If you need money urgently and are looking for a loan app, ZingLoan app is a new app available in the market. It offers loans ranging from ₹6,000 to ₹2,00,000 with a tenure of up to 240 days. However, it is essential to thoroughly vet the app before borrowing, as there are many fraudulent loan apps currently in circulation. If you are considering taking a loan from the ZingLoan app, this article may be useful; it provides comprehensive information to help you decide whether or not to proceed with the loan.
About the ZingLoan App
ZingLoan is a digital lending app operated by Vaishali Securities Limited, an RBI-registered Non-Banking Financial Company (NBFC). The app offers loans ranging from ₹6,000 to ₹2,00,000 with a repayment tenure of 240 days. These loans are disbursed through its RBI-registered NBFC partner, Vaishali Securities Limited.
However, upon taking loans from other products offered by Vaishali Securities Limited—such as LoveFund, JackpotFund, HopeFund, and FlexiBee—we observed that the initial loan amount granted was only ₹4,000, with a repayment period of 15 days.
ZingLoan App – Signs of a Scam
Before downloading the ZingLoan App, it is crucial to be aware of certain important warnings and red flags.
Hidden Fees
If you take a loan from the ZingLoan App, you might initially be approved for a loan of ₹4,000—similar to other products from Vaishali Securities Limited like JackpotFund and HopeFund—with a tenure of 15 days. However, only ₹2,800 to ₹3,000 is actually deposited into your bank account, while the repayment amount ranges between ₹4,000 and ₹4,500. This means you end up paying an extra ₹1,500 to ₹1,700 within just 15 days. You should definitely look into this.
Excessive Interest Rates
According to the ZingLoan App, the annual interest rate ranges from 24% to 36%. However, charging such a high amount as interest for a 15-day tenure violates RBI regulations.
False Claims
The ZingLoan App promises loans ranging from ₹6,000 to ₹2,00,000 with tenures of 91 to 240 days. In reality, however, only a loan of ₹4,000 is being offered with a tenure of just 15 days; this violates RBI policies.
Coercive Recovery Methods
Some users have complained about coercive recovery methods—including unauthorized access to their contact lists after taking loans from other Vaishali Securities Limited products (such as LoveFund, JackpotFund, and HopeFund). Such tactics are frequently observed in fraudulent loan apps.
RBI Verification
The ZingLoan App claims to have partnered with an NBFC (Non-Banking Financial Company) named Vaishali Securities Limited. Users are advised to check the registration status of this NBFC on the official RBI website. Since other products from Vaishali Securities Limited—such as JackpotFund, HopeFund, and HopeRupee—have already been removed from the Google Play Store, it is likely that the ZingLoan app will also be removed within 10 to 15 days.
Things to keep in mind when applying for a ZingLoan
- When applying for a loan, be wary of apps that request excessive permissions—such as access to your contacts or photo gallery—as this information could be misused.
- Before applying for a loan, ensure that the loan app is registered with the Reserve Bank of India (RBI).
- Carefully read all terms and conditions, interest rates, fees, and other essential details before accepting any loan offer.
- Always avoid loan apps that demand payment before processing your application.
- Choose loan apps that provide transparent information and clear contact details for customer support.
Things to know before downloading the ZingLoan App
The ZingLoan App is a new product from Vaishali Securities Limited. Previously, several of their other apps—such as Hope Fund, Jackpot Fund, and Fund Flow—were removed from the Play Store. The Hope Fund Loan App was a scam that stole users’ contacts and photos; it was not included in the list of RBI-approved entities. While posing as an NBFC, it collected processing fees from people, and 90% of those who downloaded the Hope Fund Loan App fell victim to this scam. According to cybercrime reports, over 100 complaints were filed. You can now gauge the nature of ZingLoan, given that it is also a product of Vaishali Securities Limited.
ZingLoan App: Real or Fake
According to the ZingLoan App, it offers loans ranging from ₹6,000 to ₹2,00,000 with a repayment period of 240 days. However, both these claims are completely false. In reality, the loan amount provided is only ₹4,000, and the repayment period is merely 15 days. Furthermore, the imposition of extra charges ranging from ₹1,500 to ₹1,700 for a 15-day loan proves that the app’s objective is to trap people in a web of processing fees and interest.
Note:- This article is for informational purposes only. If you decide to take a loan from ZingLoan, please exercise good judgment and caution.
FAQ
How can I download the ZingLoan App?
This loan app is available on the Google Play Store. You can download it from there.
Is the ZingLoan App registered with the RBI?
According to the ZingLoan App, it is registered with the RBI and lists Vaishali Securities Limited as its NBFC partner.
Is this loan app safe?
After looking into ZingLoan, we found that the app’s sole purpose is to trap users in a web of processing fees and charges.
What happens if I do not repay the ZingLoan?
Failing to repay the ZingLoan amount could be detrimental to you, as it may put all the contact numbers saved on your mobile phone and the photos in your gallery at risk.
