Asia Cash Mart Launches Loan Help Hotline for Borrowers Trapped in Pay Day Loan Financial Obligation

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19 Jun, 2018, 11:59 BST

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MUMBAI , 19, 2018 /PRNewswire/ june —

Mumbai -headquartered IndiaMoneyMart has launched a Helpline for Loan candidates that are stressed and stuck in pay day loan financial obligation trap. Borrowers are welcome to achieve down on +91-9082646766 between 11am to 4pm from Monday to Friday. A team that is dedicated of response loan associated questions from borrowers and empower them to rationalize their funds. Fin-savvy Bharat, the literacy that is financial launched by the organization aims to introduce fundamental monetary ideas pertaining to credit and investment to its users. Started in April 2018 , the team has counselled over 1200 individuals to allow them emerge from financial obligation trap arising because of interest that is astronomical charged on app-based pay-day loans.

Sachin Thorat * (name changed) was struggling to pay for INR 1Lakh taken from numerous loan that is payday and paid a typical month-to-month interest of 20%. This drained their individual finance paying interest that is heavy thirty days. Things reached to crisis that is sudden their mom dropped sick but he had been penniless. A lot more than 60% of their wage had been utilized to program these loans. He might even maybe not manage to spend medical bills. Under immense stress, their workplace colleague recommended him to IndiaMoneyMart that is downloaded app make an application for that loan to combine their payday financial obligation.

Four loan providers funded their loan at an annualized interest of 12.22% per cent for 18 months to allow their debt consolidation reduction. Within better control of costs, particularly interest cost, he was less stressed, more effective at your workplace and finally pre-paid all loans in 13 months. He could be presently financial obligation free and has now sworn down loan sharks and cash advance organizations. Relieved after their relationship with IndiaMoneyMart, he referred lots of their buddies trapped in comparable situation to IndiaMoneyMart. He could be now a lender to borrowers like himself. Being more financially empowered, he could be now spending frequently in most forms of monetary instruments and Peer-2-Peer loans especially to develop their funds.

Mr. Mahendra Agrawal , the Managing Director states, “We began IndiaMoneyMart using the eyesight which will make credit affordable and accessible. Users can access us by downloading the payday loan application. Credit access as a problem is resolved but affordability stills stays a challenge. Ergo, Fin-savvy Bharat effort premiered to make sure that Indians are empowered to simply take right monetary decisions. A fin-savvy Bharat effort may be the need of twenty-first century. like Digital Asia”

Fin-savvy Bharat is first-of-its-kind in Asia attracting supporters among the salaried course in major metropolitans of Asia . The next step is always to collaborate with stakeholders when you look at the economic ecosystem and achieve the end-mile client. The business is in speaks with numerous corporates and influencers to create ways that are effective enable the public. In a paradigmatic move, RBI passed laws to spot P2P lending platforms like IndiaMoneyMart as NBFC-P2P in October just last year. It has provided creditability to P2P platforms that have been currently allowing users to get into affordable credit while providing an alternative avenue of assets to retail or business investors on its platform. Fin-savvy Bharat effort are accessed via WhatsApp on IndiaMoneyMart reachable or app via phone for users across Asia .

About IndiaMoneyMart

IndiaMoneyMart, (a FairVinimay Services Pvt. Ltd. effort) is a simple, convenient and hassle free lending/borrowing marketplace where loan providers and Borrowers interact directly and hit a deal amongst themselves. Mainly, the Lenders and Borrowers thinking about providing/seeking financing, completes a simple application on IndiaMoneyMart to provide or borrow as a person or as a Corporate user through this platform.

Media Contact : Priyanka Singh [email protected] +91-9540068937 Chief Marketing Officer Fair Vinimay Services Private Limited