I have been a user of the mpokket application and a couple of other loan apps. But amongst all of them, the mpokket is the most unethical one. Hear me out how. Mpokket is very good for those who need urgent money and that have enough source of earning to pay it back in time. Things get real dirty when you are unable to pay them back in time. I was unable to pay back the loan for around 20 days because I had lost my phone, and one day I heard that they called my friend and asked about me, abusing me for not paying back the loan. But before they called my friend I have already written them an e-mail telling them about my problem and asking for a little time. But they anyway called my contacts.
While my phone was lost the other loan application loans were also pending. I have written the same email as the one I wrote to mpokket. Through emails and WhatsApp texts they’ve reminded me to repay the loan quickly as possible and I expressed to them my situation, I was unable to afford a new phone and I didn’t want to drag my elders in this. A couple of weeks later I had a new phone and pay the loan of another’s applications and I came out clean. Now I don’t even want to pay the mpokket loan because the ways they put interest on late payment is torture. The very good loan service provider I have talked about all along in this article is "Pocketly." It is a very good application. The charge on your late payment is very low compared to mpokket.
Quick Comparison Between Mpokket & Pocketly.
1. Loan extending structure.
In mpokket, the very first fraudulent business model is no way of partial payment. Pocketly provides you a partial payment option and when you pay the partial amount on or before the due date your loan will be automatically extended for 30 days more. While in mpokket if you want to extend the loan you need to pay one particular amount just to extend the loan and it won’t be reflected as partial payment or something and at the end of the due date, you need to pay the same amount( Principle+ Interest) before extending the loan.
2. The behavior of the service provider.
From my experience, Pocketly is a much more gentle sophisticated loan service provider. They will co-operate with your problems if your problems are genuine at least more understanding than mpokket. As soon as possible get out from high walls interest of mpokket and switch to anything better.
3. Loan disbursement time.
The loan disbursement is instant AF in Pocketly within a minute the amount will be in your account. But sometimes in a very rare case, the loan disbursement can be delayed by 10 minutes or so by any technical issues, I faced this issue once in my course of use. While in mpokket it takes around 20-30 minutes on an average. But in Pocketly for the first loan, disbursement takes a couple of hours because they verify you before providing the first loan. It is only a one-time process.
4. Repayment Amount.
In mpokket the loan repayment amount, for instance, if you take a loan of 500 INR the amount into your account will be 460 ( I guess) for 30 days tenure, and the repayment amount is 525 INR( approximately because I don’t remember the exact figures) . While in Pocketly the loan of 500 for 30 days tenure disbursement amount is 450 INR and you need to pay back only 500 INR exactly.
5. Loan Amount Choosing.
The loan amount option in mpokket is tied with only three options i.e. 500, 1000, and 2000 INR. If you want to collect 1000 rupees in your account you need to take 1500 INR and the interest on 1500 will be higher and you have no option but to take a 1500 INR loan. On Pocketly you can choose any loan amount between 500 to 2000 INR. You need 1000 INR now then you will take an 1100 INR loan and you’ll get 1000 INR in your account while paying back you need to pay 1100 and that with partial payment advantage available.
Please give me your feedback if this was helpful to you.
THANK YOU.