MoneyTap - Credit Line & Loan 4+

I have been using Mtap for years. Here are pros and cons

I have been using MoneyTap since very long now, my experience however has been good here and I faced no problems with transactions or rejection or even cibil score, nevertheless there are challenges which Rbl and MoneyTap should consider. There are few pointers for the rest to know what they are getting into.

Pro
-App looks good with simple User Interface
-Easy way to request money to your bank (not just credit) instant cash.
-monthly statements on your email
-check your statement on app in billing section
-provides loans as well
-check your ongoing emi easily
-repayment is not a task

Cons
- App is great but now and then it wants to re-register with fb or google account
-App takes time to get the data, takes about 5 days or more to reflect payments (TAT can be reduced)
-interest rates are whooping high
-definitely need a relationship manager
-Rbl bank branch won’t help you out they will ask you to work it out on App (No accountability by RBL Noida branch rejected address update)
-No option for Address Update (you won’t know where your customer are, this will cause lot of problem when the card needs to re issue)

Needs work but definitely not fraudulent for me.

Fraud company

MoneyTap application will show the EMI amount excluding of interest charges,Processing fees and GST while taking loan from this app .You will be shocked to see the huge difference in EMI amount when your first bill get generated. So please be careful while taking loan from this app and you need to have RBL bank credit card to take loan from this app and you should be ended up in paying annual card charges and lot of hidden charges pp will show the EMI amount excluding of interest charges,Processing fees and GST while taking loan from this app .You will be shocked to see the huge difference in EMI amount when your bill got generated. So please be careful while taking loan from this app and you need to have RBL bank credit card to take loan from this app and you should be ended up in paying annual card charges and lot of hidden charges. so requesting everyone to check all the charges before you take loan from this app. We are taking loan from this application, but RBL bank will send the monthly statement and if we call the customer care to check why the hidden charges was not shown while taking the loan and they are asking me to check this from Money tap and till now my query was not resolved.. Please be aware of this kind of fraud.

Developer Response ,

Hi, we apologize for the inconvenience. We are unable to locate your information in our system. Please provide us with your registered email address using this link: (https://bit.ly/Qfwof8moneytap). We would be happy to assist you.

Don’t use this app- you will loose your cibil

Guys very frankly speaking download this app only if you want to loose your cibil. I used this app and taken loan of 100k but after few months I started to loose my cibil and I came to know that when I applied for home loan and they told that you have many payment failed with MoneyTap we can’t offer you home loan even I was continuously paying my EMI’s to MoneyTap on time every months.
When I came to know this immediately I tried to contact customer care for foreclosure of it but never got response by email from them and when I called on office landline they also couldn’t provide me the solutions as well, luckily I got contact details of top managements and explained my problem to them after that finally I got foreclose letter by email and paid everything what they asked and did close this loan.
Trust me guys having less credit is better than this app. I also see others comments with kind of same problem, again use this app only if you want to loose your cibil.