Future Wallet is a free financial app that facilitates the lending process between borrowers and registered non-bank financial companies (NBFC). This loan solution platform provides Indian borrowers with different loan options that would suit their financial requirements. It also provides an efficient, paperless loan application method and provides results in a very timely manner.

Unlike KreditBee and CashFish, Future Wallet does not directly participate in the lending transaction. It only acts as an intermediary between lenders and borrowers for a convenient and smooth loan process. With reliable encryption technology, it keeps all transactions secure.

How does it work?

Future Wallet offers a quick loan service to those who need urgent funds to meet their financial obligations. It offers a comprehensive array of loan services tailored to the financial requirements of different clients. Borrowers need not provide any collateral to qualify for these loans. Plus, funds will be immediately disbursed to their nominated bank account or digital wallet upon approval.

The loan programs are available to all Indian citizens between 20 and 55 years old with a regular source of income. Loan amounts range from ₹2,000 to ₹90,000 and are determined based on the applicant's qualifications. Borrowers are given a term of 91 to 365 days with options for repayment in one lump sum or monthly installments. The applicable interest rate is 24% across all types of loans.

To submit a loan request, borrowers need to fill out an online application form with their personal information, address proof, and PAN ID. The app's secure encryption system guarantees borrowers that their data is securely managed. One thing to be aware of, however, is that multiple reports are stating that the loan service has adopted unfavorable practices concerning repayment requests.

Easy but risky 

Compared to traditional loans, Future Wallet offers a streamlined loan application method, making it easier for borrowers to take advantage of. However, as it is a financial service that operates in an unregulated manner, it seems to use unethical practices when dealing with payment requests and collections. This might result in a potential debt dilemma and potential vexation of the borrowers. This may not be a good option for borrowers.