### **My Experience with Prefr Loan App: A Warning to All**
I want to share my frustrating experience with the Prefr loan app in the hope it helps others avoid similar issues.
Earlier this year, I took a loan of ₹85, 000 through Prefr. Everything seemed fine initially until a Prefr support representative contacted me with an offer. They explained that I could get a **Top-Up Loan of ₹4, 50, 000** at a much lower interest rate of **13%**—significantly lower than the **26%** interest rate on my current loan.
### **What Went Wrong?**
The representative told me that in order to avail of the top-up loan, I needed to foreclose my existing loan. Trusting their guidance, I immediately proceeded with the foreclosure process.
After completing the foreclosure as instructed, the representative assured me that the funds would be transferred to my account within **8 hours**. He told me to **arrange the funds**, and the loan amount would be credited directly to my bank account.
As per their instruction, I arranged the necessary funds. However, instead of receiving the loan amount, I was put under unnecessary pressure by the sender. They repeatedly insisted that I urgently send the funds and promised the loan would be credited shortly. Despite doing everything I was told, the loan amount was never transferred.
Interestingly, when I checked the app, there is no mention of the loan status being “Pending, ” as suggested by the representative in the picture he sent me.
### **The Trust Issue**
I did not request the top-up loan on my own. It was Prefr’s representative who approached me with the offer of a lower interest rate. I trusted their guidance, assuming it would benefit my financial situation.
However, after completing everything they asked and arranging the funds under pressure, I am left with no response from customer support, no funds, and no clarity on what’s happening with my top-up loan request.
### **Unprofessional Handling**
The way Prefr has handled this situation is completely unprofessional.
- Despite my repeated attempts to contact the representative, my calls and messages have gone unanswered.
- Customer support has been unresponsive, offering no solutions or updates.
This lack of communication and accountability is highly disappointing, especially after trusting their offers and completing all necessary steps on my part.
### **Why This Matters**
The interest rate difference between my current loan (**26%**) and the promised top-up loan (**13%**) was a huge factor in deciding to move forward with their offer. The promise of receiving the funds in **8 hours** and the pressure to arrange funds played a big role in my decision to proceed. Now, I’m left with no clear answers, no funds, and no communication.
### **A Call for Action from Prefr**
To Prefr:
You need to take responsibility and address issues like mine. Customers rely on you for financial solutions, and when your representatives make promises, they should follow through. Ignoring customer inquiries is unacceptable and damages your credibility.
### **Advice to Others**
To everyone reading this:
Be cautious when dealing with digital lending platforms. Ensure you have clear documentation of any offers or promises made by customer support. If you face similar issues, consider escalating the matter to the **Reserve Bank of India’s Consumer Grievance Redressal Mechanism**.
Let’s hold these platforms accountable and demand transparency, professionalism, and customer care. If you've faced similar issues, share your experience to warn others and help create a better, more responsible lending environment.
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