Is the Wonder Loan App a Scam?

The apparently obscure application supposedly dispenses credit sums that were never requested, and takes steps to bother clients upon non-reimbursement soon. There are quite a number of loan apps available at your one click for Unsolicited Loans these days. But knowing which is verified is important since there are a lot of scammers waiting for your one click to steal your data and information. 

The Reserve Bank of India (RBI) last week delivered rules to control advanced loaning applications to get serious about the rising number of cheats and unscrupulous exercises. The financial controller is likewise setting up a “Whitelist” of all lawful applications which will be permitted by the Ministry of Electronics and Information Technology (MeitY) to be recorded on Google Play store and Apple’s App Store. Not with standing, in the midst of this, a computerized loaning application, called Marvel Credit, is viewed as recorded on Google Play. The application is blamed for tricking clients with counterfeit five-star audits and obscure credit reimbursement plans. According to an email from one of the clients of the application, Miracle Credit not just dispensed a credit sum that wasn’t mentioned for yet additionally hoodwinked him out of an additional measure of cash as reimbursement in under seven days.

What is a Wonder Loan App?

Wonder Loan App is a platform that facilitates registered non-bank financial companies (NBFCs) or banks to lend to users. Wonder loan app is an online loan platform which appears to aim at providing customers with safe loan practices. It provides customers with a variety of loan products with different terms. 

How does it work?

Wonder loan app provides loan amounts ranging between INR 3000 to INR 2,00,000 for a term duration of 91 days to 365 days with an interest rate of 2% to 22%. The checklist for a loan applicant includes being an Indian citizen with a stable job. Then, you just have to fill in your details and upload your documents such as KYC, Address Proof and PAN card. 

Is it real or fake?

Now, comes the most important question: whether it is fake or not?

Well, there are a lot of reviews about this app on the internet where people have received loans from this app even when they have not even applied for it. Also, in some cases, people are being asked to repay the loan when they’ve not even received it. 

Wonder Loan App is a SCAM. This is not even a Legit company. The Wonder Loan app sometimes transfers money to bank accounts of people even when they’ve not asked for it. And then, within a week start calling them from different numbers asking them to repay the amount with very high interest rates. 

For example, if they transfer INR 3000 into your account, they’ll ask for INR 9000 within a week. And sometimes, even if you just click on a link on facebook or any other social media platform, they take you to their app and then hack your phone data. Once they have all the details about you and your contacts, they start harassing you with unknown calls and messages and start blackmailing you to pay them else, they start circulating false messages and morphed images about you to your entire contact list. They blackmail the customers to extract the heavy interest amount and use cyberbullying and harassment techniques to get the money. 

According to their Privacy Policy, they can get all the personal and financial data from our phones with your permission. They got permission for the camera, contacts, location, phone, SMS, and storage. And then they use this data to harass and blackmail you into paying them huge amounts. 

Well, the conclusion is never to trust the WONDER LOAN app for getting loans. Always look for red flags before using any such app. Never click on any random links. Scammers are always waiting for your one mistake and your data is gone within a second. 

This review is just an attempt to save people from the WONDER LOAN scammers and other fraudulent scammers who are trying to fool people with their loans. Always check for the physical address of the company and look for reviews before using any such app.