The Role of Financial Literacy in Protecting Against Fake Loan Apps

Financial literacy plays a crucial role in protecting individuals from falling prey to scams, especially when dealing with a fake loan app. In recent years, digital platforms have made financial transactions easier, but they have also paved the way for fraudulent apps that exploit users. These apps often attract people with promises of instant loans, only to trap them with high interest rates, hidden charges, or misuse of personal information.

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