Spark Money Review: Is Spark Money a Scam App?

Hello guys, if you are wondering about this Spark Money Loan App then you have arrived at the right page. Today we are going to decode this app and answer some crucial questions. Spark Money Reviews is here to help people to understand this app and what precautions they must take.

Always use legit and authentic apps which work as Non-Banking Financial Institution (NBFC) and comes under the Companies Act. Reserve Bank of India has provided data that in 2022 only, the consumers lost about multi-crore rupees collectively to fraudulent practices.

About: Spark Money App Reviews

Spark Money app doesn’t release the loan. It is actually a platform that facilitates registered non-bank financial companies (NBFCs) or banks to lend to users. They had provided information about their NBFC partners as Northern Arc Capital Limited and Monexo Fintech Private Limited and also shared their company with the name of Dvara Money Pvt. Ltd.

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Spark Money is an online loan market which provides a variety of loan products with different terms, users can find all their needs in our market. Its vision is to provide customers with well-selected and safe loan products as well as related services.

Specification: Spark Money App Review

App Name: Spark Money

Product Description:

1. Loan amount: starting from  ₹10,000 to ₹1,00,000
2. Long Loan Tenure: 3 to 18 months
3. The APR is 40%

Email: NA

Address: NA

Customer care Number: NA

Spark Money App Complaints: The Internet is full of Spark Money Complaints. Many people have become victims and they have shared their stories on consumer complaints websites.

Loan interest calculation: Interest = principal * repayment period (days) / 365 * APR
Total repayment = principal + interest

For example, Loan Amount: ₹50,000
Tenure: 12 months
Interest Rate: 22% (on reducing principal balance interest calculation)
EMI: ₹4,680
Total Interest Payable: ₹4,680 x 12 months – ₹50,000 Principal = ₹6,160
Processing Fees (incl. GST): ₹1,475
Disbursed Amount: ₹50,000 – ₹1,475 = ₹48,525
Total Amount Payable: ₹4,680 x 12 months = ₹56,160

Application conditions:

1. An Indian resident
2. 18+ age
3. Pan Card and Aadhaar Card
4. Stable Wages
5. Mobile number, Bank accounts

Security and privacy policy: Don’t worry about your personal information. Spark Money promises that it is safe and we will never share it with anyone without your consent.

Data Safety

1. No data shared with third parties: The developer says this app doesn’t share user data with other companies or organizations.

2. Data collected: Location, Personal Information, Financial Info, Messages, Photos & Videos, File & Docs, Contacts App, Device or Other IDs, App activity, and App Info and Performance.

Steps to Avail Spark Money

• Step1: Install Spark Money App
• Step2: Sign-up with Your Mobile Number
• Step3: Fill in basic information and check your eligibility
• Step4: Upload KYC documents, including ID, Address Proof and PAN Card.
• Step5: Request a Bank Transfer or an E-voucher for Your Loan

FAQ: Spark Money App Reviews

Is Spark Money App Real or Fake?

Spark Money App is a real app in terms that they provide loans to people. But we have read many complaints in which Spark Money App sends money to the member even though he/she has not applied for it. In some cases, people don’t even receive the loan but they are sending messages to repay the loan.

Is Spark Money App Legit?

Nobody knows who owns this App. Also, they have not shared anything about their holding company or its CEO. This app is not a registered company. So, it means Spark Money is not a legit App.

Is Spark Money App Scam?

It might not be a scam, but the way they are working is totally unethical. There are some red flags present on this App which we want people to learn and understand.

Red Flags: Spark Money Reviews

Hidden Owner Information

Spark Money has not shared any information about its owner. It means nobody knows who owns Spark Money app. It is an important piece of information one should seek.

As we have mentioned above, zero information has been presented about Spark Money app has also guarded their information in GOOGLE PLAY STORE records.

Not Registered with Government Authority

There is the minimum requirement needed for any app to offer loans like it should be registered with the concerned authorities. Spark Money app is not registered with any authority, which raises a red flag against Spark Money app authenticity.

No Social Media Presence

Spark Money app is not available on any Social Media Platform. They don’t want themselves to be discussed on social media. Their ads are only shown when someone has searched for loan applications on their phone. Basically, their ads are available through the cache data of our phones.

Loan Trap: Modus Operandi

It is true that they provide money in the form of loans but the loan amount provided is nothing but a trap for customers. They provide loans for barely 1500-1800 rupees and ask for more than 3500 rupees in total in just 4-5 days from the lending date.

Their Modus Operandi is to trap the customers by giving small loans and getting a huge amount in the name of interests and processing fees.

They even harass the customers in many ways in the name of recovery. They blackmail customers to extract the heavy interest amount. And if a customer fails to pay their loans, they even use cyberbullying and harassment methods to get the amount.

Scary Privacy Policy

Their PRIVACY POLICY is more terrifying than any other thing. According to it, they can get all the personal and financial data from our phones with your permission. They got permission for the camera, contacts, location, phone, SMS, and storage.

Under their PRIVACY POLICY, there is a clause that says that they can share all our information with the THIRD PARTIES in the name of solving disputes.

Just by going through their PRIVACY POLICY, we get to know their intention; they use all our data to blackmail us. It is difficult to declare the Spark Money app a Scam as it lends the money but this cannot be a parameter to say it is a legit app.

Even under the Ponzi scheme, companies pay their members. People came to understand the Ponzi scheme only when a company stop giving money as they are not able to sustain it anymore.

No one should trust this app for getting loans. There are several other NBFC LOAN apps which are genuine and actually very helpful in times of need. Such as RazorPay, Jupiter-edge, Simple Pay Later, Post Pe, Slice, Navi Personal Loans, Money View, Cash Bean, Kissht, Kreditbee, Pay sense and many more.

Signs To Detect Personal Loan App Scams

Not Interested in Payment History

Every genuine channel that offers loans always crosscheck the source from which they will get their money back. On this front, the payment history of the loan getter plays an important role.

The payment history of a person helps him to have greater credit points which ultimately help him/her to avail of a loan faster and without much hassle.

Genuine lenders not only look to your credit but sometimes they get your report from all major credit bureaus in the form of CIBIL SCORE.

Scammers are not interested in taking the pain to do such hard work. They intentionally seek high-risk borrowers that definitely fall behind on their loan payments. It will help them to incur high late fees or penalties on those borrowers.

No Physical Address

Scammers never provide genuine information about themselves. Therefore, always check their address. Scam Apps provide some bogus addresses on their site which make you lost when you search about them.

It means the scam sites never have any physical address and it is not conducive for them.

Not a Registered Company

Any site which is dealing with money should be registered with the concerned state authorities. If they are not a registered app then they are nothing but a loan scam app.

Information is king in digital time. The more a company shares its information the more transparent and genuine company it is.

Lack of Security Measures

Scammers never bother to secure their Apps with Norton or Macfee-like security software. It is because such software comes with a price and buying the software have two disadvantage.

First, they have to provide information to them that they don’t want. Second, it will increase the cost of making an App which will not be beneficial for them. You will not find many security measures on any scam sites as they are working to scam you and not to protect your personal as well as financial information.

Pressurize to Act Immediately

Scammers do understand the importance of time. Scammers don’t want to give a person time to think. They know if a person goes looking for their App authenticity, then they will not be able to scam him/her.

Therefore, they offer very limited-time deals so that you act fast just to get the loan instead of checking the authenticity of a site. Don’t fall for the urgency plea. It is the hallmark of personal loan scams. The rash decision never ends rightly for anybody. Take your time and then decide.

EndNote: Spark Money Reviews

Spark Money App is not recommended because there are many negative points we found on this app. The negative point of a Personal Loan is that people take it in a crash crunch situation when they have to fulfil some obligation and they don’t have money with them.

Spark Money App Review is an attempt to save people from fraudulent apps that scam people by playing with their emotions. Always use the genuine channel, do a cross-check of any site and never take any decision in a haste manner.

Please share Spark Money App Reviews and also if you have any doubt about any website or app, or you know about any suspicious website, please DM us on Facebook, Twitter or Instagram. We will write about that site and make aware as many people as we can. Also follow us on Facebook, Twitter and Instagram.

Our team at Wisdom Ganga is constantly working to recognise all the possible scams and is focused on making everyone aware of them. If you find this article useful, you can now order a cup of coffee for our team as a token of appreciation.