Digital loan danger bell or profitable deal

People got excited with digital loans, its figures increased from 4435 crores to 14 crores in the last one year.

 Fintech Association for Consumers Empowerment (FACE) This company has disbursed 14.016 crore loans in digital lending by people applying online, speeding up the process.

Which is very much discussed nowadays and has become very popular among consumers.

 What is Digital Lending!

 Digital lending means that through online process people take credit or loan in their account, take amount in their account and by applying online, they get this amount online with the help of web and website mobile.  The figures that have come out from July to September are 216% more than the last 1 year.

 Digital loan disbursement rate!

 Sugandha Saxena, CEO of Fintech Association for Consumers Empowerment (FACE), said that it has been used by fully following the rules and regulations laid down by the RBI for online digital loan distribution.  Following the digital lending practices, its operations have picked up pace and the increase of 1.63% crores since the past shows the increased trust of the consumers.

 Loans disbursed through the digital leading app and website increased by 1.63% crore loans, while in the month of September it has been more than 149%, thus the average loan disbursed in the last 3 months is 27.  8.602 to Rs.

 Digital zone to be expensive!

 Digital loan has been liked by the people, it is very expensive.  Because the processing fee of its digital platforms is 1.1_5.3 and its annual interest rate has increased from 14.5% to 38.5% now.  In this way, the process piece of the banks is 5% and the annual interest rate is 7.90_31.50.

Loans are sought in these companies because the amount cost in these companies is high.  The second thing is also that those who are not successful in taking loan from the bank, can take loan in this way and also there are more chances of getting trapped in the loan.