Wonder Loan is a personal loan app that claims to be legitimate; however, numerous complaints exist on the internet against it.
An app that disburses loan amounts without users asking and threatens to publicize private moments on social media if repayment isn’t met is said to have been reported by Tamil Nadu cyber crime police; however, Google declined to share information regarding who had created the app.
It is a legit app.
There are various loan apps out there offering people money, some legitimate and others fraudulent. Scam apps lure people in by promising large sums with minimal paperwork needed and convincing people to download it by creating what looks like an official version – this allows scammers to gain access to users’ details, which they use against them in extorting or stealing identity. To protect yourself against falling for such scams, always use legitimate apps; check developer websites if possible, as no websites indicate fake applications.
Wonder Loan is an online lending platform offering products such as holiday loans, cash loans, and bond loans. Through partnerships with NBFCs (such as Tamilnadu Finance Private Limited ), it aims to help users select their ideal lending product.
The platform seeks to make its services accessible for people from different needs and backgrounds by offering flexible terms and quick turnaround times – this enables people with various income levels and credit histories to obtain loans without being bogged down in red tape associated with bank loans.
However, many individuals continue to fall prey to loan app scams despite these efforts. With smartphones becoming ever more prevalent and data plans offering bargain-bin plans becoming ever cheaper, these loan app scams have grown increasingly prevalent, and it is estimated that consumers lost multi-crore rupees just in 2022 alone! Scammers use limited-time offers or urgent pleas as bait to convince unsuspecting public members to download their app and open accounts with them.
Not to be overlooked are apps that solicit sensitive data, including bank account and credit card numbers, for use in financial fraud schemes. Furthermore, they often demand advance payments under the pretense of processing or guarantee fees before disappearing after collecting funds – frequently changing names or domains to avoid detection.
It is easy to use
Wonder Loan is a personal loan app that makes applying for and getting loans more accessible than ever on the go. The application process is quick and effortless, and borrowers can receive their funds within minutes. Furthermore, this flexible platform gives borrowers control of both repayment schedules and amounts, making managing finances much more straightforward.
Many people turn to loan apps when their credit does not allow them to qualify for traditional loans, yet these apps may pose risks as borrowers have no protection if their lender defaults on the loan agreement. Therefore, before using any loan app, adequate research must be conducted – checking that they are registered with government bodies as well as user reviews from previous users is crucial.
Some fraudulent loan apps are taking money from unsuspecting users without their knowledge. ABP Live discovered one such app called Wonder Loan that preys upon them by disbursing loans they never requested and then calling the user to demand money or defame them before family and friends. Such behavior must stop immediately.
The best loan apps are simple and fast to complete, offering intuitive UI designs and an efficient process. A loan app should allow you to view your current balance, track EMIs, and compare interest rates from multiple lenders easily, plus send reminders when it’s time for payments.
Another feature of the loan app is a savings account that allows you to set aside part of each paycheck for specific goals, helping prevent over-drafting of your bank account and set automatic transfers according to goals you have established. Furthermore, this app features “Side Hustle” functionality so you can find extra ways of earning extra cash.
When looking for loan apps, make sure they have both a website and a verified Google Play listing – this will show if the app is legit. In addition, always read their terms and conditions carefully prior to applying for loans.
It is quick
Wonder Loan offers quick and affordable personal loans to people with bad credit, nationwide services that accept multiple sources of income, and an encrypted website that does not share personal data without consent.
In addition to loans, this company also provides financial education and tools for users. Their application process is quick and straightforward – you can complete it within minutes! Plus, their customer support representatives are readily available to answer any queries or provide assistance if necessary. Their app also features a free online tutorial as well as an FAQ section to ensure a better experience when borrowing money.
Wonder Loan App Is Not a Scam.
Consumer complaints websites contain many reports on Wonder Loan app complaints that state they duped people by sending money they never requested; these reviews serve as evidence that this company should be avoided.
This app makes tracking your loan payments and making payments accessible, with features including an easily customizable dashboard and automatic payments. Furthermore, this app supports various payment methods and has a two-step verification process – plus, it works on both iOS and Android devices!
As opposed to other loan apps, this one requires less documentation and doesn’t necessitate meeting in person with a loan officer. Furthermore, anyone, regardless of age or income level, can utilize this loan app; you will get approved within 24 hours as long as specific criteria are met based on lender eligibility assessment criteria discussed earlier. Plus, you can use this loan for short-term expenses or emergencies, and the lender will transfer the money quickly once approved!
It is affordable
Other than your credit score, other factors play a pivotal role in whether or not you will be approved for a personal loan. Credit unions tend to offer more reasonable interest rates and repayment terms, as well as take into account factors like income and employment history in determining how much can be borrowed – usually making these loans more cost-effective than unsecured personal loans.
Wonder Loan App is an actual app in that it offers loans to consumers; however, its owner or CEO is unlisted on its website. Furthermore, this app collects your location data, financial data, messages, photos, and videos; however, their policies state they won’t share them without your permission – however, there have been multiple complaints of debt collector harassment posted to consumer review websites; in extreme cases, victims have even committed suicide due to stress-related debt problems.
Wonder Loan is an app claiming it can approve loans quickly and effortlessly, but upon closer examination, its reviews reveal an abundance of 5-star ratings with foreign names that appear to be fake reviews. ABP Live reached out to Wonder Loan’s developer but has not received a reply to our inquiry about these fake reviews.
Google Play store listings of Wonder Loan define it as a digital lending marketplace that connects registered non-bank financial companies or banks with users looking for loans. Operated by Tamilnadu Finance Private Limited, Wonder Loan boasts over one million downloads on Android devices for free access.
Before downloading and using any app, users must read and understand its fine print carefully. Unfortunately, many have reported being duped by this company by receiving loan amounts they did not request and debt collectors using this app to access the personal details of borrowers as well as friends and family of these borrowers – this illegal behavior has caused severe difficulties to many people who use these applications.