A free app for short-term loans in India
Loft Money is a free loan app in India developed by Upwgdfs85a that aims to provide borrowers with access to short-term loans right from their personal devices. This financial app utilizes a paperless loan application method, and its approval is determined after a few minutes — offering convenience, accessibility, and timeliness in its process.
Loft Money works similarly to other Indian digital loan services, such as MoneyTap and KreditBee. It offers multiple loan options that vary according to the client's credit history and comes with specific terms and conditions. With reliable security features, it keeps all transactions safely encrypted.
How does it work?
Loft Money provides a speedy loan facility for those who require immediate funds to meet pressing financial commitments. This digital lending solution offers an extensive selection of loan services to suit the various financial needs of clients. Borrowers are not required to provide any form of collateral to be qualified for these loan programs. Plus, funds will be immediately disbursed to their nominated bank account or digital wallet upon approval.
Indian citizens between 18 and 60 years old, with a steady income, can avail of this loan ranging from ₹3,000 to ₹50,000. A processing fee of 1% to 3% of the principal and APR up to 22% may apply, depending on the borrower’s credit standing. Additionally, borrowers are given a term of 95 to 365 days with options for repayment in lump sum or monthly installments.
To submit a loan request, borrowers need to fill out an online application form with their personal information, address proof, and PAN ID. The app's secure encryption system guarantees borrowers that their data is securely managed. One thing to be aware of, though, is that this loan service is not regulated by the Reserve Bank of India, which makes transacting with this facility a risky financial move.
Speedy but not without risks
While traditional loan services can be complicated and time-consuming, Loft Money offers a streamlined loan application process that is accessible to all. However, as an unregulated financial service in India, borrowing money from this app may entail several risks, including the possibility of high-interest rates, debt traps, and unethical collection practices. Given these potential concerns, interested users may want to exercise caution before using this app to borrow funds.
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