Phandora Credit is a free finance app in Bangladesh that offers users the convenience of applying for personal loans. The platform, developed by Bounce Manor, ensures quick access to loans ranging from 3,000 to 30,000 Bangladeshi Taka (BDT) with flexible repayment options.

Users should be aware of Phandora Credit’s certain fees that are not fully transparent, including an interest rate and a platform fee based on the loan amount. In addition, it collects user data and sends consistent reminders for overdue payments, similar to other loan services, such as OKash.

Take out personal loans in Bangladesh

To start, Phandora Credit only operates in Bangladesh. The app itself requires a minimal amount of storage and is straightforward to use. It allows you to switch between the Western alphabet and the Bangla script for easier use. Of course, before you can access its loans, you must register for an account, which can take up to three days.

For the loan, verified users can enjoy flexible payment terms ranging from three months to an entire year. Depending on the user’s record with the app, the annual percentage rate (APR) varies from 18% to 26% per annum. Developers of the app also implement several safety features to protect their users’ data. In addition, it’s only open to users aged 18 to 55.

Like most online apps, this lending app also uses any means at its disposal to convince users to pay up. If you fail to make payments on time, they will either call, text, or send an email. They would also extend the same strategy to the emergency contacts you’ve provided. Other than this, the app works, and those with the capacity to pay on time should have no problems.

For the everyday people

For Bangladeshis in need of extra funds to boost their finances, Phandora Credit might be a good place to start. It works and delivers just like any lending app, but this app features payment terms reaching up to a year. However, it also resorts to the same strategies of incessantly sending messages to you and the people you signed up for the app. Use with caution.