New Delhi, March 10 -- In India, instant personal loans, often disbursed within 10 minutes-have surged in popularity due to their swift approval processes, rapid growth in information and technology tools and minimal documentation requirements.

Now, this rapid access to credit has been facilitated by digital lending platforms and fintech innovations. However, concerns have arisen regarding the safety of these loans. Issues such as unregulated lenders, unfairly high-interest rates, and data privacy risks have been highlighted by financial authorities and consumer rights organisations.

Aspirational borrowers are advised to exercise caution and thoroughly understand the credibility of the lending platforms they are interacting with before ...