Buddy Loan Personal Loan App: Real OR Fake?

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I’m considering using the Buddy Loan app to get a personal loan. However, I’m not familiar with them and wanted to see if anyone here has had any experience with them. Can anyone vouch for the legitimacy of the app and the loan terms they offer?

I’ve been seeing a lot of advertisements for quick and easy personal loans through Buddy Loan, but I’m cautious about using an unfamiliar app for something as important as a loan. Knowing if anyone has used them before and had a positive experience would be helpful.

 

Nanne Parmar

About Nanne ParmarEnlightened

Naman Parmar, also known as Nanne Parmar, is an Indian internet entrepreneur, writer, and public figure. As the CEO of Pricemint and NE Factory, he's pioneering the future of fintech and banking in India. With over five years of visionary leadership, Parmar has significantly reshaped the digital landscape.

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  1. Nanne Parmar Enlightened
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    2024-05-14T00:54:14+05:30 14/05/2024 at 12:54 am

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    Buddy Loan App: Legal or Scam? Unveiling the Loan App in India

    Looking for a quick personal loan in India? Buddy Loan might have popped up in your search. But before you dive in, it’s wise to understand its legitimacy and what borrowers are saying. This blog will shed light on Buddy Loan, helping you decide if it’s the right fit for your needs.

    1. What is Buddy Loan?

    Buddy Loan isn’t a direct lender, but a loan aggregator. They connect borrowers with various lenders in India through their platform. This can be helpful if you’re looking to compare rates and offers from multiple lenders without approaching them individually.

    2. Buddy Loan: Real or Fake?

    Buddy Loan appears to be a legitimate platform. They have a website outlining their services and claim partnerships with reputable lenders like ICICI Bank, Axis Bank, Bajaj Finserv, Citibank, and many more (full list below). However, there are mixed reviews online, so it’s crucial to do your own research.

    Buddy Loan Listed Lenders:

    • ICICI Bank
    • Axis Bank
    • Flexiloans
    • Zype
    • NIRA Finance
    • Protium
    • Prefr
    • SBI Card
    • Axis Finance
    • AU Bank
    • IndusInd Bank
    • PaySense
    • KreditBee
    • Fibe
    • Lendingkart

    Check the Full List Here: https://www.buddyloan.com/our-lenders

    3. Is Buddy Loan RBI Approved?

    While information about Buddy Loan’s specific RBI approval isn’t readily available, the lenders they connect you with should be. Always check if the lender you’re matched with is registered with the RBI on the official RBI website (https://www.rbi.org.in/).

    4. So, is the BuddyLoan App Safe and Registered?

    The company behind Buddy Loan, Bvalue Services Pvt. Ltd., seems to be registered in India based on the CIN number they provide (U74300KA2019PTC127853). However, relying solely on registration doesn’t guarantee complete safety.

    5. Things to Consider Before Taking a Loan Through Buddy Loan

    1. Unknown Lender Terms: The actual interest rates, fees, and terms depend on the lender you’re matched with.
    2. Research the Lender: Before proceeding, research the lender Buddy Loan connects you with. Check their reputation, licensing, and user reviews.

    3. Mixed Reviews: Reviews on the Google Play Store may also be helpful, though it’s important to consider that users with negative experiences are often more likely to leave reviews.

     

    6. Tips to Follow When Using Buddy Loan

    1. Compare Rates: Don’t just rely on Buddy Loan; get quotes from other lenders to find the best deal.

    2. Read Loan Terms Carefully: Understand every aspect of the loan, including interest rates, repayment terms, and any fees, before signing.

    3. Borrow Responsibly: Only borrow what you can comfortably repay to avoid financial stress.

    7. How to Know if a Loan App is Real or Fake?

    1. Unrealistic Interest Rates: Extremely low or high-interest rates can be a red flag.

    2. Upfront Fees: Legitimate lenders typically don’t require upfront fees.

    3. Pressure to Commit Quickly: Be wary of apps pressuring you to commit quickly.

    4. RBI Registration: Verify if the lender is registered with the RBI.

    5. Transparency: A legitimate app will have a clear and informative website with contact details.

     

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