In this review, we delve into the workings of Phocket Loan App, a platform facilitating loans through registered non-bank financial companies (NBFCs) or banks.
While it promises quick loans and flexible terms, concerns arise regarding its legitimacy and transparency.
What is Phocket Loan App?
Phocket operates as an online loan marketplace, connecting users with loan products from various NBFCs. While it boasts features like instant approval, flexible repayment options, and transparent services, questions linger about its credibility.
According to SimilarWeb, it had approximately 11k visitors as of December 2023, due to its new establishment.
Key Features
- Loan Amount: Ranges from INR 5,000 to INR 2,00,000.
- APR Range: 0% to 30%.
- Loan Tenure: 62 days to 365 days.
- Instant Approval & Disbursement: Offers quick loan processing.
- No Collaterals: Loans are unsecured.
- Transparent & Paperless: Claims to have no hidden charges.
- Easy Online Process: Ensures a hassle-free experience for users.
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Website Profile
| Website | Phocket.in |
| Name | Phocket Loan App |
| Product/Services | Loans |
| Domain registration date | 18 May 2018 |
| Address | H-9/1, Block B-1, above Sagar Ratna, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi – 110044 |
| Contact | Email: [email protected] Phone Number : 011 40191589 |
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Phocket Loan App Review
Here are some red flags of this platform:
- Phocket’s undisclosed NBFC partners and ambiguous ownership raise concerns about accountability.
- Numerous complaints regarding unethical practices and exorbitant charges tarnish Phocket’s reputation.
- The privacy policy’s clause allowing sharing of user information with third parties raises red flags about data security.
Here are some green flags of this platform:
- Its app is available on google play store adds to its credibility.
- The website is well-designed Website reflects professionalism and attention to user experience.
- Phocket Infotech Pvt Ltd is registered under the Companies Act, providing a semblance of legitimacy.
While Phocket presents itself as a convenient solution for quick loans, its lack of transparency, privacy concerns, and consumer complaints cast doubts on its reliability.
Users are advised to exercise caution and explore alternatives with better track records and regulatory compliance.
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