBI Caution List, which idеntifiеs suspicious and unauthorizеd еntitiеs.
How to Report Loan Frauds in India?
If you have been scammed in this or any other fake loan app in India, then take quick action and:
- File a Cyber Crime complaint.
- Lodge an FIR at the nearest police station.
- Report to RBI by sending an email.
Need Help?
In case you are still confused about the reporting process, register with us now, and we will guide you with the process to report such fake loan apps and help you to get recover of losses.
Conclusion
The Economic Times states that in 2024-25, private sector banks accounted for nearly 60% total fraud cases online.
As you can see, it is a really shocking number of cases that are scams.
The points to remember from this blog are that the Aladdin lamp loan app has links to another suspicious app called PaPa money. So, it’s best to check if the Aladdin Lamp loan app is reliable before engaging in any activities on the app.
