Loan Bro APK: A Review of the Online Loan App
If you are looking for a quick and easy way to get a personal loan online, you might have come across Loan Bro APK. Loan Bro APK is an app that claims to offer instant loans up to Rs. 50,000 with minimal documentation and fast approval. But is it really a reliable and safe option for borrowing money? In this article, we will review Loan Bro APK and see what it offers, how it works, what are the pros and cons, and how it compares to other online loan apps. We will also answer some frequently asked questions about Loan Bro APK at the end of the article.
What is Loan Bro APK?
Loan Bro APK is an online loan app that is developed by Finbro Technologies Pvt Ltd, a company based in Bangalore, India. The app is available for download on Google Play Store and APKCombo, a website that provides APK files for Android apps. The app claims to offer instant personal loans up to Rs. 50,000 with interest rates ranging from 12% to 36% per annum. The loan tenure can be from 91 days to 365 days. The app also claims to have a simple and fast application process, flexible repayment options, and direct bank transfer of funds.
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How does Loan Bro APK work?
To apply for a loan from Loan Bro APK, you need to follow these steps:
Download and install the app on your Android device.
Register with your mobile number and verify it with an OTP.
Fill in your personal details, such as name, date of birth, gender, address, PAN card number, Aadhaar card number, etc.
Upload your selfie and a photo of your Aadhaar card.
Select the loan amount and tenure that you want.
Review and agree to the terms and conditions of the loan agreement.
Wait for the app to verify your information and approve your loan request.
Once approved, you will receive the loan amount in your bank account within minutes.
What are the pros and cons of Loan Bro APK?
Like any other online loan app, Loan Bro APK has its own advantages and disadvantages. Here are some of them:
Pros
The app has a user-friendly interface and a simple application process.
The app does not require any collateral or guarantor for the loan.
The app offers flexible repayment options, such as weekly, bi-weekly, or monthly installments.
The app does not charge any processing fees or prepayment penalties for the loan.
The app has a high approval rate and a fast disbursal time.
Cons
The app has a high interest rate compared to other online loan apps.
The app has a low maximum loan amount of Rs. 50,000.
The app has a short maximum loan tenure of 365 days.
The app requires access to your phone contacts, SMS, location, camera, storage, etc., which may raise privacy concerns.
The app may share your repayment behavior with credit bureaus, which may affect your credit score negatively if you default on the loan.
How does Loan Bro APK compare to other online loan apps?
There are many other online loan apps in the market that offer similar or better features than Loan Bro APK. Here are some of them:
NameMaximum Loan AmountInterest RateMaximum Loan Tenure
CashBeanRs. 60,00033% per annum180 days
KreditBeeRs. 2 lakh24% per annum15 months
MoneyTapRs. 5 lakh13% to 24.3% per annum36 months
LazyPayRs. 1 lakh15% to 32% per annum24 months
As you can see, Loan Bro APK is not the best option when it comes to online loan apps. There are other apps that offer higher loan amounts, lower interest rates, and longer loan tenures. You should compare different online loan apps and choose the one that suits your needs and budget.
Conclusion
Loan Bro APK is an online loan app that offers instant personal loans up to Rs. 50,000 with interest rates ranging from 12% to 36% per annum. The app has a simple and fast application process, flexible repayment options, and direct bank transfer of funds. However, the app also has some drawbacks, such as a high interest rate, a low maximum loan amount, a short maximum loan tenure, privacy issues, and credit score impact. Moreover, there are other online loan apps that offer better features than Loan Bro APK. Therefore, we recommend that you do your research and compare different online loan apps before applying for a loan from Loan Bro APK.
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Frequently Asked Questions
Q: Is Loan Bro APK safe and legal?
A: Loan Bro APK is a registered NBFC (Non-Banking Financial Company) with RBI (Reserve Bank of India) and follows the guidelines of the Fair Practices Code. However, the app also requires access to your personal data and may share it with third parties, which may compromise your privacy and security. Therefore, you should be careful and read the privacy policy and terms and conditions of the app before using it.
Q: How can I contact Loan Bro APK customer care?
A: You can contact Loan Bro APK customer care by calling their toll-free number 1800-121-1212 or emailing them at support@loanbro.in. You can also visit their website or follow them on Facebook or Twitter for more information.
Q: What are the eligibility criteria for applying for a loan from Loan Bro APK?
A: To apply for a loan from Loan Bro APK, you need to meet the following eligibility criteria:
You must be an Indian citizen and resident.
You must be between 18 and 55 years old.
You must have a valid PAN card and Aadhaar card.
You must have a bank account with UPI enabled.
You must have a monthly income of at least Rs. 10,000.
You must have a good credit history and repayment behavior.
Q: What are the documents required for applying for a loan from Loan Bro APK?
A: To apply for a loan from Loan Bro APK, you need to upload the following documents:
A selfie photo.
A photo of your Aadhaar card.
A photo of your PAN card.
Your bank statement for the last 6 months.
Your salary slip or income proof for the last 3 months.
Q: How can I repay my loan from Loan Bro APK?
A: You can repay your loan from Loan Bro APK by using any of the following methods:
UPI payment through the app or any other UPI app.
Debit card payment through the app or any other debit card app.
Net banking payment through the app or any other net banking app.
Cash deposit at any ICICI Bank branch using the loan account number provided by the app.
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