RupeeWay Reviews: Is RupeeWay a Scam Loan App?
Hello and welcome to the RupeeWay Reviews (Loan App). In the recent past, many online loan apps have been opened which offer easy personal loans at different rates. Earlier these kinds of loans were used to offered by some big local merchants who offer money at a high-interest rate.
Loans taken from local merchants come under the un-organised banking sector which is not regulated by government authority. It was the main headache for the government as most of the village people were not able to take loans from the banks and they choose local bankers who exploits them,
In a similar manner, many personal loans app has been opened that give people easy loans without any hassle at a high-interest rate and they took much more than just money.
RupeeWay Loan App is one such loan app that is unregulated and charges high-interest rates to its customer. In this RupeeWay Reviews, we show why it is not a legitimate platform to take loans.
Some frequently asked questions regarding RupeeWay App are, is RupeeWay a Loan App Scam? or is RupeeWay a legit App to take a loan? Since you are here then we believe that you are also interested to know RupeeWay Reviews in detail.
RupeeWay 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.
It can be debt consolidation, medical bill payment and other services. It is a common practice but we want our readers to not take loans from any personal loan apps like RupeeWay. 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.
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What is RupeeWay Reviews?
RupeeWay is an online Loan App that claims to be your Smart Loan Assistance. It is like an online loan market which provides various loan products with different terms. Its vision is to provide their customer with well-selected and safe loan products as well as related services.
RupeeWay does not directly participate in lending activities. It is just a platform and nothing else. According to them, they provide a platform to facilitate registered NBFCs or banks to lend to users. Their primary NBFC partner is- THINSONS PAKCAP PRIVATE LIMITED.
Still, we do not recommend RupeeWay App because this NBFC partner is fake as we found nothing about them on the internet. Any company whose information is not present on the internet is a major red flag. Like this, there are many red flags present on this website which people should become aware of.
RupeeWay Reviews: Loan App Red Flags
Hidden Owner Information
RupeeWay Loan app has not shared any information about its owner. It means nobody knows who owns a RupeeWay Loan app. It is an important piece of information one should seek.
As we have mentioned above, zero information has been presented about RupeeWay and its primary NBFC lending company Thinsons Pakcap Private Limited. Getting money without knowing your lender is bad practice.
RupeeWay Loan app has also guarded their information in GOOGLE PLAY STORE records. RupeeWay Loan app is a new APP and we are unable to find much about it.
It has shared an email id i.e. lagerjohn79@gmail.com describing it as their application developer email id.
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. RupeeWay Loan app is not registered with any authority, which raises a red flag against RupeeWay Loan app authenticity.
No Social Media Presence
RupeeWay Loan 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
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, then 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 RupeeWay Loan app a Scam as it lends the money but this cannot be a parameter to declare it 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, Paysense and many more.
FAQ of RupeeWay Reviews
Is RupeeWay Reviews a Scam?
It is not a registered App, therefore, it can turn into a scam any day.
Is RupeeWay Reviews a legit app?
It is not a legit app. First, they have zero authority to give loans. Moreover, techniques used by Rupeeway’e people are not legal.
Is RupeeWay Reviews Fake App?
It is not fake but not recommended.
Signs To Detect Personal Loan App Scams
1. 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 genuine information about themselves. Therefore, always check their address. Scam Apps provide some bogus addresses on their site which make you lost when you searched 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.
End-Note
RupeeWay Loan app is not a good app. Don’t use it and don’t fall for it. The RupeeWay Loan app has not provided any genuine loan to anybody.
RupeeWay Reviews 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.
Our team at Wisdomganga is constantly working to recognise all the possible scams and is focused to make everyone aware of them. If you find this article useful, you can now simply order a cup of coffee for our team as a token of appreciation.