Life is another name for unexpected events. In simple words, different situations keep coming suddenly in everyone’s life. Sometimes someone suddenly loses his job, then someone becomes a victim of an accident… Sometimes someone in the family becomes a victim of a serious illness, then some people are overshadowed by their carelessness and bad habits… In this way Due to many reasons, people get trapped in financial crisis, that is, they are short of money.
this is how people get trapped
In such situations, people run their business by taking loans or borrowings. First of all people try to take help from their close friends or relatives. Those who do not have this option, they try to take loans. Loans are also available in such situations, but many people get stuck here and worse. In fact, to take advantage of this in today’s digital era, many such apps (Instant Loan Apps) have come in the market, which promise to give loan in minutes. Such offers are often seen on social media, where the temptation is given to give loans cheaply and without much documentation. The needy person gets trapped in the trap of these offers. Today we are going to tell the disadvantages of taking loans from such apps and also how to avoid them.
have to pay such a price
In the greed of getting loans in minutes, people who are trapped in the affair of these apps bear the serious brunt. Thousands of such cases have come to the fore, in which people got upset due to blackmailing and even committed suicide. First of all, know that such apps charge huge interest on the loan, which is many times more than that of banks. If even a single installment is not paid on time, then these apps impose many times the penalty. In this way, the credit score is badly affected by taking loans from instant loan apps.
do such mischief
Statistics show that most of the apps that provide instant loans are not registered and their job is only to cheat. Such apps steal sensitive information from the user’s phone before giving loan. These apps take access to the saved numbers as well as pictures in the borrower’s phone. If there is a delay in repaying the installments from the borrower, then blackmailing starts with them. In most cases, the apps deduct hefty taxes and charges before disbursing the loan. Many times miscreants call the borrower on behalf of the apps and abuse them. This causes huge mental stress for the borrowers after the financial problem.
RBI has taken these measures
The Reserve Bank of India (RBI) has received a lot of complaints about this, after which the screws have been tightened on such digital loan apps. The Reserve Bank has made it clear that only banks and shadow banks have the right to give loans or collect installments. There should be no interference of third party in this. All transactions regarding loan disbursement or loan installments should take place between the borrower’s bank account and regulated loan providers. The fees given to the apps will be paid by the lenders and the borrowers will not be burdened with it. Only those data should be collected, which are really needed and their clear audit is also necessary. Credit limit cannot be increased without the approval of the customer.
tie these knots
However, even after this, the business of instant loan app is going on. So the first way to avoid them is to cover your feet with a sheet, that is, spend only as much as you earn. Also, inculcate the habit of saving and create an emergency fund for emergency situations. Never fall in greed. Remember that the cost of easy money is very hard. If any offer seems strange, keep distance from it. If you see any such app, report it immediately. You can complain about such apps and offers to the Reserve Bank. They can also be complained to the police.
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