How secure are online personal loans?

Have you ever been in a situation where having a little more money for a short period of providers to choose from and the chances of your data getting leaked and misused are higher too! How do you ensure you don’t fall into the trap of fine print text in the privacy policy of financial assistance applications? We have listed down a few tips that you should keep in mind when applying for financial assistance.

1. A fundamental yet intelligent way to maintain your data security is by checking whether information related to income and expenses obtained through bank SMS Scraping is visible to the service provider. While this may sound like a gross violation of your privacy, you will be surprised to know how many loan applications can access your life’s most private financial details.
2. You should also check the privacy policy for any mention of your contact list, call history, and other related details. At EmpWel, we not only give you instant salary advance but also don’t gain access to your private data like call history and contact details.
3. You need to watch out for a big red flag whether your financial assistance provider shares your information with any third-party vendors. You should read the terms carefully to check if a third-party entity is involved in your equation with the loan vendor and, if yes, what information will be shared. Many companies resort to the sale of personal data as that is a quick way to monetize the data.
4. A few other details that you must search the agreement for are whether the application is requesting access to other mobile applications installed on your device and  about your mobile phone – IMEI Code, whether it is single or dual sim, mobile details network used, applications stored on your device, etc
5. One last but equally important check you must do is whether the company reserves the right to track you, even after you uninstall the application. While the above points may seem scary and a massive invasion of your privacy, you should know that many organizations are also using the latest security measures to ensure your data is intact and safe. At EmpWel, we only gain access to the information/ data that is mandatory for us to be able to provide a salary advance, so you don’t have to worry about your data security with us!