Needing a loan fast? A lot of people decide to use instant loan apps like Cash Bus, but you must be very cautious with the risks that these apps carry.
Although the convenience of such apps may look attractive, a great number of users complain that they have been treated unfairly with high-interest rates and have been harassed.
Have you ever seen an app pop up that promises you can get cash fast and easily, or that you can make money fast with almost no work?
The “Cash Bus App” or other similar apps that use similar names are usually a trap.
Let’s face it: if it sounds too good, it is almost always false!
Cash Bus App Review
Even though the convenience is very attractive, the reality of most instant loan applications, such as ‘Cash Bus’, is that their operations are very disturbing. They operate a predatory model that is made to trap borrowers.
In case you download an unverified lending app, it will usually require a lot of unnecessary permissions to access your contacts, photo gallery, and microphone. If you agree, they take your private data without your knowledge.
Real lenders are regulated and have well-defined terms.
These instant loan apps are not regulated.
- Exorbitant Fees: At the time of disbursement, the app will deduct large ‘processing fees’ or ‘platform charges’—sometimes as much as 30-40% of the principal amount, without the user’s explicit consent.
- 7-Day Repayment Cycle: The loan period is very short (like 7 or 15 days) most of the time. This is done to ensure that you will be unable to meet the deadline, thus your default, which leads to their harassment and penalty process.
- High Penalty Charges: The penalty charged daily for the delayed period is so high that a small loan of ₹3,000 can become ₹15,000 within a few weeks.
Cash Bus App Real or Fake
When an app promises super-fast cash with minimal checks, the first thing to ask is: Is it a registered and legitimate financial entity?
The concerning truth is that many unverified instant loan apps, including those discussed under the name “Cash Bus,” often operate outside of proper financial regulations (like those set by the RBI in India, for example). This leads to a ton of problems for users. Hence, it can be a fake app that can loot your money.
Is the Cash Bus App Safe?
Many red flags give a short answer: NO.
- High-Pressure Tactics: They will force you to make a decision immediately if you want the loan or investment.
- Unclear, Vague Details and Hidden Fees: They lure you with the idea of getting money fast, but then hide very high-interest rates or highly unusual “processing fees” in the front.
- Without Any Real Company Information: They do not have a professionally designed website, a physical address, or a trustworthy customer service contact.
- Too Many Permissions: After installation, the app asks for access to everything: your contacts, photos, microphone, and even location. This is the way they threaten you and the people you know if you are unable to pay a small loan.
Cash Bus App: Real Life Scam Cases
Instances of the people affected taken from the app victims’ point out the potential risks and dangers of such apps.
- A user stated a situation where they had taken a loan but never got the money in their account; however, they were still pressured to repay the loan.
- Other people have shared that they feel very scared because of the threat and intimidation of these people.
- As a matter of fact, a user in a Facebook group said that when they couldn’t repay, loan recovery agents took their phone contacts and sent them photoshopped nude pictures.
- Another victim on Quora informed that he lost around ₹25,000 in just four months due to the cycle of repeated, high-cost loans.
How to Report Online Loan App Scam?
In case you were a victim of the loan app scams, you must take some measures.
Here are the steps to report loan frauds in India:
- File a cyber crime complaint: The best way to report fraud in an online loan app is the National Cyber Crime Reporting Portal. Their helpline number is also available.
- National Consumer Helpline: You can lodge a complaint with the National Consumer Helpline (NCH) by visiting the website or by calling the toll-free numbers.
- RBI Sachet Portal: In case the loan app is linked with a registered NBFC and is cheating the rules, you can leave a complaint on the RBI Sachet Portal
Need Help?
Register with us, and we will guide you through the process to report such online personal loan frauds in India.
Conclusion
Regardless of the situation in which you need to borrow money, safety should always come first.
A quickly unregulated loan app, such as Cash Bus, can be extremely dangerous for you, as it may result in high-interest rates, harassment, and data misuse without your consent.
To avoid the debt trap, you should only work with trustworthy lenders, such as banks or financial institutions authorized by the Reserve Bank of India (RBI).
In case you become a victim of a fraudulent scheme, keep calm and use the proper means for reporting it and safeguarding yourself.
