IndiaMoneyMart Launches Loan Help Hotline for Borrowers Trapped in Payday Loan Debt

MUMBAI, June 19, 2018 /PRNewswire/ --

Mumbai-headquartered IndiaMoneyMart has launched a Helpline for Loan applicants who are stressed and stuck in payday loan debt trap. Borrowers are welcome to reach out on +91-9082646766 between 11am to 4pm from Monday to Friday. A dedicated team of experts answer loan related queries from borrowers and empower them to rationalize their finances. Fin-savvy Bharat, the financial literacy initiative launched by the company aims to introduce basic financial concepts related to credit and investment to its users. Started in April 2018, the team has counselled over 1200 people to enable them emerge from debt trap arising due to astronomical interest rates charged on app-based pay-day loans.

Sachin Thorat* (name changed) was struggling to pay INR 1Lakh taken from multiple payday loan companies and paid an average monthly interest of 20%. This drained his personal finance paying heavy interest every month. Matters reached to sudden crisis when his mother fell ill but he was penniless. More than 60% of his salary was used to service these loans. He could even not afford to pay medical bills. Under immense stress, his office colleague advised him to downloaded IndiaMoneyMart app and apply for a loan to consolidate his payday debt.

Four lenders funded his loan at an annualized interest rate of 12.22% percent for 18 months to enable his debt consolidation. Within better control over expenses, especially interest expense, he was less stressed, more productive at work and eventually pre-paid all loans in 13 months. He is currently debt free and has sworn off loan sharks and payday loan companies. Relieved after his association with IndiaMoneyMart, he referred many of his friends trapped in similar situation to IndiaMoneyMart. He is now a lender to borrowers like himself. Being more financially empowered, he is now investing regularly in all types of financial instruments and Peer-2-Peer loans specifically to grow his funds. 

Mr. Mahendra Agrawal, the Managing Director says, "We started IndiaMoneyMart with the vision to make credit accessible and affordable. Users can access us by downloading the app. Credit access as a problem is solved but affordability stills remains a challenge. Hence, Fin-savvy Bharat initiative was launched to ensure that Indians are empowered to take right financial decisions. Like Digital India, a Fin-savvy Bharat initiative is the need of 21st century."

Fin-savvy Bharat is first-of-its-kind in India attracting followers amongst the salaried class in major metropolitans of India. The next phase is to collaborate with stakeholders in the financial ecosystem and reach the end-mile customer. The company is in talks with multiple corporates and influencers to devise effective ways to empower the masses. In a paradigmatic move, RBI passed regulations to identify P2P lending platforms like IndiaMoneyMart as NBFC-P2P in October last year. This has offered creditability to P2P platforms which were already enabling users to access affordable credit while offering an alternate avenue of investments to retail or corporate investors on its platform. Fin-savvy Bharat initiative can be accessed via WhatsApp on IndiaMoneyMart app or reachable via phone for users across India.

About IndiaMoneyMart 

IndiaMoneyMart, (a FairVinimay Services Pvt. Ltd. initiative) is an easy, convenient and hassle free lending/borrowing marketplace where Lenders and Borrowers interact directly and strike a deal amongst themselves. Primarily, the Lenders and Borrowers interested in providing/seeking a loan, completes a simple application on IndiaMoneyMart to lend or borrow as an Individual or as a Corporate member through this platform.

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