Lack of transparency: Lending institutions without app may find it difficult to provide enough transparency to let borrowers know the detailed terms, interest rates, fees and other information of the loan. This may cause the borrower to fail to make an informed decision, and may even be overcharged or face unexpected risks.

There is a risk of fraud: lenders without an app may use false promises or fraudulent means to attract borrowers. These institutions may claim to provide benefits such as low interest rates and quick approval, but they are actually scams. Borrowers may be asked to provide personal information or pay high fees, but they will never get a loan.