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5 Security Tips before you apply for online personal loan

Key takeaways

  • In this article, here are 5 safety tips to protect you from online loan scams. 
  • Follow our checklist to avoid scammers. 
  • Remember that your security is Robocash's top priority.

Online Personal loans are easy and more convenient for customers, the same time it exposes the customer to a high-security risk. You may often hear the news that digital loan companies are accessing your contact data and informing your friends and relatives about your loan. Many times fraudster takes money from the applicant for loan approval and then disappears. Getting a safe online personal loan is a big challenge for customers these days.


Here we have covered the important security tips which will protect you from all frauds when you apply for an online personal loan. It also includes a checklist for you so next time when you want to take an online personal loan, you should follow the checklist.

Do not pay any advance

There are many loan apps that will ask you to pay some amount to process your loan application. Mostly this amount is something between Rs. 150 – Rs. 500. Once you pay the amount it will redirect you to some other random website or app.

You will not find any legitimate information on this app to contact for support and you will end up losing your money.



Any genuine app or company will never ask you to pay any amount in advance for your loan approval. Do not pay any money for the loan application process to anybody.

Be careful when you are allowing permissions to access your data

When you download any app to apply for a loan, check what all permission it is taking. Read the privacy policy of the company they must have mentioned why they are taking permissions. If the information about accessing your data is not mentioned in the privacy policy you should not allow accessing that data.



Some permission like location, camera, and storage are important for the app to function and evaluate your credit history. Permissions like Contact, SMS are not much relevant for your loan application. You should try to avoid giving permission for accessing your contacts.

Do not share your phone number in public



Many applicants make the mistake of sharing their contact number in public on Facebook, Twitter or any other social media platform. The scammer takes your number from social media and they call you and pretend to be from the loan company.

People end up believing these scammers because they think they have shared their number with the company and someone from the company is calling. Many times these scammers end up taking personal details from customers. Sometimes these scammers even take money from customers for loan approval or solving their query.

Always remember, no company will ask you to share your personal details on phone or ask you to make payment from unofficial methods such as directly from Google Pay. Never ever make any payment that is not from the official app or website of the company.

Check all the charges and agreement carefully

Whenever you are applying for a personal online loan always check all the charges. These charges include Interested Rate, Processing fee and if there is any other charge such as app usage charge, onboarding charges etc.



You will find all these charges in the app description or on your loan agreement. Do not forget to check penalties if you delay the repayment. All these charges will help you to get a clear idea of how much a loan will cost you.
The consumer ends up falling into a trap by not reading about all these charges properly before taking the loan. When they fail to make a repayment it also impacts their credit history negatively.

Make Payment only from Official app or website

When you are repaying your loan, always make payment directly from the official app or website of the loan company. Do not pay to any person or directly from Google Pay or PayTM. Sometimes fraudsters will ask you to make the payment to them on behalf of the company. In the end, the company will not receive your money. Your loan will remain open.



Do not click on any link that is not from the official email or SMS to make payment. Avoid clicking on links sent by the recovery agent on Whatsapp. Always prefer to click on a link only if it comes from the company officially on your SMS. Do check the sender name on SMS. To avoid such issues, make repayment from the official app or website.

Bonus Tips

1. Always read all SMS and emails sent by the lender carefully. It will include all your transactional details, loan terms, loan agreement etc. It is important to become fully aware of your loan.

2. Do not share your OTP with anybody. Company officials will never ask you to share any OTP with them. Make sure you do not share your OTP with anybody. Sharing OTP can lead you to huge financial risk.


  1. Read all the information about the company before applying
  2. Check the contact details and address of the company
  3. Do not pay anything for your loan application
  4. Read about all the charges carefully before taking a loan
  5. Check your loan agreement properly before signing it
  6. Make a timely payment to avoid a negative impact on your credit score.


At Robocash, your security is a topmost priority for us. We do not ask you for any advance payment. We disclose all the information we take from you is only for credit purpose. You can check our privacy policy for more details. We offer our services not only from the mobile app but also from the website.

When you are using a Robocash app or website you do not have to worry about your data security. We assure you full security and we do not access data like your contact list and phone record.




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