Exactly! 💔 These 30-day payday loans can become a vicious debt trap.
Borrow ₹10,000 today, face enormous interest and charges within weeks, then borrow again just to repay the previous loan.
This isn’t financial inclusion. It’s a cycle of financial distress.
@RBI@FinMinIndia, who is examining these lending practices?
🙏 देश के सभी लोगों से विनम्र अनुरोध है।
कृपया Ring, Kissht, SiCreva Capital और Northern Arc Capital से जुड़े उन कर्जदारों की आवाज़ उठाने में हमारा साथ दें, जिन्हें बार-बार अनुरोध करने के बावजूद सेटलमेंट ऑफर नहीं दिया जा रहा है।
हमारी मांग है कि इन कंपनियों पर उचित दबाव बनाया जाए, ताकि आर्थिक परेशानियों से जूझ रहे कर्जदारों को उनकी भुगतान क्षमता के अनुसार एकमुश्त सेटलमेंट (OTS) या लिखित री-स्ट्रक्चरिंग का विकल्प दिया जाए।
हम कर्ज से भागना नहीं चाहते, बल्कि अपनी क्षमता के अनुसार कर्ज का समाधान चाहते हैं।
🙏 सभी से अनुरोध है कि इस मुद्दे पर आवाज़ उठाएं, पोस्ट को रीट्वीट करें और संबंधित अधिकारियों तक हमारी मांग पहुंचाएं।
कर्जदारों को भी सम्मानजनक समाधान मिलने का अधिकार है।
@RBI@FinMinIndia@RBIsays@PMOIndia@PaywithRing@Kissht_EMI
#Ring #Kissht #NorthernArcCapital #SiCrevaCapital #LoanSettlement #RBI
@raghav_chadha Payday loans are becoming a debt trap for people already facing financial stress. When borrowers request time to repay, they deserve support, not harassment and threats. Who will protect borrowers from aggressive recovery practices? #PaydayLoans@RBI
🚨 BEING POOR IS EXPENSIVE IN INDIA.
Miss one EMI → Late fees.
Need emergency cash → High interest.
Borrow for 30 days → Processing charges.
Can’t repay → More penalties.
Take another loan → Another set of fees.
THE LESS MONEY YOU HAVE, THE MORE YOU MAY END UP PAYING TO BORROW IT.
@RBI@FinMinIndia
Why aren’t we talking enough about the cost of emergency credit for salaried and low-income Indians?
SHOULD THERE BE STRONGER LIMITS ON THE TOTAL COST OF SHORT-TERM LOANS?
I want to hear from borrowers and bankers.
I took a loan but due to financial difficulties, I'm requesting time to repay. I'm willing to pay, but the lender isn't offering any support. Instead, I'm facing threats of contacting my office, family and friends. Is asking for time a crime? @RBI#LoanRecoveryHarassment
Please investigate India’s payday loan crisis. Upfront fees, interest reportedly reaching 1% per day, and pressure on borrowers to take new loans to repay existing ones are trapping people in a cycle of debt. Alleged recovery harassment includes contacting relatives and employers. Loan-related distress has also been linked to reported suicides. Why is this crisis not receiving more media attention?
@FinMinIndia@RBI@dhruv_rathee@poonamjourno@saynotoloans