RBI warns clients about predatory lending that is digital

RBI warns clients about predatory lending that is digital

December 23, 2020

The Reserve Bank of Asia (RBI) has warned borrowers and clients from availing loans from electronic financing internet sites and mobile apps, that are unregulated entities. The caution is available in the wake of several borrowers committing suicides in current months and months because of harassment they faced from purported employees and gather agents among these electronic financing platforms.

The central bank says that members of public should verify the antecedents of the company/ firm offering loans online or through mobile apps in its release. “There have now been reports about individuals/small organizations prey that is falling growing wide range https://advancepaydayloan.net of unauthorised electronic financing platforms/Mobile Apps on claims of having loans in fast and hassle-free way,” it claims. Continue reading “RBI warns clients about predatory lending that is digital”