Truebalance.io Review

Based on looking at the website truebalance.io, it is clear that the platform primarily offers personal loans, which, from an Islamic perspective, involve interest Riba. This makes the core service of True Balance impermissible.

While the site mentions “Bill Payment and Recharges,” the emphasis and primary offering are interest-based financial services.

Therefore, it is strongly advised against using this platform.

Here’s an overall review summary:

• Service Offered: Personal Loans interest-based, Bill Payment, Recharges.
• Ethical Compliance Islam: Not compliant due to interest-based loans.
• Transparency: Provides detailed information about loan terms, KYC, and company history.
• Security: Claims 100% safe lending, RBI licensed, and PPI licensed.
• User Experience: Website appears user-friendly with a clear step-by-step process.
• Trust Factors: Mentions awards, millions of users, and partnerships with RBI-licensed NBFCs.
• Primary Concern: The fundamental business model revolves around Riba interest, which is strictly forbidden in Islam.

True Balance presents itself as a comprehensive digital financial partner, boasting quick and easy online personal loans.

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The website highlights its awards, large user base, and partnerships with RBI-licensed NBFCs, aiming to instill confidence.

They offer “Cash Loans” and “Level Up Loans” with stated interest rates and tenure, alongside bill payment and recharge services.

While the platform appears professionally structured and provides ample information regarding its processes, security measures, and corporate journey, the fundamental issue lies in its reliance on interest-based lending.

This practice is unequivocally prohibited in Islamic finance, as interest is considered exploitative and unjust.

Muslims are encouraged to seek financial solutions that are free from Riba.

Instead of engaging with interest-based platforms like True Balance, individuals should explore Sharia-compliant financial alternatives.

These typically involve asset-backed financing, profit-sharing agreements, or benevolent loans that adhere to Islamic principles, ensuring ethical and permissible transactions.

Best Alternatives for Ethical Financial Management and Needs:

1. Islamic Banks/Financial Institutions:

   • Key Features: Offer a wide range of Sharia-compliant financial products including Murabaha cost-plus financing, Ijarah leasing, Mudarabah profit-sharing, Musharakah joint venture, and Qard Hasan benevolent loans. These institutions avoid interest and focus on ethical investments.
   • Price: Varies depending on the service and product, often involves fees or profit shares instead of interest.
   • Pros: Fully Sharia-compliant, promotes ethical finance, supports real economic activity.
   • Cons: Limited availability in some regions compared to conventional banks, product range might be narrower.

2. Takaful Providers:

   

   • Key Features: Islamic alternative to conventional insurance, based on mutual cooperation and solidarity. Participants contribute to a fund to cover potential losses for others.
   • Price: Contributions premiums vary based on coverage and provider.
   • Pros: Sharia-compliant risk management, mutual support, often more transparent.
   • Cons: Less widely available than conventional insurance, concepts might be new to some users.

3. Halal Investment Platforms:

   • Key Features: Platforms that allow individuals to invest in Sharia-compliant stocks, Sukuk Islamic bonds, and real estate. They avoid industries like alcohol, gambling, and conventional finance.
   • Price: Management fees or commission rates vary by platform.
   • Pros: Ethical wealth growth, diversification, adherence to Islamic principles.
   • Cons: Market fluctuations, investment risks apply, requires due diligence on the platform’s Sharia compliance.

4. Zakat and Sadaqah Institutions:

   • Key Features: Organizations dedicated to collecting and distributing Zakat obligatory charity and Sadaqah voluntary charity to those in need. Can be a source of benevolent support for individuals facing financial hardship.
   • Price: N/A recipient of charity, not a product.
   • Pros: Direct support for urgent needs, acts of worship, strengthens community ties.
   • Cons: Not a sustainable financial solution for ongoing needs, dependent on eligibility.

5. Baraka:

   • Key Features: A Sharia-compliant investment app that allows users to invest in halal stocks and ETFs. It provides screening tools to ensure investments align with Islamic principles.
   • Price: Subscription fees or transaction fees vary by plan.
   • Pros: User-friendly interface, accessible halal investing, educational resources.
   • Cons: Limited to certain markets, investment risks apply, platform availability might be region-specific.

6. Wahed Invest:

   • Key Features: A global halal investment platform offering diversified portfolios managed according to Islamic principles. It provides options for various risk appetites and investment goals.
   • Price: Annual management fees based on assets under management.
   • Pros: Globally accessible, professionally managed portfolios, Sharia advisory board.
   • Cons: Investment returns are not guaranteed, minimum investment requirements may apply.

7. Family and Community Support Networks:

   • Key Features: Relying on family, friends, or local community funds for interest-free loans Qard Hasan in times of need. Many mosques and Islamic centers also have benevolent loan programs.
   • Price: Interest-free Qard Hasan.
   • Pros: Strong communal ties, no interest, often flexible repayment.
   • Cons: Limited availability of funds, may involve personal relationships, not always a formal structure.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Truebalance.io Review & First Look

Based on an initial assessment of the truebalance.io website, the platform positions itself as a digital financial solution, with a strong emphasis on providing personal loans.

The homepage prominently displays “Turn your Dreams into Reality with our Personal Loans” and promises “quick cash in your account with our quick and easy online personal loan.” This immediate focus sets the tone for the primary service offered by True Balance.

Understanding the Core Offering: Personal Loans

The core business model of True Balance revolves around offering personal loans, which are fundamentally interest-bearing.

They explicitly state “Interest Rate Starting from 2.4% per month” for their cash loans.

From an Islamic finance perspective, any transaction involving Riba interest is strictly prohibited. Nekoret.net Review

This prohibition is based on clear texts from the Quran and Sunnah, which condemn usury due to its exploitative nature and its potential to create wealth disparity.

Therefore, while True Balance may present a convenient solution for quick cash, its primary offering renders it impermissible for Muslims seeking to adhere to Islamic financial principles.

Awards and Recognitions

True Balance proudly showcases several awards and recognitions on its homepage, including “Great Place to Work,” “Champion of Financial Inclusion Initiatives 2023,” and “Best Digital Initiatives.

Overall Champion 2023.” While such accolades might signify operational excellence or positive workplace culture within a conventional framework, they do not mitigate the ethical concerns related to interest-based lending.

These awards typically acknowledge business performance, innovation, or employee satisfaction, but they do not assess compliance with Islamic financial ethics. Shopzenger.com Review

For a Muslim consumer, the ethical nature of the financial product itself takes precedence over corporate awards.

Transparency and Regulatory Compliance

The website indicates that True Balance is a “PPI licensed Entity” and emphasizes that “Credit Only from RBI-Licenced NBFCs.” They also mention that “True Credits received an NBFC license from RBI Reserve Bank of India to facilitate our lending business.” This suggests a degree of regulatory compliance within India’s financial system.

Transparency regarding regulatory bodies and licenses is generally a positive sign in assessing the legitimacy of a financial platform.

However, compliance with secular regulatory frameworks does not equate to compliance with Islamic law.

The underlying interest mechanism remains the primary concern, regardless of regulatory approvals. Thenailsbeauty.com Review

Truebalance.io Cons

While True Balance highlights convenience and quick disbursal, several significant drawbacks must be considered, especially from an ethical and holistic financial planning perspective.

The fundamental issue, as discussed, is the reliance on interest, but beyond that, other aspects also warrant caution.

Reliance on Interest-Based Lending Riba

The most critical drawback of truebalance.io is its core offering: interest-based personal loans.

The website explicitly states “Interest Rate Starting from 2.4% per month.” In Islamic jurisprudence, Riba interest is strictly forbidden.

This prohibition is not merely a moral suggestion but a fundamental tenet of Islamic finance, aimed at fostering economic justice and preventing exploitation. Mentholindia.com Review

Engaging in interest-based transactions can lead to:

• Financial Burden: High interest rates can trap borrowers in cycles of debt, making repayment difficult and accumulating more debt than the initial principal.
• Economic Inequality: Riba contributes to the concentration of wealth in the hands of a few, as wealth is generated from lending money rather than from productive economic activities.
• Spiritual Impermissibility: For Muslims, participating in Riba is considered a major sin, with severe spiritual consequences.

Potential for Debt Accumulation

The ease and quickness of obtaining a loan, as advertised by True Balance “Get quick cash in your account,” “Quick Disbursal”, can be a double-edged sword.

While it might seem convenient for immediate needs, it can also encourage impulsive borrowing without adequate consideration of repayment capacity. This can lead to:

• Over-indebtedness: Users might take on multiple loans or larger amounts than they can comfortably repay, leading to a spiraling debt situation.
• Financial Stress: The pressure of high EMIs Equated Monthly Installments and accumulating interest can cause significant psychological and financial stress.
• Impact on Credit Score: Defaulting on loans, even due to genuine hardship, can severely damage one’s credit score, affecting future financial opportunities.

Limited Scope for Holistic Financial Planning

True Balance primarily focuses on providing quick loans for “financial emergencies.” While it also offers bill payment and recharge services, it does not appear to provide tools or guidance for broader financial planning, savings, or long-term wealth building that aligns with ethical principles.

• Lack of Savings/Investment Focus: The platform does not promote or facilitate Sharia-compliant savings or investment options, which are crucial for sustainable financial well-being.
• Short-Term Solution Bias: By emphasizing quick cash, it encourages a short-term fix rather than addressing the root causes of financial instability or promoting sound financial habits.
• No Financial Education: There’s no evident emphasis on educating users about responsible borrowing, budgeting, or the importance of avoiding debt.

Data Privacy and Security Concerns General Loan Platforms

While True Balance claims “100% Safe Lending” and mentions KYC verification involving PAN, Aadhaar, and selfies, any platform dealing with sensitive personal and financial data carries inherent risks. Ultimate-ht.com Review

• Data Breaches: Despite security measures, the risk of data breaches or unauthorized access to personal information always exists.
• Misuse of Data: Information collected for KYC and loan eligibility could potentially be misused if not handled with the utmost care and in accordance with robust data protection regulations.
• Phishing and Scams: Users of online financial services are frequently targeted by phishing attempts and scams that try to mimic legitimate platforms. Vigilance is always required, regardless of the platform’s stated security.

Truebalance.io Alternatives

For individuals committed to ethical financial practices, particularly those adhering to Islamic principles, truebalance.io and similar interest-based lending platforms are not viable options.

The market, however, offers a growing number of Sharia-compliant alternatives that cater to various financial needs without involving Riba.

These alternatives promote economic justice, shared risk, and real economic activity.

Halal Personal Financing Solutions

Instead of interest-based personal loans, look for institutions offering Sharia-compliant financing.

• Murabaha Cost-Plus Financing: This is a common form of Islamic financing for purchasing assets. The bank buys the asset e.g., a car, equipment, or even goods for a personal need and then sells it to the customer at a pre-agreed mark-up. The customer repays the total amount in installments. The key is that the bank owns the asset before selling it to the customer, and the profit margin is fixed upfront, not an interest rate on the loan.
  • Example Provider: Many Islamic banks globally, e.g., Al Rajhi Bank, Dubai Islamic Bank. Note: Direct Amazon links are not suitable for banking services, but a search can lead to information.
• Ijarah Leasing: Similar to conventional leasing, but structured to be Sharia-compliant. The bank leases an asset to the customer for a fixed period, and at the end of the term, ownership may transfer to the customer Ijarah wa Iqtina or the asset returns to the bank. The payments are rental fees, not interest.
  • Example Provider: Various Islamic financial institutions offering asset financing.

Ethical Microfinance and Benevolent Loans

For smaller financial needs or emergencies, focus on interest-free options.

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• Qard Hasan Benevolent Loan: This is an interest-free loan where the borrower repays only the principal amount. While not typically offered by commercial entities, it is common within community organizations, mosques, and ethical microfinance initiatives.
  • Example Provider: Local mosques, Islamic community centers, specific Islamic microfinance organizations like Akhuwat though primarily based in Pakistan, their model is a global example.
• Community Funds: Many Muslim communities establish benevolent funds where members contribute to support those in need through interest-free loans. This fosters solidarity and mutual support.

Sharia-Compliant Investment and Savings Platforms

Building financial resilience through ethical savings and investments is a superior alternative to relying on loans.

• Wahed Invest: A prominent global digital Sharia-compliant investment platform. It offers diversified portfolios across various asset classes, all screened for Sharia compliance. This includes avoiding conventional banks, alcohol, gambling, and other forbidden industries.
• Baraka: Another user-friendly app focused on halal investing, particularly in global stock markets. It provides tools to ensure investments are Sharia-compliant.
• Amanah Ventures: While primarily focused on real estate investments, it exemplifies platforms offering Sharia-compliant opportunities in tangible assets, which aligns with Islamic finance principles of connecting finance to real economic activity.
• Halal Savings Accounts: Look for savings accounts offered by Islamic banks that operate on Mudarabah profit-sharing or Wadiah safekeeping principles, ensuring no interest is involved.

Responsible Budgeting and Financial Literacy Tools

Preventing the need for loans in the first place through sound financial management is paramount.

• Budgeting Apps: Utilize apps like You Need A Budget YNAB or Mint or similar budgeting tools to track income and expenses, set financial goals, and build emergency savings. These tools are secular but can be effectively used within an Islamic financial framework to manage resources responsibly.
• Emergency Funds: Prioritize building an emergency fund of 3-6 months’ worth of living expenses. This serves as a buffer against unforeseen financial shocks, reducing the reliance on high-interest loans.
• Financial Education Resources: Access free online courses, books, and articles on personal finance from reputable sources to improve financial literacy. Focus on resources that align with ethical money management.

By focusing on these alternatives, individuals can manage their finances in a way that is both responsible and ethically compliant, avoiding the pitfalls of interest-based debt and fostering long-term financial well-being.

How to Cancel Truebalance.io Subscription

The term “subscription” might not directly apply to True Balance in the traditional sense of a monthly recurring fee for a service, as its primary offering is loans. Lukeandjack.com Review

However, if a user has signed up for an account, linked bank details, or is enrolled in any form of recurring service like auto-debit for loan repayments or bill payment services, they might need to “cancel” their association or services.

Given the nature of a lending platform, cancelling usually refers to closing an account, stopping auto-debits, or ensuring no pending financial obligations remain.

Reviewing Loan Agreements and Terms

Before attempting any cancellation, it is crucial to meticulously review any outstanding loan agreements.

If you have an active loan with True Balance, you cannot simply “cancel” it without fulfilling your contractual obligations.

Attempting to do so would lead to loan default, which carries severe financial and legal consequences, including: Planettraveladvisor.com Review

• Negative Impact on Credit Score: Defaults are reported to credit bureaus, significantly damaging your credit history and making it difficult to obtain future credit.
• Late Fees and Penalties: Loan agreements typically include clauses for late payments and defaults, leading to additional charges.
• Collection Efforts: The lender will initiate collection processes, which can involve persistent communication, legal action, and engaging collection agencies.
• Legal Ramifications: In severe cases, the lender may pursue legal action to recover the outstanding debt.

Therefore, the first and most critical step is to understand your current financial standing with True Balance.

Ensure all outstanding loan amounts are fully repaid according to the agreed-upon terms.

Steps to Discontinue Services or Close Account

Once all financial obligations loans, pending payments are cleared, you can proceed to discontinue services or attempt to close your account.

The exact process may vary and usually involves direct communication with the platform’s customer support.

1. Repay All Outstanding Loans: This is the paramount step. Ensure your loan account balance is zero. You can usually check this through the True Balance app or by contacting their support.
2. Disable Auto-Debit/Auto-Pay: If you have enabled auto-debit for loan repayments or bill payments, ensure this facility is cancelled from your bank’s end and also through the True Balance app settings, if available. This prevents any unauthorized or accidental deductions.
3. Contact True Balance Customer Support:
   • Through the App: Most digital lending platforms have a “Help” or “Contact Us” section within their mobile application. Look for options related to account management, closure, or data deletion.
   • Email Support: Send a formal email to their customer service email address which should be available on their website or app. Clearly state your intention to close your account and request confirmation of account closure. Include your registered mobile number and any relevant account IDs.
   • Phone Support: If a customer service number is provided, call them directly. Be prepared to provide verification details. Document the date, time, and name of the representative you spoke with.
4. Data Deletion Request: As part of closing your account, you may also request the deletion of your personal data, in compliance with relevant data protection regulations e.g., GDPR in applicable regions, or local Indian data protection laws. While lenders are required to retain certain records for regulatory purposes, you can request the deletion of non-essential data.
5. Uninstall the App: Once you have confirmed account closure and data deletion, you can uninstall the True Balance application from your device.

Important Note: Do not simply uninstall the app without first ensuring all financial obligations are met and the account is formally closed. Uninstalling the app does not cancel loans or account obligations. Frontpageadvantage.com Review

How to Cancel Truebalance.io Free Trial

The truebalance.io website does not prominently advertise a “free trial” in the traditional sense, especially concerning its primary lending services.

Loan platforms typically do not offer free trials, as their service involves the direct transfer of funds and subsequent repayment.

The process usually involves an application, eligibility check, and then loan disbursal, which is a definitive financial transaction, not a trial.

However, if “free trial” refers to:

1. Exploring the App/Platform without committing to a loan: Users can download the True Balance app and explore its interface, check features like bill payments, or even go through the initial KYC process without necessarily taking a loan. This is more of a free exploration period rather than a trial.
2. Any introductory offer or promotional period: While unlikely for loans, some services might offer a short period where certain features are free or at a reduced cost.

Given that True Balance’s core business is lending, the concept of cancelling a “free trial” in the context of avoiding loan obligations is generally not applicable. Aboutww2militaria.com Review

If you have applied for a loan and it has been disbursed, you are obligated to repay it.

Clarifying What “Free Trial” Might Mean

• Initial Account Setup: The process of onboarding, completing KYC, and checking loan eligibility can be done without any financial commitment. This “exploration” phase costs nothing. If you decide not to proceed after this, there’s nothing to “cancel” as no financial transaction has occurred.
• Bill Payment/Recharge Services: While the loan aspect is paramount, True Balance also offers bill payment and recharge services. These are transactional and not typically structured as a “free trial.” You pay for the service you use e.g., mobile recharge amount, bill amount, possibly with convenience fees. There’s no subscription to cancel. you simply stop using the service.

Steps If You Believe You Are in a “Trial” Phase No Loan Disbursed

If you have gone through some steps on the True Balance app but have not received any loan amount in your bank account, then you have no financial obligation and do not need to “cancel” anything.

1. Do Not Proceed with Loan Disbursal: If you are at a stage where the loan offer is made but not yet disbursed, simply do not accept the terms or complete the final steps for disbursal.
2. Uninstall the App: If you have no active loan or outstanding obligations, you can simply uninstall the application from your device. There is no “subscription” fee for merely having the app or going through the initial application steps.
3. Data Privacy Optional but Recommended: If you are concerned about the data you provided during the KYC process PAN, Aadhaar, selfie, you may contact True Balance customer support to request the deletion of your personal data, subject to their data retention policies and legal obligations.

Important Precaution: Always confirm that no funds have been disbursed to your account, even small amounts. Sometimes, “mini-loans” or initial small disbursals can occur, which would then obligate you to repayment. Check your bank statements carefully.

Truebalance.io Pricing

Understanding the pricing of True Balance primarily revolves around the interest rates and fees associated with their personal loans. As a lending platform, their revenue model is based on the cost of borrowing for the user.

Cash Loan Pricing Structure

According to the truebalance.io website, for their “Cash Loan” product: Jonhlewis.com Review

• Loan Amount: Ranges from ₹5,000 – ₹2,00,000 Disbursal Amount.
• Interest Rate: Stated as “Starting from 2.4% per month.”
  • Annual Percentage Rate APR Implication: A monthly interest rate of 2.4% translates to a significantly higher annual rate. For example, 2.4% per month compounded monthly would be approximately 33.6% per annum 1 + 0.024^12 – 1. This is a substantial rate, comparable to what might be seen in the unsecured personal loan or short-term lending market, and it underscores the inherent cost of borrowing.
• Tenure: 6 – 12 Months. This indicates the repayment period for the loan.
• Online Quick Personal Loan with a limit determined by credit score and income. This implies that the exact interest rate and maximum loan amount for an individual will vary based on their creditworthiness and financial profile.

Fees and Other Charges

Lending platforms typically include various fees in addition to the interest rate, which collectively contribute to the total cost of the loan.

While the True Balance website specifically highlights the interest rate, it’s common for such platforms to have:

• Processing Fees: A one-time fee charged by the lender for processing the loan application. This is often a percentage of the loan amount.
• Late Payment Charges: Penalties incurred if loan installments are not paid by the due date. These can be fixed amounts or a percentage of the overdue amount.
• Foreclosure/Prepayment Charges: Fees for repaying the loan earlier than the agreed tenure. Not all lenders charge this, but it’s common.
• GST Goods and Services Tax: Applicable on processing fees and other charges as per Indian tax regulations.
• Other Administrative Fees: Charges for documentation, stamp duty, or other miscellaneous services.

To get the precise and total cost of a loan from True Balance, a prospective borrower would need to go through the application process and carefully review the loan agreement sanction letter before accepting the loan. This document legally binds the borrower and details all charges, repayment schedules, and terms and conditions.

PPI Licensed Entity and Services

True Balance also mentions being a “PPI licensed Entity” Prepaid Payment Instruments that provides mobile wallet services facilitating “recharge, bill payment etc.” For these services:

• Bill Payment and Recharges: Typically, users pay the exact amount of the bill or recharge, with a possible small “convenience fee” charged per transaction. These fees are usually minimal compared to loan interest.

In Summary: The primary “pricing” for True Balance’s main service personal loans is driven by a relatively high monthly interest rate, which translates to a significant annual interest burden. While bill payment services may involve minor transaction fees, the core financial product comes with a substantial cost of borrowing due to interest, making it economically burdensome and ethically impermissible for those adhering to Islamic financial principles. Shofur.com Review

Truebalance.io vs. Ethical Financial Alternatives

When comparing truebalance.io to ethical financial alternatives, the contrast is stark and goes beyond mere features or convenience.

It fundamentally concerns the underlying principles and permissibility of financial transactions.

True Balance operates within the conventional interest-based lending model, which stands in direct opposition to Islamic financial ethics.

Truebalance.io: Conventional, Interest-Based Lending

• Model: Provides quick, unsecured personal loans based on interest Riba. Explicitly states “Interest Rate Starting from 2.4% per month.”
• Key Features:
  • Fast online application and disbursal.
  • Targets urgent financial needs.
  • Determines limits based on credit score and income.
  • Also offers bill payment and recharge services.
• Ethical Stance Islam: Impermissible Haram due to the involvement of Riba. This is the primary and non-negotiable point of distinction. Riba is prohibited due to its exploitative nature and contribution to economic inequality.
• Financial Implications:
  • Can lead to a cycle of debt if not managed carefully.
  • High cost of borrowing due to compound interest.
  • Focuses on consumption and short-term solutions.

Ethical Financial Alternatives: Sharia-Compliant Principles

Ethical alternatives operate on principles derived from Islamic law, emphasizing justice, fairness, risk-sharing, and real economic activity, while strictly avoiding Riba.

1. Halal Personal Financing e.g., Murabaha, Ijarah

• Model: Instead of lending money with interest, ethical financial institutions engage in trade-based financing or leasing.
  • Murabaha: The institution buys an asset e.g., a car, goods and sells it to the customer at a pre-agreed profit margin. The customer repays in installments. It’s a sale, not a loan.
  • Ijarah: The institution leases an asset to the customer, and rental payments are collected. Ownership may transfer at the end of the term.
• Key Features: Asset-backed, transparent profit margins, avoids Riba.
• Ethical Stance Islam: Permissible Halal, as it adheres to the prohibition of Riba and promotes real economic transactions.
  • Costs are known upfront, based on a profit margin from a sale/lease, not an interest rate.
  • Encourages ownership of tangible assets.
  • Promotes productive economic activity.

2. Qard Hasan Benevolent Loans

• Model: Interest-free loans provided by individuals, community organizations, or certain Islamic microfinance institutions. The borrower repays only the principal amount.
• Key Features: Supports those in genuine need without imposing any financial burden beyond the principal.
• Ethical Stance Islam: Highly encouraged and spiritually rewarding Halal.
• Financial Implications: No cost of borrowing, fosters community solidarity, but availability is often limited to specific contexts or smaller amounts.

3. Sharia-Compliant Investment & Savings Platforms

• Model: Focus on wealth creation and management through investments in ethically screened industries e.g., technology, healthcare, real estate and instruments that avoid Riba, gambling, alcohol, etc.
• Key Features: Diversified portfolios, professional management, adherence to Islamic screening criteria, focus on long-term growth.
• Ethical Stance Islam: Permissible Halal, promotes responsible wealth accumulation and participation in ethical markets.
  • Provides avenues for legitimate wealth growth.
  • Encourages savings and prudent financial planning.
  • Connects finance to real-world productive assets.

Conclusion of Comparison: Mancomm.com Review

Truebalance.io, despite its technological convenience and regulatory compliance within a conventional framework, operates on a fundamental principle interest that is antithetical to Islamic finance.

Ethical alternatives, while sometimes requiring more understanding or having different accessibility points, offer solutions that are not only permissible but also promote economic justice, risk-sharing, and sustainable financial well-being.

For a Muslim, the choice is clear: prioritize the ethical and permissible alternatives over interest-based platforms like True Balance.

FAQ

What is Truebalance.io?

Truebalance.io is an online platform that primarily offers quick personal loans based on interest, alongside services like bill payment and mobile recharges.

Is Truebalance.io permissible in Islam?

No, Truebalance.io is not permissible in Islam because its core offering involves interest-based personal loans Riba, which is strictly forbidden in Islamic financial principles. Heistchocolate.com Review

What kind of loans does Truebalance.io offer?

Truebalance.io offers “Cash Loans” and “Level Up Loans,” which are unsecured personal loans with interest rates starting from 2.4% per month.

What are the interest rates on Truebalance.io loans?

The website states interest rates for Cash Loans start from 2.4% per month, which translates to a high annual percentage rate APR.

How long is the loan tenure on Truebalance.io?

Truebalance.io offers loan tenures ranging from 6 to 12 months for its Cash Loans.

How does Truebalance.io determine loan eligibility?

Loan eligibility on Truebalance.io is determined based on the applicant’s credit score, income, and other basic details provided during the application process.

Is Truebalance.io regulated?

Yes, True Balance states it is a “PPI licensed Entity” and emphasizes that credit is facilitated by “RBI-Licenced NBFCs” Reserve Bank of India licensed Non-Banking Financial Companies like True Credits. Sowasound.com Review

What are the main cons of using Truebalance.io from an ethical perspective?

The main cons include the involvement of interest Riba, which is forbidden in Islam, and the potential for users to fall into a cycle of debt due to high interest rates and easy access to loans.

What are ethical alternatives to Truebalance.io for personal financing?

Ethical alternatives include Sharia-compliant financing options like Murabaha cost-plus financing and Ijarah leasing offered by Islamic banks, as well as interest-free benevolent loans Qard Hasan from community organizations.

Can I get an interest-free loan from Truebalance.io?

No, Truebalance.io’s primary loan products are interest-based.

They do not offer interest-free loans Qard Hasan.

Does Truebalance.io offer bill payment and recharge services?

Yes, in addition to loans, Truebalance.io also provides services for bill payments and mobile recharges through its PPI licensed mobile wallet.

How do I apply for a loan on Truebalance.io?

The process involves onboarding and KYC verification PAN, Aadhaar, selfie, selecting a loan amount and tenure, checking eligibility, and then submitting documents for loan disbursal.

What documents are required for a Truebalance.io loan?

The website mentions that KYC requires PAN, Aadhaar, and a selfie, and additional documents like bank statements may be required for certain loans.

How quickly does Truebalance.io disburse loans?

Truebalance.io claims “Quick Disbursal in your bank account” and states that funds can be disbursed “in minutes” after submitting required documents and enabling auto-debit.

Is my data safe with Truebalance.io?

Truebalance.io claims “100% Safe Lending” and emphasizes its regulatory compliance.

However, like any online platform, users should always exercise caution regarding personal data sharing.

Can I cancel my Truebalance.io account?

If you have no active loans or outstanding financial obligations, you can contact True Balance customer support via their app, email, or phone to request account closure and potentially data deletion.

What happens if I default on a Truebalance.io loan?

Defaulting on a Truebalance.io loan would likely lead to negative impacts on your credit score, incur late payment charges, trigger collection efforts, and potentially lead to legal action.

Does Truebalance.io have a mobile app?

Yes, Truebalance.io operates primarily through its mobile application, which is available on platforms like the Google Play Store.

What is CKYC India, as mentioned by Truebalance.io?

CKYC Central KYC Registry India is a centralized repository of KYC records for customers in the financial sector, aiming to simplify KYC verification across different financial entities. True Balance mentions complying with this.

Are there any upfront fees for applying for a Truebalance.io loan?

While the website primarily highlights interest rates, lending platforms typically charge processing fees, which are usually a percentage of the loan amount and are collected upfront or deducted from the disbursed amount.