What are payday loans?
Youth in India love availing payday loans. Payday loans are also called quick cash loans, instant personal loans, and small cash loans and so on. They are availed by young people who have just joined jobs and are not able to manage expenses. It is a small cash loan to meet immediate expenses, availed by salaried people. Many people in their first job avail payday loans. Repayments are made as soon as they get the salary.
Payday loan complaints
You can avail payday loans with bad credit score. If you have a credit score around 600, you could get payday loans with bad credit. Loan amounts range from Rs 10,000 to Rs 50,000. The tenure ranges from 1 month to 3 months.
Indian Money Review tells you to avail payday loans carefully because of high interest rates. Some payday loans say just 0.1% interest a day. Looks a small amount but is it? This is actually 36% a year which is a massive interest rate. You are borrowing at 36% a year. IndianMoney.com reviews encourages you to lodge complaints if you are cheated in payday loans. It would be smart to have an emergency fund to meet unexpected expenses. Borrow only to meet need and not greed. IndianMoney.com tells you the smart way to cut expenses is to avoid needless borrowing. This saves you from the loan trap.
If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Money lender India
A money lender gives small amounts at high interest. People who are desperate for money, don’t get money from relatives and reluctant to access formal banking systems end up victims to fake money lenders. Money lenders in India are governed by the Money Lenders Act and money lenders must have a license.
How money lenders cheat customer?
Fake money lenders cheat laborers, small farmers and poor people and the weaker sections of society by charging exorbitant interest rates. They seize collateral like land pledged and farmers even commit suicide.