These payday loan companies are crossing every line and nobody is there to protect the borrowers.
To give some context, some of us formed a Whatsapp group for the people who are suffering from payday loans. It has grown to around 110 people in a day. Everyone kept on sharing what happened with them today and details like how many loans they have and how they got trapped in this cycle.
These companies are deliberately trapping the borrowers by threating to pay before the salary date so that they can provide loans from their sister companies. The moment the borrower took the second loan to avoid harassment including calling family members, HR and Colleagues, they are definitely trapped in this cycle. They are doing this before the due date when the Salary isn't even credited.
Most of us followed the procedure to deal with harassment. First we raised a complaint with NBFC nodal officer. After 30 days, we raised complaint with RBI Ombudsman with all the proofs but the RBI is literally sleeping. Mostly they are closing the complaints without doing anything or worse they acknowledge the harassment and will close the complaint.
We are left with very few options now. So in Whatsapp group we discussed about giving complaint to police. When we actually gave the complaint, in most of the cases they havent even registered the complaint. They are saying they have seen many cases like these and asked us to change the number. They are still thinking these are some Chinese loan apps , they are not aware that these are RBI registered NBFC's doing these things.
Let me highlight what these agents are doing:
- Forcing us to pay before due date to provide loan from their sister companies.
- Calling the numbers from the bank statements which we haven't provided as references even before the due date.
- Calling HR and mailing important people in our companies. They are SMS bombing colleagues and HR's. Most of the people have lost jobs immediately due to this.
- Harassing family members and relatives by using very bad language and threats of rape.
Yesterday they joined our Whatsapp group and they took all the chat history. They started harassing by making 200 calls in a day. In worst case some people also got calls where these agents are trying to extort money from them.
Some of the people in the group are dealing with depression and thinking of ending themselves.
These are the NBC's doing these things.
- Naman Finlease Pvt Ltd
- Ampire Finance Pvt Ltd
- Devmuni Leasing and Finance limited
The main person behind these companies is Sachin Mittal who operates Fintech Cloud . He is on Linkedin as well. He is celebrating 1100 crore per month milestone with these companies.
We are genuinely clueless about what steps to do. The RBI, police, Cybercrime , none of them seems to be working. Kindly help us with what steps we can take further.