if you need a loan and you’re sick of going from bank to bank, I’m going to tell you about an application that promises to provide you with one at a cheap interest rate and no paperwork.
Techy Loan is a trusted platform that gives you well-researched reviews of websites and apps.
In today’s post, I will give you a review of the Hugo Loan App Review, Is this application real or not, is it okay to take a loan from this app or not, you will know through this post.
Contents
What is the Hugo Loan App?
Friends, Hugo is a lending platform that was launched in 2022 and it claims that it gives you emergency loans, without advanced fees and also claims it is a secure and safe platform.
According to this application, you may easily receive a loan between ₹2,000 and ₹2 Lakhs Rupees with flexible repayment.
Application Claims
- Rbi Approved
- NBFC Company
- Low-Interest rate
- Fast Loan Approval
- Loan Rang 2k to 2.5L
Hugo App Details
| Application Name | Hugo Loan App |
| Who launched | Samruddhi Leasing And Finance Pvt. Ltd |
| Loan Amount | 3 Months to 24 Months |
| Interest Rate [ Apr ] | 24% APR |
| Loan Tenure | 3 Months to 9 Months |
| Launched Year | 2022 |
| Application size | 16MB approx |
| Total downloads | 50k Install |
| Rating on Play Store | 4.5 [ Paid ] [4k Fake Review ] |
| Real or Fake | Fake & Not Safe |
| Website | No Website |
| NBFC Registered | No |
| RBI Approved | No |
Hugo Loan App Eligibility
Friends, to take a loan from Hugo application, you will have to follow these eligibility criteria.
| Minimum age | 20 Years |
| Maximum age | 56 years |
| Nationality | Must be a Salaried Person |
| Cibil Score | 600 above |
| Work | Must be Salaried Person |
| Minimum Salary | 15k |
Hugo Loan Required Documents
You need all of these documents to apply for a loan through the Hugo Loan Application.
- Aadhar Card
- Pan Card
- Selfie
- Email Id
- Address proof
- Mobile Number
- Bank Account Details [ 3 Month ]
Hugo Loan App Scam
Hugo Loan App claims it will provide you with a loan at the lowest interest rate [ 24% ] with fewer documents. It also claims that its repayment period is longer than other applications which are 91 days to 12 months.
But the reality is that this application gives you a loan only for 7 days and within these 7 days you have to pay 40% to 50% more interest on this loan which is more than the loan amount.
Let’s See an Example: Friends, suppose you have taken a loan of ₹ 3000 from a Hugo loan application. Hugo claims that it will be charged to you after one month according to your loan period But in Reality,
You will have to repay this loan within 7 days, along with this you will have to pay two to three times more interest, which means 5000 to ₹ 7000, and you will have to pay interest on a ₹ 3000 Loan.
Hugo App Real or Fake
Hugo is a fake loan application, it can cheat you and also threaten you. I am not saying this just like that, I have proof I will show you in this post.
After Downloading the Hugo app through Playstore or Google they ask to enable all options like Camera, Contact, Media, Location, All Email address, and device information.
If you are enabling all these options then you should understand that scams and fraud can happen to you, they can use your data to blackmail you.
Friends, all these details show that this app is completely fake and a scam. Therefore, you should not take a loan from this application.
Is Hugo App Safe
Friends, according to Hugo Loan App claims that it gives you loans ranging from Rs. 2,000 to Rs. 2 L in just a few minutes with fewer documents like Aadhar cards or PAN cards.
But In reality, Hugo is a fake application because this application is not registered with the NBFC or the RBI also shown in the description as fake.
Additionally, there is no working website, nor is it available on Google Play Store or AppStore. As a result, if you use this application, it may completely scam you.
See Here for Real Proof
If you want to see a real review then you have to click on this Link:Hugo Loan Review
Conclusion
Hugo Loan App Review: Friends, if you have read this post till now then you must have understood that the Hugo Loan App is a fake application.
Through this app, you can easily take a loan and they also add money to your account without your permission when the time of repayment comes, it can also put you in trouble.
It is up to you whether you want to take a loan from this app or not, but friends, if you liked this post then please share it with your, Friends, please leave a comment if you see any mistakes in the article.
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