Free-to-use lending platform in Bangladesh
Phandora Credit is a free-to-use finance app for users in Bangladesh. This loan platform from Bounce Manor guarantees quick personal loans with flexible payment terms. With its app, you can easily apply for loans and check whether you’re approved or not. Users can get 3,000 to 30,000 Bangladeshi Taka (BDT).
Using Phandora Credit also comes with a couple of fees not clearly outlined. Aside from the interest rate from the amount, there’s also a so-called platform fee. Other than that, it also collects user data and sends unrelenting follow-ups once you pay late like OKash: Safe and reliable loan.
Take out personal loans in Bangladesh
To start, Phandora Credit only operates in Bangladesh. The app itself comes in a small file size and is rather straightforward to use. It allows you to switch between the Western alphabet and the Bangla script for easier use. Of course, before you can access its loans, you have to register for an account, which has a lot of requirements and can take as long as three days.
For the loan, verified users can enjoy flexible payment terms ranging from three months to an entire year. Depending on the user’s record with the app, the annual percentage rate (APR) varies from 18% to 26% per annum. Developers of the app also implement a couple of safety features to protect its users’ data. In addition, it’s only open to users aged 18 to 55.
Like most online apps, this lending app also uses any means at its disposal to convince users to pay up. Should you fail to make payments on time, they will call you and send emails and text messages. They would also extend the same strategy to the emergency contacts you’ve provided. Other than this, the app works, and those with the capacity to pay on time should have no problems.
For the everyday people
For Bangladeshis in need of extra funds to boost their finances, Phandora Credit might be a good place to start. It works and delivers just like any lending app, but this has payment terms reaching up to a year. However, it also resorts to the same strategies of incessantly sending messages to you and the people you signed up for the app. Use with caution.
