Key Points
Last month, he borrowed Rs 40,000 from the app KreditBee at a high interest rate of 22 percent to buy the latest iPhone 16.. I cant get rid of my obsession with the iPhone..
Rising household expenses, financial instability and personal needs end up forcing people to seek high-interest loans and spend their entire monthly salary on repayment...
Dinesh Kumar Yadav, a government schoolteacher from Uttar Pradeshs Jaunpur, is currently repaying Rs 45,000, amounting to about 95 percent of his salary, to various instant loan apps, such as KreditBee, Poonawala Fincorp and Chinmay Finlease, every month...
Manoj Kumar Singh, who hails from Bareilly in Uttar Pradesh and now lives in Delhi, has borrowed from over 15 platforms in the last three years, both banks and lending apps, like Mobikwik, True Balance and KreditBee, with loans ranging from Rs 20,000 to Rs 30,000...
He began using instant loan apps in 2021, and since then,he has paid around Rs 50,000 as interest every month, he said.. Manoj said that his household expenses are high and his salary does not cover them, so he has to take loans from different platforms..
