Some instant loan apps are recently in the focus recently for alleged irregularities, both with regard to lending and recovery. It is reported in a section of the media that they are lending money through unauthorised lending platforms and mobile apps with the promise of providing swift and hassle-free loans.
They are also reportedly using coercive and high handed recovery methods and by wrongfully accessing data on the mobile phones of borrowers.
We would like to state that these cases relate to unauthorised and unverified apps.
We do not follow such practices. Ours is an approved Non-Banking Finance Company registered with the Reserve Bank of India and we not only strictly follow RBI guidelines in letter and spirit but also self regulate ourselves in order to truly practice ethical lending:
1. We lend only that amount which our algorithems determine is within a customer’s capacity to repay
2. We strictly follow an ethical recovery process wherein we don’t resort to any high-handed means. On the contrary we fully cooperate with our customers to make it less burdensome for them to pay back
3. We do not access your contacts on our app and hence there is no question of harassing any of them.
4. None of our customers has ever complained for any of the above deviations.
On the contrary, our endeavour is always to provide loan to those who need funds to overcome a difficult or emergency situation, thereby solving a major concern in these economically challenging times.
And we will continue to strive to keep this service ethical and within regulatory parameters at all times.