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SillyJellybean
SillyJellybean
Stealth

Gpay offering loans now.

I tried Paytm payments Bank but payment options were fairly limited. Deactivated after a few months.

Has anyone tried this one? Is there even a point to such loans apart from emi/big purchases?

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12mo ago
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CosmicQuokka
CosmicQuokka
Paralleldots12mo

This mentions powered by DMI finance, it is very very sketchy company they didn't close the loan account created by slice app even after told to deactivate the slice account, I emailed the slice support multiple times to coordinate with their nbfc to close the loan account but they repeatedly kept asking cibil reports and it took a total of almost 6 months for them to eventually close the loan account so that it doesn't reflect active in cibil report.

I had opened slice account back in 2019, asked to close the account at time of RBI ppi credit ban.

SillyJellybean
SillyJellybean
Stealth12mo

Yeah, I've never heard of it before

SwirlyKoala
SwirlyKoala
Stealth12mo

Saw a lot of people taking personal loans on such apps. What is the usecase people are taking such high interest loans ?

SillyJellybean
SillyJellybean
Stealth12mo

I have the same question. Isn't a regular bank loan/credit card way cheaper?

SillyMochi
SillyMochi
Stealth12mo

All UPI apps have to figure to make money. Can’t endlessly burn money on infra and software professionals

SillyJellybean
SillyJellybean
Stealth12mo

Interest rate starting at 14% 🫠

FluffyCupcake
FluffyCupcake
Amazon12mo

You won’t believe but there’s a huge demand for such loans. If you are an SME with no paper history, this is the only option you have. NBFCs primarily deal with risky customers by keeping higher RoI to achieve portfolio level profitability.

DerpyMuffin
DerpyMuffin
Quizizz12mo

14% interest is a lot

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