| Name of Complainant | |
| 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 |
| Share your complaint on social media for wider reach | |
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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%.
Hi mukesh,
I’m also in Same Situation, Interest only im paying around 80K, my salary is 80k, Is there any resolution for this this month im unable to pay & they are thretening me like they will come to office & report to my HR
If you find any solution, Please suggest me as well
Thanks in Advance
I will Appreciate your prompt response on this
Hi Mukesh,
I’m also in same situation, can you help me how did you over come this, your suggestions will help me alot
Sir I am also facing same issues. I need a help to convert all my loans with single loan. How it’s possible with low interest rate.
dont worry. say them you cant pay. when agent come to your place ask him to take legal action. and nothing they will do. if agent dont agree say them we can go to police station .and also ask agent for his id card proofs. you can regiestar a complaint online for safer side
As of now i have not paid, i asked for settlement & EMI option, because this is like too much interest we can’t pay, they are taking advantages because of our situation, I simply suggest don’t pay too much with interest, ask them EMI option, They will give
They can’t go legally this is like 50rs interest, no man in the earth will not afford that much interest
Hi , even am also in same situation. please reply back if u did resolve this issue
Not resolved, I said if i have money I will pay, just say this, take EMI options
RBI should Ban all these PAYDAY loan but I don’t know why RBI is now taking any action on it…