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TrueBalance vs mPokket vs FairMoney

TrueBalance vs mPokket vs FairMoney

  • By Saral Credit
  • December 29, 2021

Among various personal loan applications available for android users, TrueBalance, mPokket, and FairMoney are the three great options that you can choose to overcome your emergency. All three loan apps are a great option if you want instant cash. Among them, some allow you to get a personal loan without credit checks.

So, below is the detailed knowledge about each of these applications, followed by a head-to-head comparison on various aspects.

About TrueBalance:

TrueBalance provides pre-approved personal loans to people who are struggling with a bad credit score. TrueBalance is focused more towards no-online payment users and no-credit score users. With a disbursement time of just 30-minutes, this application is a game-changer for people looking for instant cash.

TrueBalance gives you instant loan starting from Rs. 5000 up to Rs. 50000. You can choose the repayment tenure of a minimum of 62 days to 116 days.

Products Offered by TrueBalance:

  • Payments: With TrueBalance, you can pay for Recharge, DTH, Gas, Water, Electricity bills.
  • Loan: You can get Cash Loan, Level Up Loan, and Welcome Loan based on True Credits.
  • Insurance: TrueBalance also provides you with multiple insurance options, including Personal Accident, Hospital / Daily Cash, and Dengue Insurance.

Interestingly, you can use TrueBalance for shopping, ticket booking, and buying digital gold.

With TrueBalance, you can get insurance for yourself, your family, or neighbors starting from Rs. 5 to Rs. 490. Furthermore, with an eCommerce platform, you can get up to Rs. 10,000 benefits. Additionally, with recharges, you can get up to Rs. 5000 cashback.

Traits of TrueBalance:

Zero Paperwork: The process of taking a personal loan from TrueBalance is simple and quick. You don't need to do physical documentation to get a loan.

No Bank Visit: The entire process is online, omitting the request to visit a bank.

Quick Approval: Based on True Credits, you get loan approval within minutes. It won't take more than 5 minutes.

Quick Disbursal: Once approved, your amount will be credited to your bank account with no delay.

If you continue paying the dues on time, your credit score will improve. All you need is your PAN and Aadhar card number to apply for the personal loan.

About mPokket:

For salaried and students, mPokket is one of the best platforms to get instant loans.

Process to Get Instant Loan from mPokket:

  • Download the Mobile App: You need to install the application on your phone. Remember, you should have a smartphone above the 3.5.3 version.
  • Authenticate via OTP: Once installed, you have to authenticate via OTP. Make sure you use the phone number in range.
  • Login Your Account: You can login via Gmail or Facebook to create your account.
  • Submit Your Details: You need to create the password and other details like name, profession, etc.
  • Submit KYC Online: You can submit your entire Voter ID, Passport, Aadhar Card, or Driving License to submit your KYC Online.
  • Upload Bank Details: You need to submit your bank details. If you are a salaried person, you need to submit your bank statement reflecting your monthly salary credit.
  • Record Your Video Selfie: Once the bank statement is submitted successfully, you need to record a video selfie.
  • Complete Disbursal Process: Now, your disbursal amount is ready based on your credit score.

Traits of mPokket Personal Loan:

Up to 30000 Instant Loan: mPokket provides you a personal loan starting from Rs. 500 up to Rs. 30,000. Once approved, your amount is directly disbursed in your bank account.

Completely Paperless Process: Entire process of getting a personal loan from mPokket is paperless. It means you don't require bank visits to apply for a loan.

No Collateral Required: mPokket provides you with a loan without any collateral. This means you get the loan without worry.

Loan for Under Salaries Person: People with salaries below Rs. 12,000 can also have the option to get a personal loan without any documentation. MPokket can get a personal loan starting at Rs for low salaried persons. 1000 to Rs. 30,000.

Loan for Students: There are situations when students get into a mess and look for emergency funds to clear their debts. mPokket gives instant loans to students of up to Rs. 20000 for up to 4 months.

Charges and Rates of Personal Loan:

Interest Rate: You can get a personal loan at an interest rate between 2% to 6% per month.

Processing Fees: You have to pay a processing fee between Rs 34 to Rs 203 + 18% GST. The actual processing fees will depend upon your loan amount.

So, if you are an 18+ salaried person, you can easily apply for an instant personal loan from mPokket.

About FairMoney:

FairMoney is another excellent mobile app offering instant loans from Rs. 500 up to Rs. 60000. The rate of interest is flexible and primarily depends upon your credit score.

Traits of FairMoney:

  • No Collateral: Like other loan applications, FairMoney doesn't require any collateral.
  • Instant Loan up to Rs. 60,000: You can get a loan of up to Rs. 60,000 depending upon your credit score and salary.
  • The reward for Timely Payment: If you continue paying the EMIs on time, you will get a reward from FairMoney.
  • No Hidden Charges: There are no hidden charges associated with the personal loan. Hence you get exactly what you applied for.
  • Only 2 Documents Required: You don't need a bunch of documents to apply for the loan. Instead, you need your PAN number and Aadhar number to apply and get your personal loan.
  • Instant Approval Process: The process of loan approval is quick. You get the personal loan within 5 minutes of your request.
  • Auto Debit Facility: With an auto-debit facility or e-Mandate, you can ensure the EMIs are auto deducted from your bank account. This will save you from late payment penalties.
  • Boost Your Credit Score: Your credit score will improve as you continue paying for the personal loan on time.
  • More Benefits Attached: If you continue using FairMoney with a good financial history, you get many other features like a saving account, debit card, current account, etc.

Charges & Rates of Personal Loans by FairMoney:

Rate of Interest: You can get a personal loan from FairMoney with an interest rate from 12% to 36%.

Loan Term: You get a personal loan for a limited tenure. You have to repay the loan within 61 days to 180 days.

Processing Fees: For personal loan approval, you have to pay processing fees that range from 3% up to 15%

Late Payment Fees: In case you skip paying on the due date, you will be charged with a 0.2% per day penalty for the late payment.

How to Apply for Personal Loan from FairMoney

With simple steps, you can apply for the personal loan and get the disbursed amount in your back within a few hours.

  • Click 'Apply' on the home page
  • Answer a few simple questions
  • Verify your identity so that we can give you a loan offer
  • Receive a loan offer
  • Select the amount and period for your loan
  • Accept loan offer
  • Enter bank details to receive your loan directly to your bank account

Now you have complete knowledge about these personal loan applications; it's time to compare them simultaneously on various aspects. Their head-to-head comparison will give you detailed knowledge about the right selection.

Loan Amount: FairMoney gives you a maximum of Rs. 60,000 personal loan, whereas TrueBalance gives you up to Rs. 50,000 loan. Interestingly, mPokket gives you a maximum of Rs. 30,000 loan amount. So, if you are looking for a larger amount, FairMoney is an excellent option to choose.

Interest Rate: mPokket gives you a personal loan at an interest of 2% to 6% per month, whereas FairMoney gives you a loan at 12% to 36% per annum interest rate. However, TrueBalance gives you a loan at APR ranging from 60% to 154.8%. 

Also Read- Review of Navi Digital Home Loan

Charges & Fees:  TrueBalance has a processing fee of 3%, FairMoney has a processing fee of 3% to 12%, and mPokket has a processing fee of 34 to Rs 203 + 18% GST. So, in terms of processing fees, mPokket is a better option.

User Ratings: When it comes to user rating, mPokket has a rating of 4.2 with more than 4 lakh reviews. TrueBalance has a rating of 4.3 with more than 7 lakh reviews. However, FairMoney has only a 3.9 rating with more than 3 lakh reviews. Here TrueBalance is a strong winner among the three.

Additional Features: When comparing these three personal loan applications, you will find that TrueBalance has many other features like recharge and payments, online shopping, ticket booking, and other features that aren't available in other apps.

So, with that said, you can now take the right decision for a personal loan and get the disbursed amount in your bank account soon. However, it's essential to research well before choosing any of these apps and applying for a personal loan.