Qrates

BankBazaar vs Olyv: Loan Apps, Permissions And Complaints Compared

BankBazaar and Olyv are both credit score apps with over 1 crore installs. Neither app holds a direct lending licence on the registers we check. Olyv requires access to your text messages, while BankBazaar only tracks your location. Read our comparison of their permissions and user complaints.

By Qrates research desk · 2026-10-27

BankBazaar and Olyv are both credit score apps with over 1 crore installs each. Neither app holds a direct lending licence on the registers we check, meaning they act as middlemen to connect you with banks. Olyv requires access to your text messages, while BankBazaar only tracks your location.

Quick answer: BankBazaar vs Olyv

Neither BankBazaar nor Olyv holds a direct lending licence on the registers we check. Both apps act as middlemen connecting you to banks and non-banking financial companies.

Olyv requires permission to read your text messages, while BankBazaar only asks to see your location. When things go wrong, BankBazaar users complain most about credit report problems. Olyv users most often report feeling pushed into things. You can find a deeper analysis of these differences in our BankBazaar vs GoodScore vs Olyv comparison.

At a glance: BankBazaar and Olyv compared

You can check the live complaint data, app permissions, and regulatory status for BankBazaar and Olyv on their Qrates directory pages.

Feature BankBazaar Olyv
Publisher A&A Dukaan Financial Services Private Limited Olyv (Formerly SmartCoin)
Licence We could not match one on the registers we check We could not match one on the registers we check
Phone permissions See your location Read your text messages, See your location
Google Play rating 4.53 from 1,44,858 ratings 4.77 from 6,57,327 ratings
Recent review average 3.67 3.99
Days since last update 2 104

Phone permissions and data privacy

Olyv requests access to read your text messages (Qrates directory). Loan apps often use this permission to scan your bank transaction alerts and assess your income.

BankBazaar does not ask to read your text messages. It only requests permission to see your location.

The rules require apps to explicitly ask for your consent before accessing phone data (RBI Digital Lending Directions, 2022). They also cannot access your camera or microphone without a clear reason. If you ever feel an app is overstepping, learn what to do if a loan app recovery agent harasses you.

What users complain about most

BankBazaar complaints

In a sample of 385 recent Google Play reviews for BankBazaar, the most raised issue was credit report problems. We found 23 reviews mentioning this issue. The second most common problem was nobody answering, which appeared in 11 reviews. For more context on how these issues compare to other providers, see our BankBazaar vs OneScore: Spam calls, app permissions and accuracy compared guide.

Olyv complaints

In a sample of 400 recent Google Play reviews for Olyv, the most raised issue was users feeling pushed into things. We found 7 reviews raising this concern. This was followed by credit report problems and nobody answering, with 5 reviews each.

Customer support responses

Both companies actively monitor their app store feedback. Olyv replies to 100% of its one and two-star reviews. BankBazaar replies to 91% of its negative reviews. If you are unsatisfied with a resolution, you can file a complaint to the RBI Ombudsman.

How they operate without a direct lending licence

We could not match a direct lending licence for either app on the RBI, SEBI, or IRDAI registers we check. Both apps function as Loan Service Providers. They do not lend their own money to users.

When you apply for a loan through either app, the actual money comes from a registered NBFC or bank partner. This partner lender is the name that will show up on your CIBIL report.

Who each one suits, by need

  • If keeping your text messages private matters to you: Note that BankBazaar does not request SMS access, while Olyv does.
  • If developer responsiveness matters to you: Note that Olyv replies to 100% of negative reviews, while BankBazaar replies to 91%.
  • If frequent app updates matter to you: Note that BankBazaar updated its app 2 days ago, while Olyv has not updated in 104 days.

FAQs

Is Olyv RBI approved?

We could not match a direct lending licence for Olyv on the RBI registers we check. The app acts as a middleman for registered NBFC partners. These partners actually issue the loan.

BankBazaar or Olyv which is safe for loan?

Both apps are middlemen that connect you to registered lenders. Check the specific NBFC partner they assign you before signing a loan agreement. You can also check their app permissions to decide what you are comfortable sharing.

Olyv app real or fake?

Olyv is a real app, formerly known as SmartCoin. It has over 1 crore installs on the Google Play Store (Qrates directory).

The short version

  • BankBazaar and Olyv are both loan apps and middlemen with over 1 crore installs.
  • Olyv requires SMS access and has older app updates, but replies to all negative reviews.
  • BankBazaar only tracks location and updates frequently, but users report more issues with credit reports.

Sources

Disclaimer

Qrates is an information directory. It takes no commission from any company listed and does not recommend products. Figures are taken from the sources named and dated, and they change; check the company's own page before you decide. This is not investment, credit, insurance or tax advice for your situation.

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