Credit Park Loan App Review: Greetings, readers! If you’ve stumbled upon this page, chances are you’re curious about the Credit Park Loan App and whether it’s a legitimate financial solution or a potential scam. Let’s dive into the details, explore the app’s features, and address some essential questions surrounding its authenticity.
Table of Contents
Decoding Credit Park Loan App: A Platform, Not a Lender
Credit Park Loan App operates as an online loan marketplace, acting as a facilitator for registered non-bank financial companies (NBFCs) or banks to extend loans to users. Interestingly, they keep their NBFC partners under wraps but proudly disclose their association with Vigelle Financial Services Limited.
Understanding the Credit Park Loan App
App Name: Credit Park
Simply put, if you borrow Rs 20,000, you have 120 days to pay it back:
- Daily Interest Rate: 18.25%/365 = 0.05%
- Interest per Day: Rs 10
- Interest per Month: Rs 300
- Monthly Payment: Rs 5,300
- Total Interest Fee: Rs 1,200
- Total Repayment: Rs 21,200
Keep in mind, there might be extra charges if you choose to use additional services.
Credit Park Loan Interest Calculation
Interest = Principal * Repayment Period (Days) / 365 * APR Total Repayment = Principal + Interest
For example, a 12-month loan of Rs 90,000 at a 27.6% yearly interest rate results in a total repayment of Rs 117,840, including processing fees and GST.
Application Conditions: Who Can Apply?
To access Credit Park Loan App services, users must meet certain criteria:
- Indian Resident
- Above 21 Years of Age
- Monthly Source of Income
If you tick all these boxes, you’re eligible to apply for a loan through Credit Park.
Security and Privacy: Your Information is Sacred
Credit Park assures users that their personal information is safe and won’t be shared without consent. The app follows a strict data safety protocol, collecting information such as location, personal details, financial information, messages, photos & videos, file & docs, contacts app, device IDs, app activity, and app info and performance.
Navigating the Complaints on Credit Park Loan App Terrain
The internet echoes with Credit Park Complaints, with users sharing their tales of woe on consumer complaints websites. It’s crucial to consider these firsthand experiences before venturing into the Credit Park territory.
- Credit Park people keep calling and messaging me on WhatsApp, insisting I owe them Rs 3,500 for a loan I never even took. They’re making threats and saying they’ll do something unwanted if I don’t pay.
- I checked out some loan apps, and out of the blue, I got Rs 2,100 twice in my account without applying. Now, they want me to pay Rs 3,500 each within five days, or they’ll share my selfie and PAN card copy with everyone I know. I blocked their numbers.
- Now, I’m getting messages from these loan apps, saying I haven’t paid the amount and threatening me to pay up.
Steps to Financial Assistance
Curious to try Credit Park Loan App? Here’s a step-by-step guide:
- Install Credit Park Loan App
- Sign-Up with Your Mobile Number
- Fill in Basic Information and Check Your Eligibility
- Upload KYC Documents: ID, Address Proof, and PAN Card
- Request a Bank Transfer or E-Voucher for Your Loan
In conclusion, Credit Park Loan App appears to be a platform connecting users with loan providers. However, the abundance of complaints signals caution. Before you decide, think about the good and bad stuff, see what others say, and check out different ways to handle your money. Stay informed, stay secure.
Is Credit Park Loan App Scam?
We’re not sure if the Credit Park Loan App is a scam, but the way they operate doesn’t seem right. We saw some things on the app that could be warning signs, and we just want everyone to know about them.
Is Credit Park App Real or Fake?
The Credit Park App is indeed a real app that offers loans to people. However, there have been complaints. Some members receive money even without applying, and some don’t get the loan but are still asked to repay it.