How Can You Avoid Loan Fraud?

Here are a few things you can do to protect yourself from loan frauds:

Read the terms of the document before signing any paper. If the terms are unclear, have a trusted person like a family member read the document for you.
Make the terms of any document clear before signing. If they mention a standardised format, double-check with a trusted source.
Do not take loans from individuals. Always try to take loans from trusted institutions. Many NBFCs and MFIs provide non-collateral loans.

Following the above practices can surely bring down your chances of becoming victim to a loan fraud.

But what if you’ve been cheated by a loan fraud anyway? Well, don’t worry. In the next section, you can learn about what you can do if you have been cheated through loan fraud.

To track your progress

How Can You Avoid Loan Fraud?

In the next section, you will learn about what you can do if you have been cheated through loan fraud