Bijay Mahapatra, 19, took their very very first loan from the firm that is fintech 2017. It absolutely was a small-ticket loan of в‚№ 500 in which he needed to repay в‚№ 550 the month that is next. It absolutely was desire for a brand new application since well once the idea of credit it self. The concept of cash away from nowhere which could back be paid later on is alluring for just about any teenager.
Mahapatra inevitably got hooked. 8 weeks later on, as https://tennesseetitleloans.net/ he didnвЂ™t have sufficient money for a film outing with buddies, a couple of taps from the phone is all it took for him to have a в‚№ 1,000 loan. вЂњThe business asked me personally to pay for в‚№ 50 for every single в‚№ 500 as interest. Therefore, this time around, I’d to repay в‚№ 1,100,” claims Mahapatra, a student that is undergraduate Bhubaneswar.