Today, personal loans are the most quick and easy way to access funds during financial emergencies or to make large purchases. With the rise of financial technology and smartphone usage in India, several loan apps have emerged that promise hassle-free loans at the click of a button. One such app is Swift Seconds Loan App.
In this comprehensive review article, we will provide an in-depth analysis of the Swift Seconds loan app, its features, interest rates, repayment terms, eligibility criteria, and, most importantly – evaluate if it is a legitimate lending platform or a scam.
Swift Seconds Loan App Review
Swift Seconds markets itself as a provider of quick personal loans ranging from ₹3,000 to ₹200,000. It claims to offer loans for tenure between 95 days and 365 days, with no collateral or paperwork required.
As per the app listing, the key features and services offered are:
- Completely online loan application and disbursal process
- Loans from ₹3,000 to ₹200,000
- Tenure options of 95 days to 365 days
- Loans for salaried individuals aged 18-60 years
- Fast approval and disbursal, often within hours of application
- No prepayment or foreclosure charges
The Swift Seconds app can be downloaded from third-party app stores for Android devices. It is not available on the Google Play Store. The app has a smooth interface where borrowers can complete the loan application process and upload KYC documents.
According to the app description, the maximum Annual Percentage Rate (APR) charged is 30%. However, users have reported much higher interest rates in practice.
Loan Products Offered
Swift Seconds offers just one type of loan product – personal loans. Borrowers can avail loans from ₹3,000 up to ₹200,000 based on eligibility.
The tenure can be chosen between 95 days to 365 days. There are no specific end-uses prescribed for the loan amount. Hence, borrowers can use the funds for personal needs like medical emergencies, home renovations, wedding expenses, travel, or large purchases.
Interest Rates and Other Charges
As per the information on the app, the maximum APR or annual interest rate is 30%. However, in the example provided, for a 3-month tenure loan, the effective monthly interest rate works out to be 10%.
In addition to interest, Swift Seconds also charges a one-time service fee of 5% to 9% of the loan amount. This is deducted upfront from the disbursed amount. Late payment charges are also applicable on delayed installments.
However, as per online complaints and negative reviews, customers have reported paying much higher interest rates of up to 60% p.a., along with very high service fees. Hence, the actual loan costs can be significantly more than advertised.
Loan Amount and Tenure Offered
Swift Seconds offers loans from ₹3,000 up to ₹200,000. The maximum tenure is 12 months or 365 days.
Salaried individuals’ loan amount and tenure will depend on their income, credit score, and repaying capacity. Those with higher salaries and good credit scores may be approved if you need a higher loan amounts and longer tenure.
First-time borrowers are often given smaller loan amounts for shorter 3-4 month tenures. The cap is also lower for self-employed applicants.
As per the information provided on the website and app, here are the eligibility criteria to avail of a loan from Swift Seconds:
- Indian citizens aged between 18-60 years
- Salaried individuals with monthly income above ₹15,000
- Self-employed professionals like doctors, CAs, and lawyers
- Have a valid PAN card and an Aadhaar card
- Access to an active bank account and mobile number
- The minimum credit score requirement is not specified
Applicants are required to upload identity KYC documents like PAN, Aadhaar, salary slips, and bank statements during the application process. Those meeting the eligibility criteria and submitting the documents can get in-principle approval quickly.
The loan application process with Swift Seconds is simple and completely online:
Step 1: Download the Swift Seconds app from third-party app stores and install it on your Android phone
Step 2: Register on the Swift Seconds loan app with your mobile number and create a log in password
Step 3: Fill in the personal and employment details in the loan application form
Step 4: The fourth step is to upload a scanned copies of your KYC documents like PAN, Aadhaar, salary slips, and bank statements
Step 5: Review loan details like amount, tenure, interest rate, processing fee, repayment schedule, etc.
Step 6: Digitally sign the loan agreement and submit the application
Step 7: If approved, the loan amount after deducting fees will be disbursed to your bank account within a few hours
Step 8: Repay the loan through EMIs via UPI, debit card, net banking, or cheque deposit as per the schedule
The entire process, right from loan application to disbursal, can actually be completed online in just a few hours. No physical document submission or branch visits are required.
Swift Seconds offers flexibility in the repayment process. Borrowers can pay the loan EMIs through multiple channels:
- Auto-debit from the bank account
- UPI apps like PhonePe, Google Pay, etc.
- Debit/Credit card payments
- Cheque deposit
- Cash payment at designated centers
The equated monthly installment (EMI) is calculated based on loan amount, interest rate, tenure, and processing fees. There are no pre-closure or foreclosure charges. Borrowers can repay the full loan amount ahead of schedule without penalties.
However, delayed payments will attract heavy late fees. If EMIs are not paid as per schedule, the app representatives will continuously call and message to collect payments.
How Safe is Swift Seconds App?
- No official website, legitimate company information
- Not listed on app stores like Google Play Store
- No RBI registration or NBFC license
- Poor app privacy and data security
- Harassing recovery practices
- High-interest rates and hidden charges
Based on these factors, the Swift Seconds app appears risky, unregulated, and unsafe to borrow from. The lack of transparency and numerous customer complaints are major red flags.
Borrowers should be very cautious about sharing personal information and availing loans from such apps. The risks of data misuse, overcharging, and harassment are quite high.
Swift Seconds App Reviews and Complaints
We examined online customer reviews on websites like Trustpilot, complaint forums, YouTube, and social media to better evaluate the Swift Seconds lending app.
Here is a summary of the most common issues faced by customers:
- Excessively high-interest rates – Interests up to 60% p.a. charged despite mentioning 30% as the maximum in T&Cs
- Large upfront processing fee deducted from loan amount, ranging from 5% to 20% depending on user profile and loan amount sought.
- Harassing recovery tactics like continuously calling borrower’s family/friends if EMI payment is delayed
- No customer support – Complaints and queries go unanswered, no proper grievance redressal
- Personal data misuse – Instances of contact lists and photos being accessed from user’s phone
- Loan rejection after document submission – KYC documents were uploaded, but the loan application was rejected without reason.
- App uninstalls itself after loan approval – Many users reported the app automatically uninstalls after the loan is disbursed.
- Hidden clauses in loan agreements and charging of arbitrary penal interest and fees
Considering these negative reviews and complaints, the credibility and ethics of the Swift Seconds app seem questionable. Customers have had poor experiences and do not recommend availing loans from it.
Alternatives to Swift Seconds App
Instead of risky loan apps like Swift Seconds, borrowers should consider these safer alternatives:
- Banks – Take a personal loan from trusted public or private sector banks that provide transparent loan terms and Customer service.
- P2P Lending – RBI-regulated P2P lending platforms like LenDenClub Liquiloans, where you can borrow directly from individual investors.
- NBFCs – Well-known NBFCs like Bajaj FinServ Shriram Finance offer personalized loans at reasonable interest rates.
- Credit Cards – Use credit card cash withdrawal facility to get a loan on existing credit cards from banks. Interest rates are usually lower than personal loans.
- Friends/Family – Seek financial help from relatives or friends and pay back without interest. Ensure terms are documented clearly.
Though the processing may take longer, these regulated lending options are safer and transparent in their dealings.
Verdict: Is Swift Seconds Loan App Legit or Scam?
Based on this detailed analysis, here is our verdict on the legitimacy of the Swift Seconds loan app:
While Swift Seconds is not an outright scam, it displays several characteristics of predatory lending apps that borrowers should be wary of:
- Lack of company information, registered office, customer service channels
- No RBI registration or NBFC license
- Non-transparency in loan terms, arbitrary charges
- Aggressive recovery tactics, privacy violations
- A high number of negative customer reviews and complaints
- Removed from app stores, difficult to hold legally accountable
In the absence of regulatory oversight and ethical practices, the app can overcharge, misuse data, and harass customers. There is no recourse or grievance redressal mechanism for borrowers.
Hence, we recommend avoiding availing loans from the Swift Seconds app, considering the risks involved. We advise readers to opt for loans only from reputed banks, NBFCs, peer-to-peer platforms, or registered moneylenders.
Do your own due diligence, read the loan agreement carefully, and evaluate all aspects before borrowing from any digital lending app. We hope this detailed review helps you make an informed decision!
Frequently Asked Questions
1. How to download the Swift Seconds loan app?
The Swift Seconds loan app cannot be downloaded from the Google Play Store or Apple App Store. But you will have to allow installation from unknown sources on your phone before you can install the APK file downloaded from third-party websites.
2. What is the maximum loan amount and tenure offered?
As per the app listing, Swift Seconds offers loans from ₹3,000 to ₹200,000 for tenures ranging from 95 days to 365 days. However, the loan amount and tenure approved will depend on the borrower’s eligibility and repaying capacity.
3. Are there any hidden charges or additional fees?
In addition to the processing fee deducted upfront, Swift Seconds may levy additional charges like penal interest for late repayments, cheque bounce charges, loan cancellation fees, etc. Customers have reported instances of arbitrary and hidden fees being charged.
4. How to track loan repayment and closure process?
Swift Seconds does not provide borrowers online access to view their loan details and repayment schedule. You have to rely on the SMS and calls received from the company for tracking repayments. The app stops working after loan disbursal, per several user reviews.
5. Can I get a loan from Swift Seconds without a PAN Card?
Submission of PAN cards is mandatory to get loan approval on the Swift Seconds app. Without a valid PAN, your loan application is unlikely to be accepted.
6. Are there any other charges apart from interest and processing fees?
You may be charged additional fees for cheque bounces, loan cancellation, prepayments (if applicable), foreclosure, late EMI payment penalty, etc. GST charges are also applicable on the interest and processing fees.
7. Can I prepay or foreclose the Swift Second loan?
Yes, Swift Seconds allows borrowers to repay or foreclose the loan fully before the end of tenure. However, it is unclear if any foreclosure charges are applicable as per their terms. Customers have faced problems getting foreclosure statements and NOCs from the company.
8. What happens if I miss my EMI payment due date?
Late payment fees are charged if you do not pay the EMI by the due date. The penalty and interest rates are very steep for delayed payments. The loan recovery agents will also continuously call and message you and your contacts demanding payment.
9. Is there a customer care number for Swift Seconds?
Swift Seconds does not provide any customer care number or email address on its website or app. The only way to contact them is through calls and messages to the loan recovery agents assigned to you after loan disbursal.
10. Can I apply for a loan on Swift Seconds through a website?
No, Swift Seconds does not have an official website. The entire application and approval process is done through their Android app, which has to be installed directly using the APK file.
Our detailed analysis reveals that the Swift Seconds loan app comes across as a risky, non-transparent lending platform with several negative reviews and unethical practices. While it may provide quick access to funds, the costs, harassment risks, and potential data misuse make it an undesirable option compared to regulated lenders.
We advise readers to tread with caution when using such lending apps. Thoroughly evaluate all aspects, including loan cost, repayment terms, customer service channels, etc. Always ensure you check online reviews and complaints before applying.
If possible, avoid opting for unregulated loan apps altogether and consider cheaper financing alternatives suggested. We hope this comprehensive review helps you make a well-informed decision!
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