In this article, we’ll learn about the Timely Purse Loan App. If you’re considering a loan from the Timely Purse Loan App, this article may be helpful. In today’s digital age, it’s quite easy to get a loan through a mobile app, but there are also some fraudulent loan apps on the market. Therefore, it’s your responsibility to analyze any loan application before taking one. In this article, you can learn about the Timely Purse Loan App, whether it’s real or fake, and whether you should take a loan from it.
What is Timely Purse
Timely Purse is a loan platform that claims to offer loans up to ₹350,000 using Aadhaar and PAN cards, with a loan tenure of 365 days. However, both claims are completely false. After taking a loan from this app, we found that it only offers a loan of ₹1,850 for 7 days. If you take out a loan of ₹1,850, only ₹1,201 will be credited to your bank account, and you will have to repay ₹1,850 after 7 days. This loan app is a scam designed to trick people into paying processing fees.
For example
If you take a loan of ₹1,850 from the Timely Purse Loan App, the calculation is as follows:
- Loan Amount ₹1,850
- Loan Term 7 Days
- Service Fee ₹649
- Bank Disbursement Amount ₹1,201
- Total Payment ₹1,850
Things to keep in mind when applying for a loan
- Choose loan apps that provide transparent information and clear contact details for customer support.
- When applying for a loan, be wary of apps that ask for excessive permissions, such as access to your contacts or photo gallery, as this information could be misused.
- Before applying for a loan, make sure the loan application is registered with the Reserve Bank of India.
- Before accepting any loan offer, carefully read all terms and conditions, interest rates, fees, and other information.
- Always avoid loan apps that ask for an advance payment before processing your application.
Common Complaints About the Timely Purse Loan App
1. High Interest Rates and Hidden Fees
The most common complaint after taking a loan from the Timely Purse Loan App is that the total loan application cost is significantly higher than the stated amount. After receiving the loan, it is proven that the Timely Purse Loan App only serves to trap users in processing fees.
2. Extortionate Extortion
Some users report that the Timely Purse Loan App makes threatening calls if payment is not made within 7 days, and threatens to hack your mobile phone number from your contact list, and misuse your family and personal photos in your mobile phone gallery.
3. RBI Registered – NBFC Verification
The Timely Purse Loan App grants loans without checking your CIBIL score, which no RBI-registered loan app does. This is also evidence of a fake loan.
Timely Purse Loan App: Real or Fake
As we know, the Timely Purse Loan app is not registered with the Reserve Bank of India. The app’s claims are completely false. It offers loans of ₹1,850 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.
FAQs
How to Download the Timely Purse Loan App
This loan application is not available on the Google Play Store; you can download the Timely Purse Loan APK.
Is the Timely Purse Loan App safe?
After taking the 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 Timely Purse Loan on time?
Failing to make timely payments could result in your mobile phone number being hacked from your contact list, and your family and personal photos in your mobile phone gallery being misused.
- Note: This article is for informational purposes only. Always choose a loan app that is registered with the RBI. Do not apply to any fraudulent loan apps.