Payday Loans

 Indian households it seems are no longer happy with only credit card and personal loan so it was but natural that we will lap up any other way of leveraging. Payday loans is basically a western concept of discounting future wages/salaries and there are shops in prominent neighbourhood in US/UK etc because it is a very profitable business . India is seeing mushrooming of payday lenders backed by private equity money and NBFC are also becoming aggressive in lending The Advertisements for payday loans make them seem like a fast, easy, no-nonsense way to get money when you’re in a financial bind. They tell you getting as low as 1000 rupees is as easy as showing a recent pay stub, a copy of your driver’s license, and a blank check. Little do people realise this is one more way of getting into debt trap

Ritesh Jain