Buddy Loan App Review 2023 – Is is Safe to Use?

Are you in urgent need of a loan but don’t have the time or energy to go through the traditional process? In this article, you’ll get Buddy Loan app review, its pros and cons, and alternative apps to consider. This app may solve your problem and help you with an instant loan.

buddy loan app review

About the App

Buddy Loan App is an online lending platform that provides personal loans to individuals in need of financial assistance. The app offers loans ranging from Rs. 10,000 to Rs. 15 lakhs with a repayment period ranging from 6 months to 5 years. The app claims to provide hassle-free loans with minimal documentation requirements and quick disbursal.

Pros

  • Buddy Loan App has several advantages that make it a popular choice among borrowers. Firstly, the app offers loans at competitive interest rates, making it an affordable option for those in need of financial assistance.
  • Secondly, the app has a user-friendly interface that makes it easy for borrowers to apply for loans and track their application status.
  • Thirdly, the app has a quick turnaround time, with loan disbursal within 48 hours of loan approval.

Cons

  • Firstly, the app charges a processing fee of up to 3% of the loan amount, which can increase the cost of borrowing.
  • Secondly, the app requires borrowers to have a minimum monthly income of Rs. 15,000, which might exclude some individuals from applying.
  • Lastly, the app has limited availability, with loans currently only available in select cities in India.

Also read: ETmoney Vs Groww – Which app is better?

Buddy Loan App Review by User

Overall, Buddy Loan App has received positive reviews from borrowers who have used the app. The app has a rating of 4.4 on Google Play Store and 4.8 on App Store. This rating is quite good for a fintech application

Borrowers have praised the app for its user-friendly interface, quick disbursal, and competitive interest rates. However, some borrowers have raised concerns over the processing fee charged by the app and the limited availability of loans in certain cities.

Alternative Apps

If Buddy Loan App doesn’t meet your financial needs, there are several alternative apps to consider. Some popular options include Cashbean, Stashfin, Kissht, and EarlySalary. These apps offer similar services, including personal loans with quick disbursal and minimal documentation requirements. However, it’s important to compare interest rates, processing fees, and repayment periods before choosing an app.

Frequently Asked Questions

What type of loans does Buddy Loan App offer?

Buddy Loan App offers personal loans ranging from Rs. 10,000 to Rs. 15 lakhs with a repayment period ranging from 6 months to 5 years.

What are the eligibility criteria to apply for a loan on Buddy Loan App?

To be eligible for a loan on Buddy Loan App, you must be an Indian citizen aged between 21 and 60 years with a minimum monthly income of Rs. 15,000.

How long does it take to get a loan approved and disbursed on Buddy Loan App?

Buddy Loan App claims to provide quick disbursal, with loan approval and disbursal within 48 hours of application.

What documents are required to apply for a loan on Buddy Loan App?

The documents required to apply for a loan on Buddy Loan App include PAN card, Aadhaar card, bank statement, and salary slips.

Does Buddy Loan App charge any processing fees?

Yes, Buddy Loan App charges a processing fee of up to 3% of the loan amount.

Conclusion

Buddy Loan App is a popular online lending platform that offers personal loans to individuals in need of financial assistance. The app has several advantages, including competitive interest rates, quick disbursal, and a user-friendly interface. However, it’s important to consider the processing fee charged by the app and the limited availability of loans in certain cities. Visit ThinkMoneyTrader for more financial bytes like this.

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