Nov 04 • 2 mins read
Is MoneyTap Fake?
If you have only recently heard about MoneyTap (Wikipedia page) and haven’t heard of a credit line before, you are bound to have trust issues.
MoneyTap offers you a personal line of credit of up to 5 lakhs, in a secured paperless process through the app on your phone. The approval process is completed within minutes of installing and registering on the app.
However, all the unique features that MoneyTap offers can seem too good to be true. Is it really possible to have a credit line without paying interest? Can I really have a personal line of credit available to me forever?
The answer is a resounding Yes! But, as an aware customer, you shouldn’t believe what the advertisements say. So, let’s get into the details and find out the answer to this important concern.
Is MoneyTap Fake?
No. MoneyTap is not fake. It is a genuine and a unique product designed with a singular goal – to serve the users. Here are 6 reasons that give credibility to MoneyTap.
1) Partnership With Banks
Unlike other Fintech companies, MoneyTap does not operate independently. The final credit line that comes to your app is through our partner banks. Our approval process is also governed by their underwriting rules. So, we will not approve a credit line unless we have the bank’s approval. The MoneyTap app ensures that this process swift and hassle free.
2) In Line With RBI Guidelines
MoneyTap operates under the strict norms and guidelines set by the RBI. Any offering and feature of MoneyTap complies with RBI rules. Our partner banks also follow the RBI framework.
3) Document Proofs
As per the RBI guidelines, we insist on proper document proofs. You can choose to submit the proofs electronically or in person. Your bank statements are vital for us to decide your credit limit. Since we also extend our line of credit to the self-employed, we need to be thorough in our process.
4) Picup Fintech ’17
In its first year of operations, MoneyTap has earned industrywide recognition. We were awarded at Picup Fintech ’17 in the lending space.
5) Funding From Sequoia Capital, NEA And Prime Venture Partners
In June 2017, MoneyTap raised 9 million dollars from its investors. The trust shown by investors is proof enough of the promise MoneyTap holds.
6) Covered in Press
With a growing community of happy customers, MoneyTap has featured in several leading publications like CNBC, TOI, Economic Times and more.
You can also watch our customer testimonials at our YouTube channel.
Personal recommendations can be quite persuasive. If you know someone who has already tried a product and is happy with it, you will not think twice before trying it out yourself. In the absence of personal recommendations, you need to do your own checks. More so in matters of finance. Read more about MoneyTap and other finance topics here.