MoneyTap is India’s first credit line app, which provides users with readily available fund resources for their personal and business needs. It offers users with the capability to get instant online approval for a credit line of up to ₹ 5 Lakh. We compiled MoneyTap user reviews from around the web and determined that it has generally positive ratings. We also shared their interest rates.
MoneyTap provides their services on an “interest-per-amount-used” basis. According to the company, their interest rates start at 1.08% per month (13% per annum). The app is downloadable for free from the Google Play Store and cash-out will only start once users have secured an approval for a credit line/loan.
Top Lenders 2019
Up to $250K for line of credit
600+ for line of credit
Summary of MoneyTap User Reviews
What MoneyTap Does Well
Users who gave MoneyTap a positive review like that they can easily get funds whenever they need it and that they don’t have to pay for anything, unless it’s something they’ve used.
What MoneyTap Does Not Do Well
Users who gave MoneyTap a negative review complained about the company’s unresponsive customer service. A few users also experienced issues with getting approvals during the promised timeframe.
Most Helpful Positive User Review
A reviewer who left a positive review of MoneyTap on the Google Play Store said that the chat-based interface is very helpful. He said that MoneyTap’s best feature is “money-on-demand,” which allows him to get funds whenever he needs it and pay only for what he uses. He added that he would recommend the app to anyone even if they don’t need money, because for him, it acts as a safety net for emergency situations.
Most Helpful Negative User Review
A reviewer who left a negative review of MoneyTap on the Google Play Store said that they have the worst customer service he’s ever encountered. He said that there was a time when he already sent at least 10 emails and his status was still pending final approval from their finance — a status that stayed that way for 20 days. He also shared that he never received a follow-up email from them to resolve the issue.
Check out the list below of some of MoneyTap’s features:
- Borrow 24/7
- Repay Borrowed Amount via App
- Flexible EMI’s (2 to 36 Months)
- Track Transactions
- Pre-Pay Loan
- Borrow as Low as ₹ 3,000
Helpful Lender and Credit Line Resources
Small Business Line of Credit — Find Your Best Financing Options — There are numerous types of line of credit products, each fitting for different borrowers. Review each one in this article or take the quiz to determine which one of them is right for you.
Business Line of Credit: What It Is, Where to Get One, & More — A small business line of credit (LOC) allows you to draw against a predetermined credit limit as you need it, instead of receiving the full loan amount at one time like a term loan. In this article, we help you learn more about it and how you can take advantage of having one.
Business Credit Card vs Line of Credit: What’s the Best for Your Business? — A business credit card and a line of credit are two common short-term financing options used by small businesses. Read on to be able to differentiate between the two and choose the best option for your business.
Is the app free for download?
Yes. Interested users can simply download the app for free from the App Store or Google Play Store. As long as there is no usage, there won’t be any charges.
What are the loan types allowed?
According to the website, MoneyTap can be used for wedding expenses, education fees, personal emergencies, vacations, and other indulgences.
MoneyTap Overview Video
The video below is a quick overview of the convenience MoneyTap gives its users by providing readily available funds.