| Name of Complainant | |
| Date of Complaint | March 30, 2024 |
| Name(s) of companies complained against | Rapidrupee, RUPEEREDEE |
| Category of complaint | Banking |
| Permanent link of complaint | Right click to copy link |
| Share your complaint on social media for wider reach | |
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I am writing to lodge a formal complaint against RapidRupee and RupeeRedee, two loan apps, for their unethical and exorbitant interest rates. I availed a loan of ₹7,000 for a period of 30 days from RapidRupee, which they claimed to charge an interest rate of 1% per month (12% per annum) as per their website. However, upon receiving the loan, I found that they charged an outrageous interest rate of 36% for the said period.
Similarly, I availed a loan from RupeeRedee for 62 days and was subjected to the same high-interest rate. As a student, it is impossible for me to repay such high-interest loans, and it puts me in a precarious financial situation.
The details of the loan terms as advertised on their website are misleading and fraudulent:
– Interest rate per month: 1% (12% per annum)
– Instant personal loans from ₹1,000 to ₹60,000
– No credit score required
– Processing fee starts at just ₹349
I demand that my previous loan interest money be adjusted or refunded, as I feel I have been charged an unjustified and exorbitant amount under the guise of interest. It is evident that these loan apps are exploiting their customers and engaging in deceptive practices.
I kindly request the Consumer Court to take strict action against RapidRupee and RupeeRedee for their fraudulent activities. These loan apps are required to be shut down to prevent them from further exploiting and misleading innocent consumers like me.
Stop the harassment calls made by their representatives.
I have attached the necessary loan documents and screenshots of the misleading information from their websites as evidence. I hope the Consumer Court will address this issue promptly and ensure justice is served.
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