7 Days Loan App List 2023: How to identify Fake loan apps?

7 Days Loan App List: Many loan apps claim to offer instant loans for a short period, such as 7 days. These apps may not be reliable, safe, or legal.

They may charge high-interest rates, ask for sensitive personal information, or harass you if you fail to repay on time.

Therefore, you should be very careful before applying for any loan through these apps and read the terms and conditions carefully. Here, we will discuss Identifying these 7 Days Loan apps/Fake loan apps.

Article Topic	7 Days Loan App List
Interest Rate	Competitive Interest rate starting at 30% per annum.
Loan Amount	Rs 1,000 to Rs 20,000
Tenure	7 days to 6 months
Documents Required	PAN and Aadhar Card

What are 7 Days Loan App?

7 day loan apps are applications that provide short-term loans for 7 days or less. They are typically designed for people who need immediate cash for emergencies such as medical bills, rent, or utility payments. These apps claim to provide instant approval, minimal documentation, and flexible repayment options.

They also have some disadvantages and risks that you should be aware of before using them.

High-interest rates: 7 Days Loan Apps charge very high interest rates, ranging from 30% to 45% per annum, which can make the loan amount much more than the original amount.

For example, if you borrow Rs 10,000 for 7 days at an interest rate of 30%, you will have to repay Rs 10,577. That means you will have to pay Rs 577 as interest only for one week.

Privacy and security issues: These apps may ask for your personal and financial information, such as your Aadhaar card, PAN card, bank account details, and income proof.

They can also access your contacts, messages, location, and other data from your phone. This may threaten your privacy and security, as these apps may misuse your information or leak it to third parties.

Harassment and Fraud: These apps may use aggressive and unethical methods to recover the loan amount from you if you fail to repay the loan on time. They may call or message you repeatedly, threaten you with legal action or violence, or contact your family members, friends, or employers. They may also charge hidden fees or penalties, or change the terms and conditions of the loan without your consent.

Legal Status: These apps may not be registered or licensed by any regulatory authority like the Reserve Bank of India (RBI) or the National Payments Corporation of India (NPCI). They may operate outside the legal framework and norms of the Indian banking system. This means that you may have no legal protection or recourse if you encounter any issues or disputes with these apps.

Characteristics of 7 Days Loan App list:

1. They mimic reputable lenders, leading users to believe they are dealing with a legitimate financial institution.
2. Scammers lure potential borrowers with offers that sound too good to be true, such as low interest rates, high loan amounts, and guaranteed approval regardless of the borrower’s creditworthiness.
3. 7 days loan apps often lack proper licenses and regulatory approvals, indicating their illegality. They may not be registered or licensed by any regulatory authority, such as the Reserve Bank of India (RBI) or the National Payments Corporation of India (NPCI).
4. To attract victims, scammers may require little or no documentation during the application process, making it seem simple and hassle-free.
5. Fake loan apps may operate on unsecured websites without SSL encryption, potentially exposing users’ personal and financial information to cybercriminals.

7 Days Loan App List

Many 7 days loan apps/fake loan apps in India are not NBFCs registered by RBI and misuse your personal information. We have mentioned some of them below:

7 Days loan App list	Loan Amount	Interest Rate
Alpha Loan App	Rs 10,000	30% – 45%
Squirrel Loan app	Rs 20,000	20% – 45%
Small Credit Buddy Cash App	Rs 12,000	32% – 45%
Good Credit Loan Safe	Rs 19,000	24% – 45%
Credit Cash Loan Instant Cred	Rs 10,000	25% – 45%

Alpha Loan App: Provides up to Rs 10,000 instant loan, charges an interest rate of 30%-45%, requires Aadhar and PAN card, 7-14 days repayment, and has a loan approval rate of up to 60%.

Squirrel Loan App: Provides up to Rs 20,000 instant loan, charges an interest rate of 20%-45%, requires Aadhar and PAN card, 7-14 days repayment, and has a loan approval rate of up to 70%.

Small Credit Buddy Cash App: Provides up to Rs 12,000 instant loan, charges an interest rate of 32%-45%, requires Aadhar and PAN card, 7-14 days repayment, and has a loan approval rate of up to 50%.

Good Credit Loan Safe: Provides up to Rs 19,000 instant loan, charges an interest rate of 24%-45%, requires Aadhar and PAN card, 7-14 days repayment, and has a loan approval rate of up to 55%.

Credit Cash Loan Instant Cred: Provides up to Rs 10,000 instant loan, charges an interest rate of 25%-45%, requires Aadhar and PAN card, 7-14 days repayment, and has a loan approval rate of up to 65%.

Effects of falling prey to 7 days loan app list

Falling victim to a 7 days loan app can have severe consequences for borrowers:

Financial loss: Victims may lose the advance fees paid to the scammer, adding to their financial difficulties.

Identity Theft: Scammers can use the personal information obtained to commit identity theft, leading to financial fraud and damage to the victim’s credit score.

Stress and anxiety: Being cheated on can cause emotional distress, anxiety, and feelings of helplessness, which can affect the overall well-being of the victim.

Debt Accumulation: Some scammers may continue to charge hidden fees and interest on non-existent loans, driving victims deeper into debt.

Reputation Damage: Falling for a fake loan app may negatively impact a person’s reputation, especially if they are accused of being involved in fraudulent activities.

How to identify 7 days loan app list

1. 7 Days Loan App is not an RBI-registered NBFC as it does not follow RBI guidelines. They mimic reputable lenders, leading users to believe they are dealing with a legitimate financial institution.
2. Scammers lure potential borrowers with offers that sound too good to be true, such as low interest rates, high loan amounts, and guaranteed approval regardless of the borrower’s creditworthiness.
3. 7 Days Loan App lures you with instant personal loans.
4. To attract victims, scammers may require little or no documentation during the application process, making it seem simple and hassle-free.

Common Tactics Used by Scammers to Deceive Borrowers:

1. Scammers may request borrowers to pay upfront processing fees or other fees before receiving the loan. Once the payment is made, the scammer vanishes without providing any loan.
2. Fraudulent loan apps may ask for excessive personal and financial details during the application process. They can use this information for identity theft or other malicious purposes.
3. Scammers hide unfavorable terms and conditions in the loan agreement, causing borrowers
4. Some 7 days loan apps use phishing techniques or distribute malware to steal sensitive information from users’ devices.

After receiving personal information or fees from borrowers, scammers may suddenly stop responding to communications, leaving victims without the promised loan.

7 days loan app Apk

Through 7 Days Loan Apk, you are cheated in the name of a loan, get your personal information from you, and misuse that information. So, we recommend you apply for a loan from NBFC registered by RBI.

You will find many legitimate apps on the Google Play Store that are registered NBFCs and follow all RBI guidelines.

FAQ Related to 7 days loan app/fake loan app