In present time’s digital age mobile apps have made personal loans more accessible, especially for which prefer quick paperless solutions. As an example of such an app is Moneyview which is a very popular lending platform in India that has won over customers for its quick disbursement and easy to use interface. While it is easy to borrow through these apps what comes along is the issue of caution. Many users also ask of which it is safe to take a loan from the Moneyview app or not? We will look into this issue in detail which includes its credibility, procedure, data security, user feedback, and over all trustworthiness.
Understanding the Moneyview App
The Moneyview app is an online lending platform which gives out personal loans to salaried and self employed people in India. We see it is a service of Whizdm Innovations Pvt Ltd, which has its base in Bangalore. Also it serves as a bridge between our 2004’s the borrower and the regulated lender. Whiz that is.
Upon opening the app you are taken through a simple, organized interface which has in it the option to check your eligibility, get an instant loan quote, upload documents and get the money into your bank account. The app presents itself to be that of low interest rate which also has flexible payment terms and which requires little in the way of documentation mainly just your Aadhaar, PAN and bank statements.
Is the Platform Legally Compliant?
One of the early signs of a safe loan is that the company which puts it forward is operating within a regulated structure. In that regard Moneyview does well. They are tied up with RBI approved NBFC’s like Aditya Birla Finance Ltd, IDFC First Bank and others which is how they dispense their loans. Also the lending they do is via licensed financial institutions which in turn follow the banking and financial laws put forth by the Reserve Bank of India.
Also, Moneyview reports out all loan details, terms, interest rates, and repayment schedules at the time of application. We see this as a point that the company operates by the rules. Once the agreement is signed there are no hidden charges and the user is made aware of the interest rate and the processing fee in advance.
Privacy of Apps.
Whenever you apply for a loan via a mobile app we are to share very personal and financial info. This includes your Aadhaar and PAN info, your salary or income details, and banking history. It is only natural that users are worried about what is done with this info.
Moneyview reports to be using 256 bit encryption and secure servers for user data protection. Also it is in compliance with what the law requires of us in terms of data protection. That said like most digital players we do ask for permission to access your SMS and app usage data in order to determine your creditworthiness, which some of our users find to be a violation of their privacy.
That which is said is there has not as of yet been a report of a large scale data breach or major cyber security issue related to the Moneyview app. What we do know is that reviews of the Play Store and App Store mainly report that users feel their data has been handled responsibly.
Loan Repayment and Customer Support
Repayment of loans which are taken out via the Moneyview app is a simple process. We do auto deduction of EMI from your account on the due date. Also you have the option of manual payment or to prepay your loan through the app. What borrowers should note is the importance of timely repayment. If you miss an EMI it will affect your credit score and also you may have to pay more in penalties.
When it comes to support Moneyview has in app customer service and email based assistance. That said we see a trend of support which at times is slow to respond by which I mean technical and repayment related issues. At the same time many users do report that the app does resolve most issues in a timely fashion.
What Do Real Users Say?
User reviews are a range of positive and negative which is what we see in most financial apps. On the Google Play Store the app has millions of downloads and also reports a rating of over 4 stars which is very good. Most positive reviews note the app’s fast disbursements, low paperwork, and flexible repayment options.
However we see that which negative reviews put forth high interest rates and also penalties for late payment. Also some users report they have issues with the app’s access to personal info which in some cases is a bit of a privacy issue for them or that the app is denying loan applications to what are in fact good credit risks.
It is true that when it comes to eligibility determinations we look at many factors including your credit score, banking history, and financial responsibilities. Also it is not the case that a denied application means the app is unsafe in fact it is a result of the partnered NBFC’s internal risk assessments.
Final Verdict: Is it safe to get a loan from Moneyview?
Yes, from my experience using the Moneyview app for a loan is very safe which you do so if you are responsible with your borrowings and also take the time to read the terms. This is not a scam platform or fly by night operation. They work with RBI registered NBFC’s, they follow all the proper procedures and have in place a good system for disbursement and repayment.
Also safety is a issue of not only the app but how you as a borrower present yourself in the loan process. Try to:.
- Read all loan terms carefully.
- Grasp the interest rate and penalty terms.
- Make sure to repay the loan timely.
- Do not take out what you don’t require or can’t afford.
In that which we present Moneyview to you as a valid and efficient player in the personal loan space in India. We have in this that it is a great option for short term financial needs if you use it right. As with any financial product what we see is that the true safety comes from within yourself in terms of your own financial awareness and discipline.
