In the digital age, the allure of quick loans through mobile apps is undeniable. However, not all that glitters is gold. Enter CarterLend, a loan application that has recently come under scrutiny.
Promising fast financial assistance, it has raised red flags among users and experts alike.
Let’s delve into what CarterLend is, its operations, user experiences, and is CarterLend safe or not.
Is CarterLend App RBI Approved?
CarterLend is a mobile application that claims to offer instant loans to individuals, bypassing traditional banking systems.
The app is available on major platforms like the iOS App Store and Google Play Store, making it easily accessible to a broad audience.
Users are enticed with promises of quick approvals and minimal documentation, appealing to those in urgent need of funds.
But just because it is available on the App Store, make it legal in India?
Of course not!
Before putting in the capital, to check fake loans one must check the legitimacy & authorisation of such apps.
And in the case of Carterlend, the app is neither RBI-approved nor NBFC-authorised to provide any kind of lending services in India.
CarterLend App Scam: Real Cases
Multiple social media reports suggest that CarterLend is among many fake loan apps used to scam and harass users.
A post by “Babu” (@pooniawalla) on X (formerly Twitter) in October 2024 listed CarterLend as a fake loan app on the iOS App Store in India.
The post warns people to avoid downloading such apps to avoid loan scams, as many of them prey on vulnerable users.
However, there is no direct report against the Carterlend lending platform, but such an illegal and unauthorised app runs fraudulent activities.
Here are some loan app scams cases linked with fake loan apps in India:
- A major syndicate in Uttarakhand: 15 fake Chinese loan apps offering low‐interest loans, eventually a ₹300 crore fraud. Victims had their phones accessed, contact lists/photos misused for blackmail.
- Delhi Police busted a fraudulent loan racket: one mobile app installed malware on users’ phones, accessed private data, and used it for extortion.
- In Pune/Navi Mumbai, A 29-year-old was arrested who developed at least 8 fake loan apps; over 10,000 complaints from across India. The apps allegedly used forged RBI permissions to appear legitimate.
These cases show that the modus operandi is very similar. Such apps that look like legitimate loan apps but operate outside regulation, mislead users, collect data/perms, impose unfair terms, and sometimes extort or harass.
How to Report Loan Frauds in India?
If you’ve used CarterLend (or a similar app) and suspect fraud, gather all transaction details, communications, screenshots, and call logs.
- Contact local cyber police & File a Cyber Crime Complaint
- Seek legal advice if you are being harassed or threatened.
Need Help?
If you’ve invested in Carterlend, register with us to get guidance on reporting the fraud and starting recovery.
Thousands of investors have already recovered their funds. Keep all transaction details and communications ready for a smoother process.
Conclusion
While CarterLend may appear to be a convenient solution for quick loans, the associated risks and user complaints suggest otherwise.
High interest rates, aggressive collection practices, unauthorised data access, and a lack of regulatory oversight make this a platform to approach with extreme caution.
If you need financial assistance, consider exploring reputable, regulated lending institutions. Always prioritise your financial well-being and personal data security over the allure of quick and easy loans.
Remember, when it comes to financial decisions, it’s better to be safe than sorry.
