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How instant loan apps are extorting borrowers in Telangana
How instant loan apps are extorting borrowers in Telangana | India Today Insight
The Telangana police have made 11 arrests following growing complaints by loan seekers of harassment at the hands of dubious loan companies
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Illustration for representational purposes (Siddhant Jumde)
D.S. Aravind, a resident of Hyderabad, borrowed Rs 3,500 from an instant loan app in November, but the finance company, MyBank app, disbursed Rs 2,600 after deducting process fees and interest. As Aravind repaid on time, i.e. a week, the company unlocked more features for him and he further borrowed Rs 30,000, for which he was asked to repay Rs 55,000 within a week. When he delayed repaying this amount, MyBank customer care executives allegedly threatened to inform his family and friends about the default.
Man alleges harassment and public shaming by loan app
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Lender charged a fine of ₹3000 per day, say police
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Lender charged a fine of ₹3000 per day, say police
A man from Saidabad approached police on Saturday night alleging harassment, public shaming and threatening by an app-based instant loan provider
The victim, Sai Aravind Dauluri, a resident of Singareni Colony in Saidabad, told the police that he had borrowed ₹ 3,500 from ‘My Bank’ app in the month of November and the company had disbursed ₹ 2,600 after deducting processing fees and interest.
As he repaid the loan amount within a week, the company unlocked more features for him and he borrowed additional ₹ 30,000 for which he was asked to repay ₹ 55,000 within a period of one week.