IndiaMoneyMart Launches Loan Assist Hotline for Borrowers Trapped in Cash Advance Debt

IndiaMoneyMart Launches Loan Assist Hotline for Borrowers Trapped in Cash Advance Debt

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19 Jun, 2018, 11:59 BST

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MUMBAI , June 19, 2018 /PRNewswire/ —

Mumbai -headquartered IndiaMoneyMart has launched a Helpline for Loan candidates who will be stressed and stuck in cash advance financial obligation trap. Borrowers are welcome to achieve away on +91-9082646766 between 11am to 4pm from Monday to Friday. A team that is dedicated of response loan associated inquiries from borrowers and empower them to rationalize their funds. Fin-savvy Bharat, the literacy that is financial launched by the business aims to introduce fundamental financial principles pertaining to credit and investment to its users. Were only available in April 2018 , the group has counselled over 1200 individuals to allow them emerge from financial obligation trap arising because of astronomical rates of interest charged on app-based pay-day loans.

Sachin Thorat * (name changed) had been struggling to cover INR 1Lakh taken from multiple loan that is payday and paid a typical month-to-month interest of 20%. This drained their personal finance spending hefty interest every thirty days. Things reached to unexpected crisis when their mom dropped ill but he had been penniless. Significantly more than 60% of his wage had been utilized to program these loans. He may even perhaps not manage to spend medical bills. Under enormous anxiety, their workplace colleague encouraged him to installed IndiaMoneyMart application and make an application for a loan to combine their payday debt.

Four loan providers funded their loan at an annualized rate of interest of 12.22% per cent for eighteen months to allow their debt consolidation reduction. Within better control of expenses, specially interest cost, he was less stressed, more effective at the office and finally pre-paid all loans in 13 months.

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