Qrates

Is Olyv safe and registered in India? Permissions and complaints

Olyv, formerly SmartCoin, is a popular credit app acting as a Lending Service Provider. We check if the Olyv app is safe by looking at its RBI registration status, the phone permissions it requires like SMS and location, and the most common complaints from real users.

By Qrates research desk · 2026-10-27

Olyv, formerly known as SmartCoin, is a working credit app with over 1 crore installs on Google Play. It operates as a Lending Service Provider that connects borrowers to NBFC partners. We could not match a direct RBI licence for Olyv on the registers we check.

Quick answer: Is Olyv app safe and real?

Olyv is a real credit app with over 1 crore installs. It does not lend its own money. It operates as a Lending Service Provider. This means it connects borrowers to NBFC partners. We could not match a direct RBI licence for Olyv on the registers we check. The app requires permission to read your text messages and see your location. It asks for these before you can apply for a loan.

Licence and registration: Is Olyv RBI registered?

Under the RBI Digital Lending Directions, 2025, apps usually act as direct lenders or Lending Service Providers. Direct lenders are banks or NBFCs. Olyv acts as a Lending Service Provider. We could not match a direct RBI licence for it on the registers we check.

When you take a loan through Olyv, an RBI-approved NBFC partner handles the actual loan agreement. This partner also handles the processing fee. The app must show you the name of this specific NBFC partner before you sign the loan agreement. You can also explore other loan and credit apps to see how they compare in terms of licensing and regulatory compliance.

Regulator warnings

We found no specific warnings or alerts from the RBI regarding Olyv or its previous name, SmartCoin. The RBI maintains a list of illegal loan apps and cancelled NBFC licences on its Sachet portal. Borrowers should check this portal if they suspect fraud. The RBI does not maintain a directory of legal apps on its official website.

What Olyv can read on your phone

Digital lending apps require access to certain phone data to assess your credit risk. According to the Qrates directory, Olyv requests permission to read your text messages and see your location.

It uses your text messages to scan your financial transaction history. This helps the NBFC partner decide if you can repay the loan. The Qrates directory facts do not list contact list access among the permissions Olyv requests on Google Play.

What users complain about

Olyv holds a 4.77 rating on Google Play from 6,57,327 ratings (Qrates directory). The average of recent reviews over the last 90 days is 3.99. The app was last updated 104 days ago.

Qrates read 400 recent Google Play reviews to find the most common problems. The most raised problems are users feeling pushed into things (7 reviews), credit report problems (5 reviews), and nobody answering at customer care (5 reviews). For a broader perspective, you can read our BankBazaar vs Olyv: Loan Apps, Permissions And Complaints Compared to understand how these issues stack up against industry peers.

On the positive side, 4 users praised the app as easy to use. Another 3 users noted that support actually helped. The company replies to 100 percent of one-star and two-star reviews to address grievances. You can check the latest figures on the Olyv Qrates page.

How to check this yourself

You can verify the lending details before you borrow money.

  1. Open the Olyv app and look for the name of the NBFC partner offering you the loan.
  2. Go to the official RBI website and download the latest list of registered NBFCs to verify the partner name.
  3. Read the Key Fact Statement provided in the app.

The RBI Digital Lending Directions, 2025 require this statement to clearly show three things. It must state the interest rate, the processing fee, and the NBFC grievance redressal officer. If you are specifically interested in how credit reporting works, our guide on BankBazaar vs GoodScore vs Olyv: credit score and report apps compared provides additional context.

FAQs

Is SmartCoin and Olyv the same?

Yes. SmartCoin changed its name to Olyv in January 2024. They are the same app and company.

Does Olyv check CIBIL score?

Yes. The NBFC partners working with Olyv will check your credit score. They use this to determine your loan eligibility and final interest rate. You can also view other credit score apps to monitor your financial standing.

Can Olyv access my contacts?

No. The Qrates directory shows Olyv asks to read your text messages and see your location. It does not request access to your phone contacts.

How to delete Olyv account?

You must clear any pending loan dues first. After that, you can submit a data deletion request through Olyv customer care.

The short version

  • Olyv acts as a Lending Service Provider that connects you to NBFC partners.
  • We could not match a direct RBI licence for Olyv on the registers we check.
  • The app requires permission to read your text messages and see your location.
  • The RBI maintains a list of illegal loan apps on its Sachet portal, but it does not maintain a list of legal apps.
  • The most common user complaints involve feeling pushed into things and credit report problems.

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. A licence or a clean record today does not guarantee how a company behaves later. To complain, use the regulator's own portal (RBI CMS, SEBI SCORES or IRDAI Bima Bharosa).

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