| Name of Complainant | |
| Date of Complaint | May 20, 2023 |
| Name(s) of companies complained against | TRUE BALANCE APP |
| 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 express my dissatisfaction and frustration with the services provided by True Balance, specifically regarding the exorbitant interest rates and inflated repayment amount on a loan I took through there application.
On 10/02/2023, I decided to avail a loan of INR 48,000 with a 6-month tenure, expecting a reasonable and fair interest rate. However, to my dismay, I discovered that True Balance charged an excessively high interest rate, resulting in a total repayment amount of INR 75,000. The interest charged on this loan is significantly higher than what is prevalent in the market.
I believe it is the responsibility of a responsible lending platform to offer transparent and affordable loan options to its users. Unfortunately, the interest rate imposed by True Balance is not only unjustifiably high but also puts borrowers at a disadvantageous position, making it incredibly challenging to repay the loan.
I kindly request that you review there loan policies and consider reducing the interest rates to a more reasonable and competitive level. Such exorbitant charges not only discourage potential borrowers but also create financial burdens for those who have already availed loans through there platform.
Furthermore, I would like to caution others about the risks associated with taking loans through True Balance. The high-interest rates and inflated repayment amounts can result in substantial financial strain, and I strongly advise individuals to avoid seeking loans via there application until these concerns are addressed.
I trust that True Balance values its customers and their feedback. I hope you will take my complaint seriously and make the necessary changes to ensure fair lending practices. I anticipate a prompt response addressing my concerns and the actions you intend to take to rectify the situation.
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