If a fast and easy loan is what you want, then you must have seen the apps like “Cash Bowl” that could be the solution to your instant money needs with a few documents.
This is a nice thing to hear, isn’t it?
But a warning is necessary here: do not fall for it.
Although the name “Cash Bowl” might be pointing to a particular app only, it’s just one example of a very large and scary, unfathomable pattern of such masked digital lending app scams that have entangled the people of the community.
Cash Bowl Loan App Review
In an attempt to lure instant loan seekers, most app like Cash Bowl pushes a very attractive picture of themselves, i.e., a solution for quick loans, promising fast processing and easy money transfer to your account.
In fact, it is a common tactic to target the less fortunate, offer credit without any apparent conditions, which can be very tempting. However, as per users’ complaints, the app is actually malware.
However, the app does not exist on the Play Store, and one has to download the APK file to install this app.
Does it sound authentic then?
Let’s dig deeper.
Cash Bowl Loan App Real or Fake
Apps such as “Cash Bowl” are usually displayed as genuine on application stores; however, in reality, they are typically informal loan applications that have no regulation and operate outside financial standards.
These apps focus on people who have an immediate need for money and offer them a small loan instantly (sometimes only a few thousand rupees), without any credit score verification.
The major issues will arise when you are unable to make your loan repayment on time.
They are “real” in the sense that they exist, and they might even deposit a small amount of money into your account. However, they are fake as legitimate financial services.
Is Cash Bowl Loan App Legit?
The primary danger of these illegal instant loan apps is not just the high interest; it’s the harassment and data misuse they employ for recovery.
The short, honest, and alarming answer is that the Cash Bowl Loan App points to major red flags.
This app, and others like it, frequently belong to a category of illegal lending applications notorious for scams and harassment.
Cash Bowl Loan App Complaints
- It has been reported that these fraudulent app recovery agents have changed the pictures of the victims to indecent images or tagged them as “fraud” or “thief,” and then sent these pictures to their whole contact list: family, friends, and employers, to coerce them into paying illegal loan amounts. The emotional pain that results is heartbreaking.
- The fraudsters operated call centers and used the apps to issue loans with exorbitant interest rates, which in turn caused the borrowers to be harassed and extorted. As a result of this, there have been fatalities, with the news of some persons who have ended their lives because of the continuous harassment.
How to Report Loan Frauds in India?
If you have been “Cash Bowl” scammed or if someone close to you has been scammed, then do not waste any time and act immediately!
Here are the steps to file complaint against online loan app:
- Stop Communication: Make sure that all calls and messages from the app’s recovery agents are blocked. Ignoring them is the best option. Do not send any more money.
- Collect Evidence: Put together as much evidence as you can by taking pictures of the app (if you are allowed), the loan terms, messages, and payment records.
- File a Cyber crime Complaint: Cybercrime complaints should be filed immediately with the police or via the National Cyber Crime Reporting Portal (or your country’s equivalent). You can also dial the helpline.
- Contact Your Bank: Inform your bank about the fraud and keep a close eye on your accounts to see if there are any unauthorised transactions.
- Report to App Store: Let the Google Play Store or Apple App Store know about the app so that they may take it down.
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Conclusion
Seeking quick cash loans is definitely appealing, but it is very important not to risk your personal information and peace of mind.
Make sure that you exclusively utilise lending platforms that are officially registered with the financial regulatory authority of your country (such as the RBI in India) and have a clear process.
If an app requires you to grant a lot of permissions and offers a quick, no-questions-asked approval, be cautious.
A loan that will eventually harm you is not worth compromising your safety!
