With several instant loan apps now available, choosing a safe and reliable one can be tough. One such app that has become popular is Payrupik. But is it authentic or a scam? Let’s analyze Payrupik app reviews to uncover the truth.
Payrupik offers quick personal loans ranging from Rs. 1,000 to Rs. 20,000. It claims easy approval in minutes and direct disbursal to your bank account. This makes it an attractive option for those needing urgent funds. However, such apps often have hidden terms and conditions.
Through this article, we will examine Payrupik’s features, claims, interest rates, repayment process, and most importantly – user experiences. This will help you make an informed decision about its legitimacy.
How Does PayRupik Instant Loan App Work?
Payrupik is owned by Sayyam Investments Pvt Ltd and uses an app-based model. Here are the steps to use it:
- Download the app and complete registration with personal details.
- Upload KYC documents like Aadhar, PAN Card, bank statements for verification.
- Apply for the required loan amount.
- Loan is approved within minutes if documents are satisfactory.
- The amount gets credited directly to your bank account from Payrupik.
This quick process without extensive paperwork is the main attraction of such apps. But is the experience really so seamless? Let’s see what users say.
Some Key Features and Benefits Offered by Payrupik
As per the company, Payrupik offers the following main features:
- Completely online loan process – Apply and get approved within minutes on your phone.
- Minimum documentation – Only basic KYC documents needed.
- No collateral required – Unsecured personal loans up to Rs. 20,000.
- Flexible repayment – Option to pay full amount in next 15-28 days.
- Low interest rate – Claims to charge affordable interest compared to banks and other lenders.
These features apparently make it easier even for non-salaried individuals to get short-term loans. But do these claims really hold true? Let’s analyze further.
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Payrupik Customers Reviews On Google Play Store
Despite flashy promotions, the real test for any app is the end-user experience. Do Payrupik’s customers feel it delivers on its promises? Here is a summary of user reviews on forums and the Play Store:
Quick Approval and Disbursal (True or Fake?)
Most users agree the app offers fast approval. However, the time for loan amount credit varies. Some received it in minutes while others had to wait for hours or even a day.
On the other hand, an user said, “Sorry to say… I get back my words.. only your app is friendly. But loan processing and approval didn’t satisfied. Before crediting the amount you are asking to rate the experience after that you won’t credit. Only for data collection. In the process you are collecting selfies of females in different types and again you app comes to beginning in the first step. Don’t know what you are expecting”. 230 people found that review helpful which means a lot of people faced the same issue.
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However, a few users complained this app is only collecting user data and not approving their application.
High Interest Rates
Contrary to claims, the interest charged is quite high according to users. For a 14 day loan tenure, effective interest goes beyond 20-35%.
Minimum Documentation
Uploading KYC documents is easy. But many users say the verification process is frustrating as selfies get repeatedly rejected.
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Flexible Repayment
The loan tenure is very short, usually 7, 14 or 28 days. There is no option to customize repayment schedules.
Customer Support
Users report extremely poor customer support. Calls and emails are rarely answered. Grievances are not resolved.
So in most aspects, Payrupik fails to deliver as per expectations. Let’s look at some major concerns raised in user reviews.
Some Complaints Highlighted about Payrupik Loan App
Despite the quick loan approval, several unsatisfied customers have highlighted the following problems:
High Interest Rates and Hidden Charges
The interest rate is not low as claimed. Additionally, processing fee, GST, late payment penalty etc significantly increase the payable amount.
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Short Repayment Tenure
Loan tenure is limited to 7, 15 or maximum 28 days. This gives little flexibility or relief to borrowers.
Delayed Disbursal
While approval is quick, many users complained of delays ranging from hours to even days in receiving the loan amount.
Poor Customer Service
Users report great difficulty in contacting support staff in case of any issues. Calls and messages remain unanswered.
Harassment for Repayment
Many customers allege rude calls and messages even before repayment date. Some received calls despite paying on time.
These pain points make the service unreliable for fulfilling emergency fund needs.
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What are Some Safer Alternatives to Payrupik?
Considering the pitfalls, it may be better to explore other instant loan apps like:
- MoneyView – Offers flexible tenure of 2-6 months and transparent terms.
- KreditBee – Customizable loan amount and tenure as per need.
While most instant loan apps charge higher interest than banks, these options are still safer with responsive customer service.
PayRupik Contact and Customer Care Number Details
As per the app and website, here are the contact details:
App Customer Care / Complaint Number: 8047181465 / 022489-30118
Email: [email protected]
Grievance Redressal Officer Name: Aamir Khan
Office Address: Ground Floor, Novel Office Salarpuria Triton, Adugodi, Anepalya Main Road, Neelasandra Bengaluru 560030 KA IN
However, as discussed earlier, users have faced difficulties getting responses over calls or emails.
Who is the Owner and Parent Company of Payrupik?
Payrupik app is owned and operated by Sayyam Investments Private Limited based in Guwahati, Assam.
It is registered with the Ministry of Corporate Affairs under CIN- U74900AS2012PTC011294.
As per Zaubacorp, Sayyam Investments Private Limited, established on 8th October 2012, operates as a privately held company under the corporate identification number (CIN) U74900AS2012PTC011294. The company falls under the non-government category and is registered with the Registrar of Companies in Shillong, India. It has a robust financial foundation, with an authorized share capital of ₹22,000,000 and a paid-up capital of ₹20,500,000.
Directors and Leadership
The company is steered by two prominent directors, Devendra Kumar Verma and Rishabh Raja. Devendra Kumar Verma took on the role of director on 3rd August 2021, while Rishabh Raja assumed the position on 9th December 2020. Their dynamic leadership has played a crucial role in the company’s operations and decision-making.
Address: Agyathuri, Chamajali, Amingaon Guwahati Kamrup AS 781031 IN
E-mail Address: [email protected]
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Financial Standing
As of the latest available data, Sayyam Investments Private Limited is listed as “Active” and has not yet conducted its last Annual General Meeting. The most recent balance sheet, dated 31st March 2022, reflects the financial health and performance of the company. For a comprehensive understanding of the company’s financial status and performance metrics, detailed financial documents and regulatory filings are accessible through the Ministry of Corporate Affairs.
Payrupik Loan Approval and Disbursement Time
As per the company, Payrupik offers nearly instant disbursal after approval within minutes or hours.
However, based on user reviews, the actual time taken varies anywhere from under an hour to over 24 hours in some cases. A few customers claimed to receive only partial loan amount initially.
So the disbursal time is not nearly as quick or reliable as claimed by the lender.
PayRupik Instant Loan App Interest Rate Charges
Officially, Payrupik states its Maximum Annual Percentage Rate is around 35% per annum interest.
But as per calculations done by unsatisfied reviewers, the effective annual rate after adding processing fee, GST, penalties etc. exceeds 45-55% in most cases.
Clearly, this is much pricier than traditional banks and Payrupik’s claim of “low interest rate” is misleading.
Summery
- Payrupik offers quick personal loans but lacks transparency in charges and terms.
- Effective interest rate is quite high despite claims of “low interest” by the company.
- Loan tenure options are very limited, usually 7, 15 or 28 days.
- Disbursal is often delayed for hours or days, contrary to claims of near-instant loans.
- Customer service and grievance redressal is extremely poor and unresponsive.
- Harassment by recovery agents before repayment due date is a major issue reported.
- Safer alternatives like MoneyView, CashBean, Kreditbee exist offering better experience.
- Do thorough research and read all reviews before trusting any digital lending app.
Final Verdict: Is Payrupik Real or a Fake Loan App Scam?
Summarizing the entire analysis of features, claims, and thousands of user reviews, here is our conclusion about Payrupik app’s authenticity:
- Payrupik is a genuine NBFC-registered loan app and not an outright scam.
- However, it charges inflated interest rates despite claiming “low cost”.
- The extremely short loan tenure offers little flexibility.
- Poor customer service leaves users with unresolved issues.
- There are delays and discrepancies in disbursal in many cases.
- Harassment for repayment before due date has been faced by several customers.
So while Payrupik itself is not a scam, users have reported several unsatisfactory and unethical practices after availing loans. Payrupik’s claims of easy loans with low charges are misleading.
Instead of falling for such apps with opaque terms, consider more transparent loan options. We advise reading all policies thoroughly and checking multiple reviews before downloading any app. Your financial decision should focus on the long-term costs and ease of repayment, not just swift approval. Stay vigilant and make informed borrowing choices.
Hope this detailed analysis of Payrupik app, its claims versus actual user experiences, helps you make an informed decision. Share this with friends and family to spread awareness.
Frequently Asked Questions (FAQs)
1. Is Payrupik a genuine loan app or a scam?
Payrupik is a genuine loan app registered as an NBFC with the Ministry of Corporate Affairs. However, based on poor user reviews regarding hidden charges, interest rates, and customer service, their services seem unethical. So it cannot be called a complete scam but is also not very reliable for customers.
2. What is Payrupik’s loan process?
Payrupik offers a completely online loan process where you can download the app, complete registration with your details, upload KYC documents, apply for the loan amount, and get approval within minutes. The loan amount then gets credited to your account directly.
3. How to contact Payrupik customer care?
As per the app, Payrupik customer care can be reached at 8047181465 or by emailing [email protected]. However, users have reported great difficulty getting any response over calls or emails.
4. What is the interest rate offered by Payrupik?
Payrupik states a Maximum Annual Percentage Rate (APR) of 35% per annum. But based on calculations by unsatisfied reviewers, the effective annual interest rate exceeds 45-55% after adding various fees and penalties.
