Bijay Mahapatra, 19, took their very first loan from a fintech firm in 2017. It had been a small-ticket loan of в‚№ 500 in which he needed to repay в‚№ 550 the next thirty days. It had been fascination with a new application because well whilst the notion of credit it self. The notion of cash away from nowhere which could back be paid later on will be alluring for just about any teenager.
Mahapatra inevitably got hooked. 8 weeks later, as he didnвЂ™t have sufficient money for a movie outing with buddies, a couple of taps regarding the phone is perhaps all it took for him getting a в‚№ 1,000 loan. Continue reading “Millennial lives while the new-age financial obligation trap”