![]() ![]() ![]() This bridges the gap between the cream of loan seekers and loan seekers that are in peril of default and/or have taken multiple loans," said Shreyansh Nahar CEO and Co-founder of Finsire. ![]() One solution to this, and ensure that users also pay on time, not default and lenders or loan recovery mechanisms do not keep calling the users, is ensuring that it is a secured loan over a period of time. The lenders require and have access to plenty of personal data of consumers. The actual problem with providing loans/credit is the recovery mechanisms. The users need to provide KYC and all other bank details, but the problem lies elsewhere. Google Pay users range from income limits vary. Over 70MM users in India can easily avail of credit on the application. “The existing personal loans on payment companies like Google Pay and more are fantastic for a credit scare country like India. In addition, the names of all registered NBFCs and banks must be prominently disclosed in your app’s description," said Google. “If you are not directly engaged in money lending activities and are only providing a platform to facilitate money lending by registered Non-Banking Financial Companies (NBFCs) or banks to users, you will need to accurately reflect this in the declaration. ![]()
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