| Name of Complainant | |
| Date of Complaint | January 21, 2025 |
| Name(s) of companies complained against | Cloud Wallet |
| Category of complaint | Miscellaneous |
| Permanent link of complaint | Right click to copy link |
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Date: 21-01-2025
From,
K Nikhil,
kalichetinikhil867@gmail.com,
India
Respected Sir/Madam,
I am writing to formally lodge a complaint regarding the unethical and predatory practices of a micro-loan provider operating under the name Cloud Wallet, accessed through the Value Score App.
Details of the Incident:
1. On 16-Jan-2025, I applied for a micro-loan of ₹5,000 through the Value Score App. However, only ₹3,000 was disbursed into my account without providing a loan agreement, schedule, or any terms and conditions.
2. The loan was subjected to an exorbitant interest rate of 40% for a repayment tenure of just 7 days, which is exploitative and likely violates RBI regulations.
3. Despite having two days remaining before the stipulated repayment date, I was subjected to harassment and threats by the loan provider. They collected my personal contact list and call history without my explicit consent and threatened to contact my family and all individuals in my contact list to tarnish my reputation.
4. Under immense mental distress caused by their threats, I repaid the loan amount in full within the stipulated timeframe.
My Request:
1. Investigate the operations of Cloud Wallet and Value Score App for unauthorized practices, privacy violations, and harassment.
2. Take strict action against such entities to ensure they comply with RBI guidelines for digital lending platforms.
3. Enforce stricter measures to protect borrowers from exploitation and safeguard consumer privacy.
4. Penalize the misuse of personal data and ensure that such practices are strictly prohibited.
Attachments:
– Transaction details of the loan disbursal and repayment.
– Screenshots of any communication (messages) with threats.
Declaration:
I request the Authorities to take immediate action to prevent such unethical practices from continuing and to protect borrowers from similar experiences in the future. Please feel free to contact me for further information or clarification.
Thank you for your prompt attention to this matter.
Yours sincerely,
K Nikhil
