Unicard Powerup

[plastikman]

Has anyone had experience with Unicard Power up ? They are apparently promising 9% returns compounded w/o any charges or lockin period ? Do you feel there are any risks involved ?

 

[varunsridharan]

Has anyone had experience with Unicard Power up ? They are apparently promising 9% returns compounded w/o any charges or lockin period ? Do you feel there are any risks involved ?

Seems interesting will have a look at it

 

[plastikman]

Seems interesting will have a look at it

I got a call today. Was wondering if any else had experience with them.

 

[varunsridharan]

I got a call today. Was wondering if any else had experience with them.

I saw it has no markup fees but is it secured or unsecured?

 

[plastikman]

I saw it has no markup fees but is it secured or unsecured?

It's a deposit scheme unlike a card.

 

[Banking101]

It operates on a peer-to-peer (P2P) model where they lend money to users, mostly credit card users, at high-interest rates, and then offer you a 9% interest rate. This is similar to platforms like Cred Mint, Mobikwik Xtra, and 12% Club, but it carries higher risks and lower interest rates. I would advise against investing in any P2P-like schemes unless you have surplus funds to invest. It's important to note that these schemes come with significant risks, and while you may not experience the consequences immediately, sooner or later, you may regret your decisions.

 

[sheru]

I got a call today. Was wondering if any else had experience with them.

Seems they've partnered with Liquiloans. Same P2P partner who backs Cred Mint.

Good thing is, their min amt criteria is lower (10,000) than Cred Mint (1,00,000).

 

[plastikman]

It operates on a peer-to-peer (P2P) model where they lend money to users, mostly credit card users, at high-interest rates, and then offer you a 9% interest rate. This is similar to platforms like Cred Mint, Mobikwik Xtra, and 12% Club, but it carries higher risks and lower interest rates. I would advise against investing in any P2P-like schemes unless you have surplus funds to invest. It's important to note that these schemes come with significant risks, and while you may not experience the consequences immediately, sooner or later, you may regret your decisions.

Thank you very much for your insights

 

[plastikman]

Seems they've partnered with Liquiloans. Same P2P partner who backs Cred Mint.

Good thing is, their min amt criteria is lower (10,000) than Cred Mint (1,00,000).

That's true.

 

[varunsridharan]

Seems they've partnered with Liquiloans. Same P2P partner who backs Cred Mint.

Good thing is, their min amt criteria is lower (10,000) than Cred Mint (1,00,000).

I have little experience with liquid loan via Fi bank

I lend minimum 20k every month and take it out 29th of every month and haven't had any issue so far

 

[sheru]

I have little experience with liquid loan via Fi bank

I lend minimum 20k every month and take it out 29th of every month and haven't had any issue so far

True that.
I have been using Liquiloans for past 1yr+ as an replacement to liquid funds/overnight funds to park my money.
And its been a smooth sail till now.

 

[s73uresh]

I have little experience with liquid loan via Fi bank

I lend minimum 20k every month and take it out 29th of every month and haven't had any issue so far

In which app or instrument you are mentioning that you lend and take it. Pls share the details. Thanks

 

[RajeshV]

In which app or instrument you are mentioning that you lend and take it. Pls share the details. Thanks

The answer is right there in your quote. He said he's using Fi.

 

[s73uresh]

The answer is right there in your quote. He said he's using Fi.

Yes it is in Fi, but looks there is no flexi withdrawal option with high returns(10% p.a), the investment is locked for 1 year. Flexi deposit option gives upto 8% only.

 

[varunsridharan]

Yes it is in Fi, but looks there is no flexi withdrawal option with high returns(10% p.a), the investment is locked for 1 year. Flexi deposit option gives upto 8% only.

Yes you are right but with flex you can get the funds back at anytime with 8%

 

[s73uresh]

Yes you are right but with flex you can get the funds back at anytime with 8%

Thanks