alexa

Search in Indianmoney's WealthPedia

Home Articles Check Reviews and Complaints About Private Lenders On IndianMoney.com

Check Reviews and Complaints About Private Lenders On IndianMoney.com

IndianMoney.com Research Team | Posted On Thursday, November 29,2018, 03:13 PM

5.0 / 5 based on 1 User Reviews

Check Reviews and Complaints About Private Lenders On IndianMoney.com

 

 

What is P2P lending?

P2P lending is an online model which matches lenders with borrowers. Many young people have taken to P2P lending to avail loans and earn higher returns. What is P2P lending? Many young people lend money on P2P (Peer to Peer lending), to earn higher returns instead of parking it in a savings bank account. People who need loans borrow money. People who cannot avail loans from banks or NBFCs look to peer to peer lending to get money in a hurry.

How does P2P lending work?

Borrowers and Lenders register on an online platform. Due diligence is carried out on borrowers to avoid default. This brings the question. Is P2P lending safe?

P2P lending complaints

Many people jump to invest in P2P lending for high returns. P2P lending promises double digit returns. IndianMoney reviews say P2P lending is dangerous as chance of a default is high. P2P lending is extremely risky. Greed makes you overlook the warning signs. Why is P2P lending risky? P2P lenders have high risk borrowers who offer high returns. If you are being offered 30% on an investment, you must ask the question? Why am I being offered such high returns? If you are cheated by P2P lending, make sure to lodge a complaint.

To save yourself from cheating and mis-selling, get a financial education. Want to know more on investment planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.

SEE ALSO:IndianMoney Review : File Complaint Against Employer For Maternity Benefits

Check Reviews and Complaints About Private Lenders On IndianMoney.com

What are payday loans?

Youth in India love availing payday loans. Payday loans are also called quick cash loans, instant personal loans, 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.

IndianMoney reviews tell 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 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 tells you the smart way to cut expenses is to avoid needless borrowing. This saves you from the loan trap.

Have a complaint against any payday lender? IndianMoney.com complaints portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint.

If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.

SEE ALSO:Education Loan Eligibility

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.

Money lender license

Money lenders need to have a license to lend money. Many fake money lenders cheat people by charging high interest and grab land. A money lender must apply to the revenue department and gets license within 3-4 months from the date of submission.

Steps to apply for money lender license

STEP 1: Visit the nearest Tahsildar office.

STEP 2: Pay the requisite fees and collect application form from the Tahasildar.

STEP 3: Enter the relevant details in the application form.

STEP 4: Submit form at Tahasildar’s office.

SEE ALSO:How to change Aadhaar details without a registered mobile number?

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.

Karnataka has a 24/7 helpline to help farmers and poor sections of society from being cheated by private money lenders. The State Police Chief has directed all SPs and Commissioners to start the helpline. The 24/7 helpline is manned by a Sub-inspector rank officer. Action will be filed against moneylenders under Karnataka Moneylenders Act-1961; The Karnataka Pawnbrokers Act-1961; The Chit Funds Act-1982 and the Karnataka Prohibition of Charging Exorbitant Interest Act-2004.

You May Also Watch:

Iframe Content

Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.

Be Wise, Get Rich.

What is your Credit Score? Get FREE Credit Score in 1 Minute!

Get Start Now!
CIBIL Meter
Get It now!
Attention!

This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.