IndiaMoneyMart Launches Loan Assist Hotline for Borrowers Trapped in Cash Advance Debt

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19 Jun, 2018, 11:59 BST

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MUMBAI , June 19, 2018 /PRNewswire/ —

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

Sachin Thorat * (name changed) had been struggling to cover INR 1Lakh taken from multiple loan that is payday and paid a typical month-to-month interest of 20%. This drained their personal finance spending hefty interest every thirty days. Things reached to unexpected crisis when their mom dropped ill but he had been penniless. Significantly more than 60% of his wage had been utilized to program these loans. He may even perhaps not manage to spend medical bills. Under enormous anxiety, their workplace colleague encouraged him to installed IndiaMoneyMart application and make an application for a loan to combine their payday debt.

Four loan providers funded their loan at an annualized rate of interest of 12.22% per cent for eighteen months to allow their debt consolidation reduction. Within better control of expenses, specially interest cost, he was less stressed, more effective at the office and finally pre-paid all loans in 13 months. He’s presently financial obligation free and has now sworn off loan sharks and cash advance businesses. Relieved after their relationship with IndiaMoneyMart, he referred a lot of their buddies caught in comparable situation to IndiaMoneyMart. He could be now a lender to borrowers like himself. Being more financially empowered, he could be now spending regularly in most forms of monetary instruments and Peer-2-Peer loans specifically to cultivate their funds.

Mr. Mahendra Agrawal , the Managing Director states, “We began IndiaMoneyMart because of the eyesight to create credit available and affordable. Users have access to us by getting the 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 just take right economic decisions. Like Digital Asia, a Fin-savvy Bharat initiative may be the need of twenty-first century.”

Fin-savvy Bharat is first-of-its-kind in Asia attracting supporters among the class that is salaried major metropolitans of Asia . The next step is always to collaborate with stakeholders within 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 this past year. It has provided creditability to P2P platforms that have been currently allowing users to gain access to credit that is affordable providing an alternative opportunity of opportunities to retail or business investors on its platform. Fin-savvy Bharat initiative could be accessed via WhatsApp on IndiaMoneyMart reachable or app via phone for users across Asia .

About IndiaMoneyMart

IndiaMoneyMart, (a FairVinimay Services Pvt. Ltd. initiative) is a simple, convenient and hassle free lending/borrowing market where loan providers and Borrowers interact directly and hit a deal amongst on their own. Mainly, the Lenders and Borrowers thinking about providing/seeking that loan, completes a application that is simple 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