Loanbandhu Review: Is Loanbandhu a Scam App?

Hello guys, if you are wondering about this Loanbandhu Loan App then you have arrived at the right page. Today we are going to decode this app and answer some crucial questions. Loanbandhu Reviews is here to help people to understand this app and what precautions they must take.

Always use legit and authentic apps which work as Non-Banking Financial Institution (NBFC) and comes under the Companies Act. Reserve Bank of India has provided data that in 2022 only, the consumers lost about multi-crore rupees collectively to fraudulent practices.

About: Loanbandhu App Reviews

Loanbandhu Loan app doesn’t release the loan. It is actually a platform that facilitates registered non-bank financial companies (NBFCs) or banks to lend to users. They had not provided any information about their NBFC partners but have shared their company with the name of PSPR Enterprises Private Limited.

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Loanbandhu is an online loan market which provides a variety of loan products with different terms, users can find all their needs in our market. Its vision is to provide customers with well-selected and safe loan products as well as related services.

Specification: Loanbandhu App Review

App Name: Loanbandhu

Product Description:

• Amount of loan: ₹5000 to ₹50000
• The highest annual interest rate is  18%-31%
• Minimum repayment period is the shortest tenure is 92 days, the longest tenure is 365 days.
• Processing Fees: 2.5% to 5%
• Convenience Fees: 0 to Rs 250

If customers opt for a Value-Added Service, the fee for it shall be levied additionally.

Email: help@loanbandhu3.com

Address: NA.

Customer care Number: NA

Loanbandhu App Complaints: The Internet is full of Loanbandhu Complaints. . Many people have become victims and shared their stories on consumer complaints websites.

Loan interest calculation: Interest = principal * repayment period (days) / 365 * APR
Total repayment = principal + interest

For example,

If the loan amount is ₹10000, the annual interest rate(APR) is 18%, the loan term is 91 days, the loan term is 3 installments, and the handling fee is 6%, the details are as follows:
Total repayment amount: ₹10000+ ₹448.76= ₹10448.76
Repayment Principal: ₹10000
Handling fee: ₹10000*6%= ₹600
Total Interest: ₹10,000 * 18% / 365 * 91 = ₹448.76
The repayment ratio is 30% for the first month, 30% for the second month, and 40% for the third month.
Monthly repayments are as follows:
The first repayment period is 30 days and the repayment amount is ₹10,000*30% + ₹10,000 * 18% / 365 * 30 = ₹3147.94; the second repayment period is 30 days and the repayment amount is ₹10,000* 30% + ₹10,000 * 18% / 365 * 30 = ₹3147.94; the third repayment period is 31 days and the repayment amount is ₹10000*40% + ₹10,000 * 18% / 365 * 31 = ₹4152.87

Application conditions:

1. Indian resident
2. Above the age of 21 years
3. Should have monthly source of income
If users meet the above requirements, they can apply for a loan using our loan service.

Security and privacy policy: Don’t worry about your personal information. Loanbandhu promises that it is safe and we will never share it with anyone without your consent.

Data Safety

1. No data shared with third parties: The developer says this app doesn’t share user data with other companies or organizations.

2. Data collected: Location, Personal Information, Financial Info, Messages, Photos & Videos, File & Docs, Contacts App, Device or Other IDs, App activity, and App Info and Performance.

Steps to Avail Loanbandhu

• Step1: Install Loanbandhu App
• Step2: Sign-up with Your Mobile Number
• Step3: Fill in basic information and check your eligibility
• Step4: Upload KYC documents, including ID, Address Proof and PAN Card.
• Step5: Request a Bank Transfer or an E-voucher for Your Loan

FAQ: Loanbandhu App Reviews

Is Loanbandhu App Real or Fake?

Loanbandhu App is a real app in terms that they provide loans to people. But we have read many complaints in which Loanbandhu App sends money to the member even though he/she has not applied for it. In some cases, people don’t even receive the loan but they are sending messages to repay the loan.

Is Loanbandhu App Legit?

Nobody knows who owns this App. Also, they have not shared anything about their holding company or its CEO. This app is not a registered company. So, it means Loanbandhu is not a legit App.

Is Loanbandhu App Scam?

It might not be a scam, but the way they are working is totally unethical. There are some red flags present on this App which we want people to learn and understand.

Red Flags: Loanbandhu Reviews

Hidden Owner Information

Loanbandhu has not shared any information about its owner. It means nobody knows who owns Loanbandhu app. It is an important piece of information one should seek.

As we have mentioned above, zero information has been presented about Loanbandhu app has also guarded their information in GOOGLE PLAY STORE records.

Not Registered with Government Authority

There is the minimum requirement needed for any app to offer loans like it should be registered with the concerned authorities. Loanbandhu app is not registered with any authority, which raises a red flag against Loanbandhu app authenticity.

No Social Media Presence

Loanbandhu app is not available on any Social Media Platform. They don’t want themselves to be discussed on social media. Their ads are only shown when someone has searched for loan applications on their phone. Basically, their ads are available through the cache data of our phones.

Loan Trap: Modus Operandi

It is true that they provide money in the form of loans but the loan amount provided is nothing but a trap for customers. They provide loans for barely 1500-1800 rupees and ask for more than 3500 rupees in total in just 4-5 days from the lending date.

Their Modus Operandi is to trap the customers by giving small loans and getting a huge amount in the name of interests and processing fees.

They even harass the customers in many ways in the name of recovery. They blackmail customers to extract the heavy interest amount. And if a customer fails to pay their loans, they even use cyberbullying and harassment methods to get the amount.

Scary Privacy Policy

Their PRIVACY POLICY is more terrifying than any other thing. According to it, they can get all the personal and financial data from our phones with your permission. They got permission for the camera, contacts, location, phone, SMS, and storage.

Under their PRIVACY POLICY, there is a clause that says that they can share all our information with the THIRD PARTIES in the name of solving disputes.

Just by going through their PRIVACY POLICY, we get to know their intention; they use all our data to blackmail us. It is difficult to declare the Loanbandhu app a Scam as it lends the money but this cannot be a parameter to say it is a legit app.

Even under the Ponzi scheme, companies pay their members. People came to understand the Ponzi scheme only when a company stop giving money as they are not able to sustain it anymore.

No one should trust this app for getting loans. There are several other NBFC LOAN apps which are genuine and actually very helpful in times of need. Such as RazorPay, Jupiter-edge, Simple Pay Later, Post Pe, Slice, Navi Personal Loans, Money View, Cash Bean, Kissht, Kreditbee, Pay sense and many more.

Signs To Detect Personal Loan App Scams

Not Interested in Payment History

Every genuine channel that offers loans always crosscheck the source from which they will get their money back. On this front, the payment history of the loan getter plays an important role.

The payment history of a person helps him to have greater credit points which ultimately help him/her to avail of a loan faster and without much hassle.

Genuine lenders not only look to your credit but sometimes they get your report from all major credit bureaus in the form of CIBIL SCORE.

Scammers are not interested in taking the pain to do such hard work. They intentionally seek high-risk borrowers that definitely fall behind on their loan payments. It will help them to incur high late fees or penalties on those borrowers.

No Physical Address

Scammers never provide truthful information about themselves. Therefore, always check their address. Scam Apps provide some bogus addresses on their site which make you lost when you search about them.

It means the scam sites never have any physical address and it is not conducive for them.

Not a Registered Company

Any site which is dealing with money should be registered with the concerned state authorities. If they are not a registered app then they are nothing but a loan scam app.

Information is king in digital time. The more a company shares its information the more transparent and genuine company it is.

Lack of Security Measures

Scammers never bother to secure their Apps with Norton or Macfee-like security software. It is because such software comes with a price and buying the software have two disadvantage.

First, they have to provide information to them that they don’t want. Second, it will increase the cost of making an App which will not be beneficial for them. You will not find many security measures on any scam sites as they are working to scam you and not to protect your personal as well as financial information.

Pressurize to Act Immediately

Scammers do understand the importance of time. Scammers don’t want to give a person time to think. They know if a person goes looking for their App authenticity, then they will not be able to scam him/her.

Therefore, they offer very limited-time deals so that you act fast just to get the loan instead of checking the authenticity of a site. Don’t fall for the urgency plea. It is the hallmark of personal loan scams. The rash decision never ends rightly for anybody. Take your time and then decide.

EndNote: Loanbandhu Reviews

Loanbandhu App is not recommended because there are many negative points we found on this app. The negative point of a Personal Loan is that people take it in a crash crunch situation when they have to fulfil some obligation and they don’t have money with them.

Loanbandhu App Review is an attempt to save people from fraudulent apps that scam people by playing with their emotions. Always use the genuine channel, do a cross-check of any site and never take any decision in a haste manner.

Please share Loanbandhu App Reviews and also if you have any doubt about any website or app, or you know about any suspicious website, please DM us on Facebook, Twitter or Instagram. We will write about that site and make aware as many people as we can. Also follow us on Facebook, Twitter and Instagram.

Our team at Wisdom Ganga is constantly working to recognize all the possible scams and is focused on making everyone aware of them. If you find this article useful, you can now order a cup of coffee for our team as a token of appreciation.

Also read How to Handle Recovery Agents? Can Recovery Agent Harass Debtor?- 2022 to save yourself from fake RECOVERY AGENTS.