Well guys the phone touch finance app which is now present in the Google Play Store as "Quick Loan Approval From NBFCs" claims to provide upto 5 lakhs of instant personal loan from more than 500+ NBFCs.
They also claims to provide longer repayment period upto 1 year with moderate interest rate.
But is this true? I mean you all guys surely having this question whether the phone touch finance app is real or fake, safe or not and most importantly whether you should apply for a instant loan in this app?
Today in this review post I am going to briefly review the phone touch finance app and it's actual reality. You can also refer to the below given review video of the phone touch finance app for more insights.
The phone touch finance loan application is quite new and suspicious loan application which is said to be registered with a NBFC but they bear the same CIN number of a former fake loan app called "RBS Loan App" which was very popular in the starting of year 2023.
As you all know the RBS loan app is removed from the Google Play Store because of its unfair loan practices as they were charging money for membership from its customers for providing loan with no guarantee.
Now they have relaunched as phone touch finance and this time they are selling membership cards to its loan customers for availing their financial services.
This means to get a loan from the phone touch finance platform you first need to buy a membership card.
After that they will send your data to multiple NBFCs for loan and if some NBFCs shows interest they will try to provide you loan from that NBFC.
Incase no NBFC shows interest giving loan then you will not get any loan as the phone touch finance doesn't give any loan guarantee.
This whole process is quite suspicious and many people claims that even after paying membership fee there is no loan provided to them. Also the customer care response is not up to the mark.
As per RBI guidelines is is totally illegal for any loan platform to take any advance payment for giving loans.
Any kind of fees can be only deducted from the approved loan amount. No legit financial institution demands any kind of advance payment before giving loans.
Also the negative Google Play Store reviews makes this app more suspicious as users are complaining about not receiving any loan even after buying membership cards.
So I can not recommend this application. It is very unlikely to get a loan in this app.
The phone touch finance platform can not be considered as a trusted loan platform as many people already faced serious problems and most importantly you need to pay upfront fees to get a loan in this app which is not guaranteed either.
My suggestion is to keep yourself away from this kind of loan platforms. There are also security risks towards your user information as there is no guarantee what this app might to with your data. They can also try to do 7 days loan scam with you as they collect your complete user information. So be careful and don't trust easily.
It's important to note that Phone Touch Finance is not registered with the Reserve Bank of India, nor is it considered a Financial Institution under the Companies Act, 2013 or the Banking Regulation Act, 1949, or any other applicable laws in India.
In case you have already paid money for membership and haven't got any loan you can request for a refund within first 15 days as per their refund policy. If they do not refund your money then make sure to complain in the cyber crime website and also report it in the Google Play Store.
Make sure to do your own research before installing this app in your smartphone. If you want to apply do it at your own risk.
If you really need money and want to take a genuine NBFC registered loan from trusted applications, then check out below given top 10 NBFC loan apps list 2023.
Top 10 NBFC Loan Apps List 2023
Thanks for reading this post. If you have anything to share or ask please fell free to write in comments.
0 Comments