This article provides information about the Paisaguru loan app. If you are looking for a loan app to obtain cash or pocket money during an emergency, the Paisaguru loan app promises loans of up to ₹100,000. However, it is your responsibility to analyze this loan app before taking out a loan, as there are fraudulent loan apps in circulation these days. It is always beneficial to gather information about any loan app before applying.
About the Paisaguru Loan App
According to the Paisaguru loan app, it was designed to assist individuals facing financial difficulties during emergencies. The Paisaguru loan app claims to offer loans of up to ₹100,000—valid for a tenure of 365 days—simply upon submission of an Aadhaar or PAN card.
However, after availing a loan through the Paisaguru app, we discovered that a loan of ₹3,500 was granted for a loan period of merely 7 days, out of which only ₹2,054 was actually credited to our bank account. After the 7-day period, we are required to repay ₹3,513. All the promises made by this app have proven to be completely false. This app appears to have been created solely to trap people in a web of processing fees and interest charges.
For Example
We took out a loan of ₹3,500 from the Paisaguru loan app, and ₹2,054 was credited to our bank account. The loan tenure is 7 days, and we are required to repay ₹3,513 after 7 days.
- Loan Amount: ₹3,500
- Loan Tenure: 7 Days
- Processing Fee: ₹1,446
- Bank Disbursement Amount: ₹2,054
- Interest Amount: ₹13
- Total Repayment: ₹3,513
Note: This calculation is specific to us; it may vary based on your profile.
Signs That the Paisaguru Loan App Is Fake
Before downloading the Paisaguru loan app, you should be aware of certain critical red flags and warnings.
1. Hidden Charges
For instance, for a loan amount of ₹3,500 disbursed by the bank, this loan application deducts ₹2,054, resulting in a net receipt of only ₹1,446. You should immediately identify this as a scam due to the excessive deduction of ₹2,054.
2. Exorbitant Interest Rates
According to the Paisaguru loan app, the stated annual interest rate is 10%; however, charging an additional ₹1,500 within a mere 7-day period far exceeds the limits prescribed by RBI regulations.
3. False Claims
The Paisaguru loan app promises a repayment tenure of 365 days for a loan of ₹100,000; yet, in reality, loans are granted with a repayment period of only 7 days—a clear violation of RBI policies.
4. RBI Verification
Although the Paisaguru loan app claims to provide emergency loans, users must verify its registration status with the RBI.
5. Aggressive Recovery Tactics
Some users have reported aggressive recovery methods—such as contact tracing if repayment is not made within 7 days—which are common characteristics of fraudulent loan applications.
**Points to Keep in Mind When Applying for a Loan**
- When applying for a loan, be wary of apps that request excessive permissions—such as access to your contacts or photo gallery—as this information could be misused.
- Before applying for a loan, ensure that the loan application is registered with the Reserve Bank of India (RBI).
- Before accepting any loan disbursement, carefully read through all terms and conditions, interest rates, fees, and other relevant details.
- Always avoid loan apps that demand an upfront payment before processing your application.
- Opt for loan apps that provide transparent information regarding customer support and offer clear details regarding loan terms and conditions.
FAQ
**How ​​do I download the Paisaguru loan app?**
This loan application is available on the Google Play Store; you can download the Paisaguru loan app from there.
**Is the Paisaguru loan app safe?**
After receiving the loan, we discovered that this application was a scam designed to defraud people into paying processing fees, and it was not registered with the RBI.
**What happens if you do not repay the Paisaguru loan on time?**
Failure to make timely payments may result in your mobile phone’s contact list being compromised (hacked), and personal or family photos stored in your mobile phone’s gallery could be misused.