Instant loan apps and personal credit lines can make funds instantly accessible to us. Instant loan apps ask only for the necessary permissions to access specific personal data. Such information can be accessed only upon you providing the required permissions. This information is only accessed so that all loan application forms can be filled up instantly to facilitate the giving of an instant personal loan. Apps like Privo require specific and limited permissions to proceed with your loan application and the granting of an instant personal loan.
As instant loans are disbursed in minutes over your mobile, it helps you quickly borrow a loan and withdraw money to meet your spending requirements as and when needed. You still need to meet specific KYC requirements and eligibility criteria prescribed by the lending company to be able to activate an instant line of credit. This is the main reason behind providing permissions to the Privo instant loan app to access certain mobile data.
First off, let’s address why do lending apps ask for permissions
The process of checking your KYC and eligibility to meet the loan criteria happens over your mobile phone. It enables the loan to be processed instantly. To facilitate this, you need to provide permissions to the instant loan app to access specific stored data on your mobile phone.
1. Create a seamless experience for the customer.
You must realise that instant loan apps collect information to enable the instant processing of loans. Apps collect relevant data for underwriting purposes, determining the user’s creditworthiness. It helps the user avoid filling out numerous fields and multiple forms. As a result, users don’t have to be bogged down with various areas they must fill during the application as the apps instantly access the data and fill up the forms. It helps in the expeditious approval and processing of loans.
2. Instant loan apps access relevant data to give users the best loan offer
Let us look at the relevant data to get an instant personal loan basis the + and PAN card in the case of the Privo app. Traditionally, you’d have to collate photocopies of your identity proofs, income proofs, and address proofs amongst others depending on the lender. With a digital app, all of these are reduced to screens which let you complete these steps in minutes by allowing access to detect location, SMS and camera to let you take an instant loan on the Aadhar and PAN.
Credible apps like Privo only ask for necessary permissions and provide you instant loans after conducting credit checks to determine eligibility.
3. Some apps implement data security measures to ensure that only the borrower can access the loan offer.
When you get instant loan approval, some lenders implement data security measures through their digital lending application such as finger lock or double encryption. This measure is necessary to ensure that only you, as the borrower, have access to withdraw from your credit line.
Suppose there is a situation where the mobile phone is stolen or lost. In that case, unauthorized persons cannot withdraw money from your loan account balance and increase your debt without your authorization.
One way to achieve this is through providing one-time consent to access different apps and enable a better user experience for yourself covered in the next section.
How can you control the permissions you give to an app?
Option 1: Choose while using the app: Apps cannot access all personal data without your permission. You can control access to your data and deny certain permissions for access while installing any app.
Option 2: Only when applying for a loan: You can only provide access to a loan app when applying for a loan. It ensures only such permissions that the app requires you to process your application. It would help if you refrained from giving permissions to random mobile apps.
What permissions are required to access Privo?
With Privo, you are only given three kinds of permissions because Privo cares about your data privacy and only asks to offer you the best experience.
- Safe access to your banking statements:
Safe access to your banking statements: Use your SMS as an alternative to making you access your net banking credentials. It ensures you do not have to take trouble downloading the bank statement and uploading it directly on the app.
- Providing address proof:
Your location is your address proof, so you don’t have to risk entering your address multiple times through the loan processing journey.
- Taking a selfie safely:
With camera permission, you will help the Privo app with a selfie and smoothen the process for you. The camera prevents you from taking a passport-size photo, uploading this on the phone and then on the phone. Your selfie can be used to verify your image with the documents initially submitted at the time of the loan application. This is an additional layer of security to ensure that no one other than you can use your credentials.
As a customer who downloads any app, it is your right to ensure that your privacy, personal data security and safety are not compromised. With cyber hackers and other frequent online frauds, you need to protect your data and privacy so that unauthorized and illegal apps do not access your private information and compromise your data security. You can rest assured that Privo, the instant loan app, is a responsible app which asks you only for necessary permissions.
Some info about Privo: Privo is a mobile app from an RBI-regulated entity called Credit Saison India, a subsidiary of Credit Saison, a listed NBFC in Tokyo. Explore EMI, interest rates and other features here: https://bit.ly/3EzCfdf