With advanced technologies and cut-throat competition every business is trying to get maximum customer attention and offering them enhanced services. For this, several financial institutions and banks are also approaching customers via WhatsApp.
These WhatsApp communications are regarding availing personal loans and other financial schemes. Often such communication is right, but it is not completely secure. Advanced technology has also enabled online banking scams an uprise.
In various instances, there have been cases of financial frauds where the fraudulent have posed as banking officials. Hence, it is important to verify and check the WhatsApp Banking message before you proceed.
Concerns with WhatsApp Banking
Among all the concerns that are associated with WhatsApp Banking, the major concern is the absence or lack of any strict regulations or a regulatory body. Since there is no overlooking and governing body to manage this aspect of the banking the chances of frauds and risks are higher.
Along with this, the absence of a regulatory body can also impact on the services being provided, which includes incomplete information regarding the loan terms and conditions, customer data leak and misuse. Additionally, higher interest rates are another concern that the customer is subjected to.
The primary reason for these higher interest rates being the high risk that the lender is taking for WhatsApp Banking, which results in charging high interest rates to the customers. Furthermore, these WhatsApp personal loans are often offered to people who have low credit scores or individuals who don’t have a credit score.
This builds up a certain level of risk for the lenders, hence as a form of security on the investment, they often charge high interest rates. These high interest rates are further supported by the absence of a regulatory body as mentioned above.
WhatsApp Banking with Lenders
Another aspect of WhatsApp banking for personal loans is that your online lending partners or banks often connect with users on this platform for easy communication. You can easily get your bank’s WhatsApp banking via their specific process.
These are designed for the user convenience and offer personalized, easy, and simple banking features. With this WhatsApp banking service, the user can directly apply for a loan, request for their cheque books, bill payments or other banking services as well.
This allows the users to save time and avail hassle free banking services instead of time-consuming traditional banking.
However, a major point of consideration here is that the user needs to verify the authenticity of these WhatsApp banking services before proceeding further. For this firstly the user can check with their lender if they offer such services or not. If not, then it is advisable to block these and not indulge in further activities.
WhatsApp Banking Services
In addition to these third-party WhatsApp personal loan banking schemes. The Meta driven app itself is also offering an option to avail banking services on the platform. These banking services are linked with the user’s UPI apps can allows the user to send or receive payments via their UPI IDs.
However, there are some gray areas in this as well. Since WhatsApp Banking is not governed by any regulatory body, there can be fraudulent activities too. This makes the feature of WhatsApp Banking for personal loans or other financial transactions unsafe for the users.
Quick Personal Loans with FatakPay
If you are someone who is looking for an instant personal loan option, then instead of going for WhatsApp banking it is advisable to look for online lenders like FatakPay. With such online lenders you can get easy access to emergency funds, get quick approvals with a minimum documentation and quick processing time.
All these are offered to you on this online platform FatakPay. In addition to this, FatakPay is backed by RBI registered NBFCs which makes it safe to use and allow the users to avail easy personal loans with quick approvals.
With all these features and the added benefit of safety and security, makes FatakPay a safe option for all the users to apply for an instant personal loan. Furthermore, with FatakPay’s WhatsApp Banking Services, you can make easy transactions with your WhatsApp chat itself.
For instance, if a user has been onboard FatakPay but hasn’t made any transactions in a while. The user will get an alert text on their WhatsApp reminding them of the available balance for use in their FatakPay account. By simply clicking on “Yes” the user can transfer the amount directly to their bank account for further use.
This further makes the process of making transactions seamless, safe and secure, elevating the overall user experience.
The minimum fees and quick processing further play an important role for the users to apply for a quick and easy personal loan using the platform. It has been designed keeping the usability under consideration for easy use of the app.
Furthermore, this is a mobile-friendly app which makes availing personal loan simple, easy and quick allowing you to avail for loans on the go.
Concluding Points
From the above-mentioned points we have concluded two different aspects of WhatsApp banking for personal loans. In both aspects, users must take certain security measures to ensure the authenticity of these platforms before indulging in further activities.
Additionally, it is advisable to indulge in banking services such as personal loans with verified lenders only such as FatakPay which can offer you genuine offers and services. For more details download the app today and get your personal loan approved today.
FAQs:
1.Is it safe to use WhatsApp banking?
No, it is not safe to use WhatsApp Banking for personal loans due to the lack of a regulatory body and fixed regulations to overlook the transactions.
2.How to get approved for a personal loan?
To get approved for a personal loan, apply for a quick personal loan with an online lender like FatakPay and get quick personal loan approved.
3.How can I get my first personal loan?
To get your first personal loan, you can fill in the application form with FatakPay with the required details and get your personal loan approved in an instant for quick access to funds.
4.Are there any dangers in using WhatsApp?
No, there are no dangers in using WhatsApp, however, there are certain issues with using WhatsApp for banking and other finance related aspects as there are no regulatory bodies to govern the functioning and transactions made via WhatsApp.
