The app, as per its apk file, gives loans of up to Rs 1 lakh on up to 36% interest rate, and shares its address with Snapit Loan in Bhandup West. But it’s run by a different company, Barico Technologies Pvt., which does not throw up any filings in the RoC. An e-mail sent to the e-mail id mentioned on its apk link did not get a reply.
Named in several consumer complaints, Bubble Loan too did not have a website. Its Facebook page, created in December last year, had a link to a defunct website. While BloombergQuint could not independently ascertain if the social media page was created by the company, the mobile numbers listed on the page were switched off when contacted. The address of the company on the page was listed as Jehanabad, Bihar. There was no apk file available for the loan app.
Same story here. There was a Facebook page named after the app that did not contain any information regarding the lender’s website, address or contact details. The page, however, claimed its location has been moved to Gurugram. It was created in December.
Its apk file said that the company gave loans of up to Rs. 5 lakh for an annual interest levy of 36%. It described itself as an app that caters to young professionals for servicing all kinds of loan requirements.
A query sent to the email id listed on the apk file also did not get a reply.
The app too had a Facebook page linked to its name but there were no further details on its website or contact details. The page was created in September last year.
The app, registered to a Bengaluru address, gave loans between Rs. 1,000 to Rs. 10,000 for an interest charge of up to 25%, besides processing fees of up to 20% and goods and services tax of 18%, according to its apk file.
Multiple calls made to the listed mobile number went unanswered. A query sent to the email id on the apk website also did not get a reply.
One Hope and In Need
These apps did not have Facebook pages, websites, addresses or contact details available anywhere, except a few numbers of their agents that appeared in some consumer complaints and FIRs filed with cybercrime cells in India.
Paisa Loan, too, had a Facebook page but no further information on its website, address or contact details. The page, created in August last year, claimed to give personal loans online for two to 36 months, with zero collateral and interest rates between 13-24.3% per annum.
A mobile number that appeared during the loan app search was not working. There was also no apk file that could be found on the internet.