Be wary of small instant credit loan apps as they pose a threat, stake your harmony

The recent suicide by a bright mechanical engineering student Tejas in Bengaluru brings to light the harsh and unethical tactics of instant credit loan apps and companies in recovering such loans when payment of its EMIs are delayed or defaulted upon.

Tejas had taken a loan from a small instant credit loan app and alleged that he could not bear the pressure of repaying the EMIs of that loan.

In his suicide note, he mentioned that, as he had no another way to repay the loan and that he is unable to pay the loan EMIs, he took the extreme step of committing suicide.

These instant credit loan apps lure vulnerable people, particularly youngsters of providing instant credit loans under the guise of fair loan repayment policies and options.

But, these app companies show up their true face when you delay paying your EMI, even by a day, and it is after this they start to treat you with unfair trade practices and ethics to recover your EMIs and loan amount. This small instant credit loans’ business sector is unethical and unregulated posing potential threat to loan buyers.

It is high time that you youngsters don’t fall prey to these instant loan apps and threaten your safety and stake your harmony by taking small credit loans from any of these companies and apps.