Instant Loan apps are debt trap | illegal loan application #shorts

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Did you notice that recently a lot of apps got available in the market which do not ask many questions and give you an Instant loan. And people who actually can not afford such loans or belong to low income slabs are getting trapped in these Instant loan applications.

And then these loan giving apps take advantage of people with less financial knowledge to trap them by charging high interest rates and by sending legal notices.

People get trapped in such a debt that they would never be able to come out of the debt trap and a lot of these apps are illegal.

But recently the Government has instructed RBI to create a whitelist of loan applications for people’s safety and all other illegal loan apps would be deleted from play store and apple store.

If you are aware of any such illegal loan app then please comment about it here so that others can stay away from such Instant loan apps.

#loan #shorts #loanapp #government #rbi #debt #trap
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