How one borrower Muthu lost a lot by Bad pay Loan Lenders
Muthu was a hardworking man who had always been careful with his money. But when his wife fell ill and needed expensive medical treatment, he found himself in a difficult financial situation. With no savings and no other way to pay for his wife’s treatment, Muthu turned to a payday loan. The payday loan seemed […]
What happens to Loans if the borrower dies before Clearing the Dues?
Loans We take out loans to purchase a house, a car, and other items for the enjoyment of our family. But what if the borrower passes away? After the borrower’s passing, who will be liable for repaying such enormous loans? It is important to realize that not all loans are the same type in order […]
Payday Loan Debt Cycle and ways to avoid it
Payday loans are short-term, high-interest loans used to pay for your costs up until your next paycheck. By issuing loans with exorbitant interest rates, payday lenders are able to boost their earnings, but many consumers are unable to repay them. Due to this cycle of increasing borrowing each pay period and increasing costs to pay […]
Common reasons why people get under debt trap in India? See if You can AVOID them.
Debt can be a significant financial burden for many individuals, and it can be challenging to get out of it once you’re in. In India, many people find themselves in a debt trap due to a variety of reasons. In this essay, we will discuss some of the most common reasons why people get into […]
After a Loan Settlement, How to Raise Your CIBIL Score?
An essential factor that aids lenders in verifying applicants’ creditworthiness is a high CIBIL score. Naturally, if you want to receive financial aid on favourable conditions, you need to have a good score. If it is impacted for any reason, it is essential to pay attention to it and take action to make improvements. Your […]
What to Do If a Cheque Bounces?
One of the frequent financial offences that can place the issuer in legal problems and harm their credit is a bounced check. There are a lot of court cases in India that include check bounce offences that are still unresolved. A check bounces if the issuer writes a poor check, whether for technical reasons such […]
Cheque Bounce Notice
Quick check: Getting recovery calls from a loan app? Know what RBI says recovery agents cannot do, and check the lender behind the app in our loan app directory. For example, see MoneyTap / Freo and Chinmay. What is Dishonor/Cheque Bounce? A Dishonored Cheque is cheque that the bank on which is drawn declines to […]
Will Defaulting Education Loan Affect Credit Score?
Non-repayment of education loan can now affect one’s credit score, a top official of Credit Information Bureau (India) Ltd (CIBIL) has said. The data released by CIBIL throws significant light on education loan trends in the country. While the demand for educational loan is need based, the number of new loan accounts opened in calendar […]
EMI Moratorium
The Reserve Bank of India (RBI) said that all lending institutions, including banks and housing finance companies, will have to give its borrowers a three-month moratorium on term loans. The moratorium was for payment of all instalments falling due between March 1, 2020 and May 31, 2020. According to the RBI, the deferred instalments under […]
What are the Legal issues for a Personal Loan Default in India
Money without any security would mean high interest rates are charged by the banks on these types of loans as this would in future become a risky situation for a bank. The banks do not give these types of loan to everybody the banks give personal loan to a person who has a good track […]