This article will explain the Dream Loan App. If you’re a student looking for a loan for pocket money, the Dream Loan App promises education loans ranging from ₹10,000 to ₹100,000. However, it’s your responsibility to analyze this loan app before taking out a loan, as there are some fraudulent loan apps available today. It’s beneficial to learn about any loan app before applying for one.
About the Dream Loan App
According to the Dream Loan App, this loan app is designed to help students who are facing financial difficulties in continuing their studies. The Dream Loan App claims to provide scholarship-based financial assistance to help you stay in school and focus on your studies, offering education loans ranging from ₹10,000 to ₹100,000 with repayment periods ranging from 91 days to 36 months.
However, after taking out a loan from this app, we discovered that the ₹3500 loan was only given for a 7-day loan period, with only ₹2054 credited to our bank account. After 7 days, a payment of ₹3513 would be required. All the promises made by this app have proven to be completely false. This app is designed solely to trap people with processing fees and interest.
For example
We took a loan of ₹3500 from the Dream Loan App, and our bank account was credited with ₹2054. The loan tenure is 7 days, and we have to repay ₹3513 after 7 days.
- Loan Amount: ₹3500
- Loan Tenure: 7 days
- Processing Fee: ₹1446
- Bank Disbursement Amount: ₹2054
- Interest Amount: ₹13
- Total Repayment: ₹3513
Note: This calculation is for us only; it may vary depending on your profile.
Dream Loan App Details
- Loan Amount ₹10,000 to ₹2,00,000
- Loan Term 91 Days to 36 Months
- Annual Percentage Rate (APR) – 20% per annum
Note: However, after taking a loan from the Dream Loan App, this information was proven to be completely false.
Signs that Dream Loan is fake
Before downloading the Dream Loan App, you need to be aware of some important warnings and warnings.
1. Hidden charges
For example, this loan application is receiving ₹2054 from the bank for a loan of ₹3500, but the payment is for ₹3513. Be sure to identify this by charging ₹1446 more.
2. High interest rates
According to the Dream Loan App, the interest rates are 10% per annum, but charging ₹1500 more in 7 days exceeds RBI regulations.
3. False claims
The Dream Loan App promises loan tenures of 91 days to 36 months for loans of ₹10,000 to ₹200,000, but in reality, loans are only available with a tenure of 7 days, which violates RBI policy.
4. RBI Verification
Although the Dream Loan app claims to offer student loan assistance, users should verify its registration with the RBI.
5. Aggressive Recovery
Some users have reported harsh recovery tactics, such as contact tracing if payments are not made after 7 days, which are typical features of fraudulent loan applications.
Dream Loan App: Real or Fake
As we know, Dream Loan App is not registered with the Reserve Bank of India (RBI). The app’s claims are completely false. It offers loans of ₹3,500 for just 7 days, indicating that it’s designed solely to trap users with interest and processing fees. Furthermore, this loan app offers loans without checking your CIBIL score, which no RBI-registered loan app would ever do. This is also a sign of a fake loan app.
FAQ
How to Download the Dream Loan App
This loan application is not available on the Google Play Store; you can download the Dream Loan Apk.
Is the Dream Loan App safe?
After taking the Dream Loan, we discovered that this loan application was a scam designed to trick people into paying processing fees, and it was not registered with the RBI.
What happens if you don’t repay the Dream Loan on time?
Failing to pay the Dream Loan on time could result in your contact list on your mobile phone being hacked, and your family and personal photos in your mobile phone gallery being misused.