Many of the smaller lending apps don’t have a website. Those who https://cashcentralpaydayloans.com/payday-loans-mo/ do, provide no information about the company. At best, there’s an email address and a phone number. Mint reached out to some of the bigger and popular lenders that borrowers had complained about on social media.
Clarifying about the high interest rates, Ilica Chauhan, vice-president, PC Financial Services Pvt. Ltd, owner of CashBean, said: “The company’s interest rate policy has been adopted by its board of directors after taking into account all necessary considerations (costs) associated with the business. ” She dismissed complaints related to aggressive recovery agents as “fake”, carried out to damage their reputation.
On aggressive recovery tactics, Gaurav Jalan, founder and CEO, mPokket, said that there was only one case where a former recovery executive posted on the Facebook timeline of a borrower on his own accord. But it was sorted after the incident came to light. On higher interest rates and daily penalty, Jalan said, “These are only to discourage borrowers from defaulting. If they engage with us, we waive off the penalties on a case-to-case basis. We are also offering a moratorium depending on the financial problems of borrowers.”
Vivek Veda, chief financial officer, KreditBee, also said there were one or two stray cases of recovery agents acting up, but the company got to know about them and fired them.