SimplyCash asks customers to be vigilant before downloading instant loan apps, and remember warning indicators

NEW DELHI, Jan. 14, 2022 /PRNewswire/ -- In the backdrop of the disclosure by RBI's working group that it had identified over 600 fraudulent lending apps, it is relevant to understand what are the basic warning indicators that should raise a red flag to any potential borrower. The same sentiment is also shared by SimplyCash (the instant personal loan app powered by Hero Fincorp), which has strongly urged everyone to be mindful while applying for an instant personal loan from mobile apps.

SimplyCash, one of the most trusted apps in the market today, has asked customers to be cautious before sharing data to unknown instant cash loan apps and heed these warning signals - 

• Fake apps don't care about credit histories and happily accept applications from people with bad credit history too.
• Fake lending apps usually flood potential customers with text messages or emails to pressurise them into applying immediately. 
• The majority of fraudulent lenders are just visible on the downloading store and do not have a physical address.
• Fake lenders' websites are unencrypted, and the padlock icon is missing on the pages where customers are prompted to provide their information.

Here is what makes SimplyCash the safest lending companion

SimplyCash takes safety of its customers data very seriously. Here are the six secure shields it uses to protect its customers.  

• Multiple authentication including OTP

SimplyCash has deployed two-factor authentication in its app. This means that when details are entered by a customer, an OTP will be sent to the registered email id or mobile number, removing chances of a fraudulent loan request to be submitted.

• Granular RBAC:

Unlike fake apps, SimplyCash employs a granular role-based access system. It means that when a customer requests something, such as an overdue statement, a modification in their personal information, or anything else, only the authorised system will have access to that particular request and execute that specific task. 

• Data over HTTPS

The usage of an unencrypted manner of storing data is one of the most popular methods used by fake loan apps to compromise customer data. SimplyCash uses HTTPS to mask exchanged data on their platform.

• Maker Checker for all Configuration:

To ensure that the customer's data remains safe and secure, SimplyCash has a defined set of rules and workflow for all configurations. The maker checker principle process ensures that the specified execution is delivered to the appropriate administrator.

• Audit Control

SimplyCash keeps the customer away from the stress of failed transactions by performing audit control on transaction processing and configuration.

A bankable credit champion trusted by millions

According to a survey conducted by SimplyCash six months ago, 51% of its customers choose SimplyCash because they trusted the Hero Fincorp brand name. This also goes out to prove that while customers want convenience, brand trust was still important for them while availing loans. The app's trustworthiness can also be seen in the fact that it has a customer base of over 2 million users and has successfully disbursed Rs. 200 crores in 10 months.

About SimplyCash

Powered by Hero FinCorp, SimplyCash is an instant personal loan app that provides cash loans of up to ₹1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash mobile app is available on Android play stores such as Google Play Store, Samsung store, Xiaomi store etc. SimplyCash currently offers its services in over 90 major locations in India. It is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp.

About Hero FinCorp

Finance Made Easy. Three simple words that drive India's next-generation ultra-lean credit champion-Hero FinCorp Limited. It was incorporated in December 1991 as Hero Honda FinLease Limited. As of March 2021, Hero FinCorp, at a consolidated level, has reached assets under the management of ₹ 27,464 crores.