Loan scams 💰⚠️

Namaskar / Hello to all hive users, who will reach this post. I hope you are doing great and having fun in your life and enjoying it with your loved ones.

Most of us do need a loan and we did get stuck in Ponzi schemes. The schemes seem to be really easy and useful at the start but things did get messy when we had to close it or if you will miss the installment then sure that did get a headache. Did you get involved in this type of scheme?
The schemes seem to be good and very profitable until you a loan. I do get loan calls and most of them are fraud calls. Some calls are even from the big reputable companies too.

Recently my brother did get involved in that types of loan applications and things were good when the installments were paid on time he did one installment this month and all of a sudden things did get messy. My brother did start getting the message deposit your installment if you will not then we will share your personal information (like pan card, adhar card, photo and paper, and other documents) to all the contracts. They were not lying for sure they literally did that for sure I was not aware of what he told me about his a few days ago. I did a search on the internet about application scams and that was really scary or for sure. Few of my relatives did get a whatsapp from them with all the information addicted and a message.

XX user has taken a lone from our company and he still has to pay xx amount with their payment details.

They are providing loans that are good for those who need that for sure, but taking advantage of the users and blackmailing them is really not a good idea for sure. That is like a rat trap assume that you did pay the installment on time then sure next time you will use that application for sure. They do need that type of user who was unable to deposit their installment on time, those are their real intention or sure.
I will surely mention the name of the appellation so in case others will be aware of that type of application there are many apps like that that did get closed daily and many applications do run away from the money we do deposit.

• One Cash
• yes Cash
• Green Pocket

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this is not the only one there is one more and I guess this is a big one on scams only if you will take a loan from their company.
I am sure if you an Indian and you must have heard about this option for sure. The most used EMI option in India after credit cards for sure.
That is "Bajaj Finance", the card is really useful for sure for those who do buy products in EMI.
I have purchased many items from that it was really helpful for me to be honest I will give 5/5 for that. The more we buy the more credit scores we do get and there is an advantage to that you will get a loan on that.

I was free and did a search about the loan schemes that they are providing. They did claim to give a loan at a 2% rate of interest which is really a low interest rate for sure, what do you think?
I was planning to take a loan of 5 lakh INR, at a 2% rate of interest it was really a good deal for sure. I was searching about that on the application on my phone and after half an hour I did get a call from their customer care. They are offering me a loan of 5 lakh INR for 5 years. for 5 years it will be around 8,334 INR + interest, and they were charging me 18,566 INR per month. if I will continue my installment for 5 years I have to pay 6 lakh INR extra over my principal amount. So, I have to pay a total approx 11 lakh INR which will be at approx more than double the about I had borrowed. If by any chance you did miss the installment then sure you have to pay extra for that.
So, what do you think? is it good or not?

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