Many referrals and apps claim that you can earn money online by referring friends. However, they often demand a commitment for investment from you in exchange of high returns. These schemes often involve getting people to invest money in a product or service and then promising them high returns if they can get others to do the same. But are these apps legitimate? Here are a few reasons you must not trust referrals and apps that demand investment.
- Lacks regulations
Recognised financial authorities do not regulate many apps, so they may not be subject to the same laws as official banks. These programs often require users to provide personal information, such as their name and email address. This data can then be used for identity theft or other malicious purposes. And since these referrals and apps do not have the same scrutiny as reputable financial institutions, they may not be held accountable if something goes wrong.
- Presses you on to invest
These apps often require users to invest a significant amount of money upfront, with no guarantee of returns. A good bank never asks you to invest money to open an account or earn interest. It is simply not how banks operate. Banks and other financial institutions are regulated by law and follow certain rules and guidelines to protect their customers. So, it might not be a legitimate scheme if an app is pressuring you to invest to use their services.
- Poor or no dedicated customer service
Banks and other financial institutions usually offer a higher level of customer service than referral apps that demand investments. If you have any problems with an investment made through a bank, you will be able to speak to someone who can help you resolve the issue. In contrast, apps not affiliated with a reputed financial institution may not have dedicated customer support to help you.
Additionally, many apps have confusing terms and conditions that can be easily misinterpreted. It can lead to customers being scammed out of their hard-earned money. So, it is recommended to use an official app to make money online.
How to earn money from home without investment?
Some big banks like IDFC FIRST Bank provide opportunities to earn money with zero investment and risks. By using the IDFC FIRST Bank MyFIRST Partner App, you can earn ₹50,000 per month and above. It is a personal loan referral app that can help you make cash by referring a personal loan to a potential borrower.
From free earning money online without investment to exciting rewards, you can make with every disbursement in the personal loan referral program. Refer to people who need personal loans and earn a flat 1.5% for each successful loan referral. You can also refer multiple eligible people to avail of maximum benefits from the refer and earn program.
One can easily earn money from home without investment, but you must be careful about which apps and websites you use. Stick with reputable apps like IDFC FIRST Bank loan referral app that offer a dedicated relationship manager and client acquisition support.