Name of Complainant	Mukesh
Date of Complaint	February 2, 2024
Name(s) of companies complained against	advance salary, cash my payment, earnx finance, easy finance, every day loan, jhatpat loan, loan in need, Loanpey, paisa in time, phonepey, Ram Fincorp, sabka loan, Xpress loan
Category of complaint	Banking
Permanent link of complaint	Right click to copy link
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I was in deep financial trouble couple of months back. Since I already having personal loans from bank, i could not get any further loan from there. I saw an ad of payment day loan ramfincorp, which mentioned flexible tenure and max rate of interest around 36% annually. So I decided to give a try they took my documents through whatsup and approved my loan however the tenure they provide was only for a month and interest rate was 1% per day. On top that, they also deduct GST, 8% processing fee, plateform charges and some other charges as well. So, for the loan 70k , i received around 60k in my account which I need to pay 89k in 29 days time. I took a loan since I had no option left. But then after I got in this trap. Next month I got call from 13 more pay day loan companies,,,(loanpey, loan in need, paisa in time, jhatpat loan, advance salary, everyday loan, phonepey loan, earnx finance, easy finance, Xpress loan, sabka loan, cash my payment,Ram fincorp) offering the same thing with everything similar (even the email format they send) , i have been taking a loan from one and then paying to other since last 3 months now. In total I have paid around 7 lks only in interest for a loan amount of around 4lks. One thing I have noticed that all these companies seems to be run by one parent company only because all the process and emails are same for all these companies. Even there collection team members I have seen the same guy coming for more than one company.
Now I am totally bankrupt due to this high interest debt trap and not in a position to make any payment. They are now threatening and abusing me. I have already paid too much interest to them and now lost my job as well.
Please help me to file a formal case against them. Per RBI max interest can be charged around 30% but they are charging around 600%.

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