Gone are the days when you had to toil for procuring an instant loan. With the availability of instant loan apps, you can easily avail of quick personal loans right through the comfort of your device. Apart from being instantaneous, the fact that the loans are usually uncollateralized has led to the unprecedented popularity of instant loan apps. 

The borrowers are required to submit information like KYC documents, income receipts, and then they can get the loan amount based on the eligibility criteria. While from a borrower’s viewpoint, the swiftness with which the loan amount is disbursed looks commendable, it might raise flags for some. Questions like is my data secure or what will the apps company do with the data provided might become a recurring thought. Let’s find out answers to these pressing questions. 

Security of Personal Data

In the time when personal data gets treated as a digital currency, apprehensions regarding its safety are quite legitimate. Any leakage of personal data, whether KYC documents or banking details, can be catastrophic. The level of security of your data depends on both of the following factors:

  1. Genuinity of the instant loan app company. 
  2. Security measures employed by the loan provider. 

The chances of your data getting leaked and misused depend on these two factors. Let’s take a look at each of them.

#1 Genuinity of the instant loan app company

The first step to ensure that your personal data is secure is to select a genuine loan provider. You have to make sure that the loan provider is a certified entity and not a scammer luring you with a promise of a high loan amount at just a small interest here. Here are a few through which you can verify the legitimacy of an instant loan online portal

  • Verify the information presented by them

A key requirement of every company is to have a physical office, whether your business is offline or online. You should seek out their contact and address details from their website and then verify them for their authenticity. You will get an idea if the company exists or if it is a mere bogus being run by fraudsters. Also, contact the number provided to understand the legitimacy of the company.

  • Check for crucial nuances on their website

The website of the company reflects its intentions as a business. If their website is protected and encrypted, it’s a positive indication of a genuine portal. However, if the website is unprotected and your browser lists security concerns, then that more or less gives you a picture of what you can expect. You can verify the encryption of a website through the address bar. If there is a ‘lock icon’ next to the address and its URL starts with ‘https’ instead of ‘HTTP’, then the website is encrypted and secured.

  • Beware of the scammers

Scammers offer you such inciting deals that you might consider them unbelievable. Such out of the world deals are usually a scam to dupe you out of money and your data. Watch out for scams like asking for a pre-processing payment, or directly giving you a loan without a background check. It may look exciting but always trust your hunch.

We have covered this more deeply here. Now, this brings us to the next part where a security lapse can occur. 

# Security measures to keep an eye out for

instant loan apps

While your instant loan portal can be a genuine entity, you’re still under the radar of data theft and misuse if the portal does not have effective security features. 

  • Talk to the loan portal

You should not hesitate about contacting the loan portal and getting all your doubts cleared. Get a clear picture of what tech is being used to store the data and protect the transactions. At EarlySalary for example, all data is encrypted and all its potential usages clearly outlined in our privacy policy. 

  • Research about the portal and technology used

As a rule of thumb, always read community reviews – both good and bad ones. You will get an idea about the shortcomings of the portal. If multiple individuals have raised the issue of data breach and security concerns, then think twice and look for alternate choices available. Also, read about the tech employed by the instant loan app to understand any flaws in the system.

  • Third-party involvement

Also, check whether the company is involving a third party entity to offer you the loan services. Check out what information is being shared with these third-party companies and verify if these entities are genuine. It’s at this point that most data changes hands and is often monetized.

Personal Steps to keep your data safe

Since this information is in the public domain, fraudsters and scammers too have access to study and learn from it. It, therefore, requires both vigilance and awareness from your end to ensure that your data is in safe and secure hands. Watch out for all the flags, if any, raised by an instant loan provider. Also, do not hesitate to ask about the security measures employed by the company. 
At EarlySalary, we not only disburse your loans quickly, but we also keep your data secure. Millions of dollars disbursed across hundreds of thousands of satisfied customers are a testimony of our commitment to client satisfaction and their data privacy. With the presence of the latest security measures, you do not have to worry about your data at EarlySalary.

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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