In this article, we will learn about the Boost Loan app. As we know, in today’s digital age, taking out a loan has become quite easy with the help of mobile apps. We also know that some fraudulent loan apps are currently available in the market. It is essential to analyze any loan app before taking a loan from it. If you are thinking of taking a loan from the Boost Loan app, you will need a Boost Loan referral code. If you want to learn more about the Boost Loan app, this article may be helpful for you.
What is Boost App?
As we know, Boost Loan App is a loan app that offers loans for 7 days. It claims to provide loans ranging from ₹2500 to ₹100,000 using only a PAN card and Aadhaar card. Boost Loan App is not registered with the Reserve Bank of India. However, based on complaints from some users, we have learned that this loan app only provides a loan of ₹3500 for 7 days, while the repayment amount after 7 days is also ₹3500. However, you will only receive ₹2275 in your bank account.
Things to keep in mind when taking out a Boost Loan
- Be wary of loan apps that demand excessive permissions, such as access to your mobile contacts, call history, or photo gallery. This information can be misused.
- Before accepting a loan offer, carefully review all terms and conditions, interest rates, processing fees, and penalties.
- First, ensure that the loan app is registered with the appropriate financial regulatory body, such as the RBI in India.
- Choose loan apps that provide transparent details and offer clear contact information for customer support.
- Don’t accept the first offer immediately. Compare interest rates from several loan apps to find the best deal for your financial situation.
Boost Loan App Common Complaints
- High Interest Rates and Hidden Fees: The most frequent complaint is that the total cost of the loan (interest and processing fees) is significantly higher than the loan amount received.
- Threatening Calls and Aggressive Collection Tactics: Some users report that Boost Loan App makes threatening calls if payment is not made within 7 days, calls numbers from their mobile contact list, and employs aggressive collection practices.
- Low Loan Amount and Short Loan Tenure: Boost Loan App initially offers a loan of only ₹3500 for 7 days, of which only ₹2275 is credited to your bank account. You are then required to repay ₹3500 after 7 days. Boost Loan App traps you in a cycle of high processing fees and interest rates.
For example:
- Loan amount: ₹3500
- Loan term: 7 days
- Processing fee: ₹595
- GST (18%): ₹630
- Bank disbursement amount: ₹2275
- Total repayment amount: ₹3500
About the Boost Loan app
As we know, the Boost Loan App is not registered with the Reserve Bank of India, nor is this loan application available on the Google Play Store. Based on comments and reviews from some users, we understand that this loan app provides a loan of ₹3500 for 7 days without checking your CIBIL score. No RBI-registered loan app does this; no legitimate application provides a loan without checking the CIBIL score. There are several indicators within the Boost Loan App that prove this application is fake.
How to download the Boost Loan App?
You can download the Boost Loan app from their website: https://www.boost-loan.com/download
Where can I get a Boost Loan App referral code?
You can get the referral code for Boost Loan App from the website https://www.boost-loan.com/download.
NOTE:- This article is for informational purposes only. If you want to take a loan from the Boost Loan app, please use your discretion because, friends, the Boost Loan app is not a loan app registered with the RBI. Taking a loan from this app involves considerable risk and could be harmful to you.
Boost Loan only works to trap you in a web of processing fees and charges. You will only receive ₹2275 in your bank account out of ₹3500, but you will have to repay the full ₹3500 within 7day. See More