Wonder Loan is a popular loan provider app that claims to offer loans ranging from 3,000 to 2 lakhs. The app is registered with the Reserve Bank of India (RBI) and is completely online, making it a convenient option for borrowers.
However, before applying for a loan from Wonder Loan, it is important to review its features, eligibility criteria, and customer feedback to ensure that it is a safe and reliable option.
Wonder Loan App Features
Wonder Loan app offers the following features to its borrowers:
- Loans ranging from 3,000 to 2 lakhs
- The loan repayment period is from 90 to 365 days
- Loan interest rates range from 2% to 22%
- The completely online application process
- Quick loan disbursement
Wonder Loan App Eligibility Criteria
To be eligible for a loan from Wonder Loan, a borrower must meet the following criteria:
- Must be a citizen of India
- Must be 18 years of age or above
- Must have a stable income source or a job
Wonder Loan App Documents Required
The following KYC documents are required to apply for a loan from Wonder Loan:
- Aadhar Card
- PAN Card
- Address proof documents
Wonder Loan App Customer Feedback
While Wonder Loan is a registered loan provider app, its customer feedback has been mixed. Some borrowers have reported that the app charges high-interest rates and is not transparent about its fees and charges.
Additionally, some borrowers have reported that the app has automatically given them loans without their consent, leading to unnecessary interest charges. However, other borrowers have reported that the app is convenient and offers quick loan disbursement.
Wonder Loan App Pros and Cons
The following table summarizes the pros and cons of using Wonder Loan:
Pros:
- The convenient online application process
- Quick loan disbursement
- Registered with RBI
Cons:
- High-interest rates
- Not transparent about fees and charges
- Some borrowers report unwanted loans
Conclusion
Wonder Loan is a registered loan provider app that offers loans ranging from 3,000 to 2 lakhs with a repayment period of 90 to 365 days. While the app is convenient and offers quick loan disbursement, its customer feedback has been mixed.
Borrowers should carefully review the app’s interest rates, fees, and charges before applying for a loan. Additionally, borrowers should ensure that they understand the app’s loan terms and conditions to avoid unwanted loans and unnecessary interest charges.