Loan Bro loan app is a lending app that claims to offer loans ranging from 3,000 to 2 lakh. However, upon closer inspection, it becomes clear that this app is nothing but a scam. The loan amount offered by Loan Bro is limited to only 10,000, much less than what they advertise.
Moreover, the app provides short-term loans for only 7 days, which clearly violates Google’s finance guidelines.
Basic Details of Loan Bro Loan App
The Loan Bro app is associated with Classic Leasing and Finance Limited, which is not a verified NBFC. The customer service email provided by the app is firstname.lastname@example.org, which seems unprofessional and unregistered.
The app has a 4.7-star rating on the Google Play Store and has been downloaded by over a million users. However, this high rating is most likely due to fake reviews and paid promotions.
Customer Reviews of Loan Bro Loan App
Numerous customers have shared their negative experiences with the Loan Bro loan app. Many customers have reported that the app disburses the loan amount in their bank account without their consent, even if they were just checking their eligibility for a loan. This is a clear violation of customer privacy and trust.
Moreover, some customers have reported that Loan Bro demands repayment even after they have repaid the loan amount within the specified time. This shows that the app is not transparent and cannot be trusted.
Is Loan Bro App Genuine or Fake?
Based on the evidence provided, it is clear that the Loan Bro loan app is a fraudulent app. It claims to offer personal loans but only provides short-term loans for a week, which is against Google’s finance guidelines. Moreover, the app is associated with an unverified NBFC, and the customer service email provided by the app is unprofessional and unregistered.
If you need a personal loan, it is better to avoid the Loan Bro loan app and choose a verified and trustworthy lender. You can also file a complaint against the app on the Cybercrime website or contact the nearest police station. It is crucial to spread awareness about such fake loan apps and protect ourselves from falling into their traps.