True Balance Loan Review – Pros, Cons and Alternatives

True Balance is a digital wallet and lending platform that offers small personal loans to its customers. The company has gained a lot of popularity in recent years, especially in India, where it is headquartered. In this review, we will take a closer look at True Balance loans and see if they are a good option for people in need of quick cash.

Loan Options

True Balance loans offer a range of loan options to its customers to choose from based on their specific needs. Short-term personal loans are the primary loan option, which can help customers address any urgent financial needs or unexpected expenses. The loan amounts range from INR 1,000 to INR 50,000, which can be helpful for customers who require smaller amounts of cash. The loan amounts are determined based on the customer’s creditworthiness, income, and other eligibility criteria.

The repayment periods for True Balance loans are also flexible, ranging from 62 days to 120 days. The repayment period can be selected based on the customer’s ability to repay the loan amount. The repayment periods are shorter than traditional loans, which can be beneficial for customers who need quick access to cash and prefer to repay their loans quickly. However, customers should be aware that the shorter repayment periods may result in higher monthly payments, which can be challenging to manage if they have other financial obligations.

The interest rates for True Balance loans vary based on the loan amount and repayment period. The interest rates can be competitive compared to other short-term loan options in the market. Customers can calculate their monthly payments and interest rates using the loan calculator available on the True Balance website or mobile app. The loan calculator can help customers determine the total cost of the loan and make an informed decision about whether it is affordable.

In addition to personal loans, True Balance also offers other financial services, such as digital wallet services, mobile recharge, bill payments, and insurance services. These additional services can be helpful for customers who prefer to manage their finances in one place and have easy access to other financial products.

Loan Application Process

The loan application process is very simple and straightforward. Customers need to download the True Balance app from the Google Play Store, create an account, and provide some basic information about themselves. They will also need to provide some additional documents, such as proof of income and identity, to complete the loan application.

Loan Approval Process

True Balance claims that its loan approval process is very fast, and customers can receive their funds in as little as 24 hours. However, the actual approval time may vary based on the customer’s creditworthiness and the amount of the loan.

Loan Repayment Process

True Balance offers several repayment options, including debit card, net banking, UPI, and cash at select partner locations. Customers can choose the option that works best for them and make their payments on time to avoid any additional charges or penalties.

Also Read: List of Banned Loan Apps in India


  • Easy application process: True Balance offers a very easy and user-friendly loan application process, which makes it very convenient for customers to apply for loans.
  • Fast approval process: It claims that its loan approval process is very fast, which can be very helpful for customers in need of quick cash.
  • Flexible repayment options: It offers several repayment options, which can be very convenient for customers who prefer certain payment methods.
  • Competitive interest rates: It offers competitive interest rates on its loans, which can be very beneficial for customers who are looking for affordable loans.
  • No prepayment penalties: It does not charge any prepayment penalties, which means customers can pay off their loans early without any additional charges.

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

Cons ๐Ÿ‘Ž

  • Limited loan amounts: True Balance only offers small personal loans, which may not be sufficient for customers who need larger amounts of cash.
  • Limited repayment periods: It offers short repayment periods, which can be challenging for customers who need more time to repay their loans.
  • High late payment fees: It charges high late payment fees, which can add up quickly if customers miss their payments.
  • Limited availability: Loans are currently only available in India, which may not be helpful for customers in other countries.

Alternatives – There are some other trusted and verified loan apps that are operating since a long time. Some of these are Stashfin, Buddy Loan, Kreditbee, mPokket and EarlySalary

Conclusion – True Balance Loan Review

True Balance also offers competitive interest rates, making it an affordable option for borrowers. However, customers should ensure they can afford the monthly payments before applying for a loan. The loan calculator on the True Balance website or mobile app can be helpful in determining whether the loan is affordable.

It is important to note that True Balance loans have limited loan amounts and repayment periods. The loan amounts range from INR 1,000 to INR 50,000, which may not be sufficient for customers with larger financial needs. Moreover, the repayment periods range from 62 days to 120 days, which can be challenging for customers who require a longer repayment period.

Late payment fees are another important factor that customers should consider before taking out a True Balance loan. Late payment fees can be high and can increase the total cost of the loan significantly. Customers should ensure they can repay the loan on time and avoid any additional charges or penalties.

In summary, True Balance loans can be a good option for customers in need of quick access to cash for smaller financial needs. However, customers should be aware of the limited loan amounts and repayment periods, as well as the high late payment fees. It is essential to compare the loan options available in the market and choose the one that best suits their specific needs and financial situation. Visit ThinkMoneyTrader for more financial bytes like this.

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