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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.

CNBC 

Times of India 

The Economic Times 

The Hindu Business Line

YourStory    

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.

Shiv Nanda

Shiv Nanda

Shiv Nanda is a financial analyst at MoneyTap who loves to write on various financial topics online. He also advises people on financial planning, investment choices and budgeting skills, and helps them make their financial lives better.

6 comments

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    • Hi Ranjeet,

      We have sent you an email, please check and reply back with the required information to proceed further with your request. Thank you!

      • Hi this is gautam thakur and I have a account with money tap and already foreclose the account. Please update this in your system and clear my dues. Please tell DMI FINANCE people not to call me again and again for the payments. Please take me out from this problem. I request you people. My email id suryacollections95@gmail.com and contact no 9319587370

        • Hi, Gautham. We apologize for the inconvenience caused. We understand that this is taking longer than usual. We have already escalated your issue to our concerned team and following up for an update. We will do our best to resolve the issue at the earlies

  • Hi! Myself SUPRIYA ACHARYA, I took a lone of 40000 Rupees on DECEMBER 2019,EMI for 24 months…
    Now I wish to return full amount what I took in this month…
    Please help to return, show me the guidelines..
    PHONE NUMBER 8584963903
    achariyasupriyo@yahoo.com