Gpay offering loans now.

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.

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

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

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.

14% interest is a lot

I got my first loan on GPay but it was offered by my bank. I paid my loan EMIs directly to bank. Now they have many companies and banks offering loans.

I availed this loan offer last year. The interest rate was very high but otherwise I didn’t have any issue

Never noticed this. But offering loans is one popular way to make money. Google pay team has also been hiring for some time (noticed a lot of LinkedIn openings).