![]() ![]() ![]() The instant loan app had allegedly gained access to all her personal details from her phone. In December 2020, Shonali briefly lost access to three of her bank accounts. The harassment nearly drove me to suicide but I survived,” she adds. “We paid Rs 7.8 lakh with interest as loan repayment. She took instant loans to the tune of Rs 2.4 lakh and faced harassment calls and threats to pay back the loans. ![]() It was a debt trap and at the time I didn't know any better,” says Shonali. “To pay off one loan I ended up taking loans from about 25 instant loan apps. The interest rates also compound on a weekly or fortnightly basis. They typically also charge 14% to 15% of the loan amount as a processing fee and a standard interest rate of 1% a day on average. These digital lending apps which provide micro-loans of as little as Rs 1,000 have a shorter repayment period and a much higher interest rate. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |