In India the most convenient way to for a common man to fulfill their wishes or dreams but due to lack of financial condition could’nt afford to fulfill thier dream or goals due to this often take help of a instant loan so that they can get a boost of improvement in themselves or someone they took the loan for and they mostly prefer( 1 hour payday loans by phone,24 hour direct lenders,same day payday loans .
Google recently removed several money lending apps from google playstore india as these apps were siting violation of safety policies as the reason and it turns out that these apps has been exploiting people in many ways.
What’s the Real Matter of Concern instant money app?
Apps like Hey fish , Monkey cash ,quick cash and many other offer instant loan to people from amount as big as Rs50,000 and can cross even Rs1,00,000 and can get such amount by just fulfulling some of thier terms and condition .
Because of this Pandemic many people have lost their jobs and some are out of their savings this leads for many people to opt for the instant loan from such apps to fulfill their dreams and wishes or necesasity towards this loan given by these instant money apps this is not a issue to be concerned but.
What’s Wrong with these loans?
These Loans which may be 1 hour payday loans by phone or are supposed to be repaid in a short interval of time span sometimes even less than 60 days , As compared to the bank interest rate these apps are having high amount of interest rate as compared to the normal loan interest rate from the offline banks and these can even go upto 50% or even an 100% which will be unable for a common man to pay back their actual amount along with the interest.
Why Do People Take Such Loans?
Inspite of heavy interest rate imposed by these apps towards the loan people fall in prey just because of the need of quick money lending procedures which this apps offer to people as people are convenient withinstant loans as they can be taken quickly by showing certain documents such as bank statement , aadhar card, etc..
What If The Loans Are Not Repaid of money loan app ?
If a people taking a loan and fails to repay the loan taken within the deadline provided they are charged penalties as high as Rs 3,000 per day .this force them to take extra loan to repay the prior one ,hence this cycle continues which result in debt trap that a person falls in and often leads to unkind steps like suicide etc..
What else can these apps do?
Apart from instant money app money loan appsare explioting people and charging them money in the names of fees , penalties etc these apps might misuse your information for immoral purposes. In past few months or so thousands of complaints related to threatening , coercion , harrassment etc have been made against such apps.
What’s the Future Of instant money app ?
Some Indian states have already banned such money lending apps before google took them down with the help of the respective state officials , Even RBI has been continously warning people for the same .Google is also being stict with the repect of listing apps to the users , as all the safety policies and instructions must be obeyed by such apps to get listed on google playstore
So Stay Alert And Take Steps Accordingly To Avoid Falling In Such Traps like instant cash loan in 1 hour 24 hour direct lenders ,1 hour payday loans by phone,ame day payday loans,and many more so stay alet !