Devastating Suicides in India: Unveiling the Grim Reality of Online Lending Apps – Escape the Clutches of Exploitation and Debt Traps Now

Yes, there have been a few recent examples in India of young people committing suicide after being unable to repay debts obtained via online lending applications.

In one example, Tejas Nair, a 22-year-old engineering student from Bengaluru, hung himself after failing to repay a debt obtained via a Chinese lending app. Agents from the app had been pressuring him and threatening to disclose his private photos if he did not return the debt.

In another example, Akash, a 17-year-old kid from Chennai, committed suicide after being unable to repay a loan he took via a lending app to pay for his mother’s cancer treatment. The app’s agents had been contacting and threatening him, and he felt he had no choice but to leave.

These are tragic stories that show the hazards of online lending applications. These applications often provide fast and simple loans, but they may also be quite exploitative. They often demand hefty interest rates and may be highly aggressive in debt collection.

Note: If you are thinking about getting a loan through an online lending app, you should conduct preliminary research and thoroughly read the terms and conditions. You should also ensure that you will be able to repay the loan. If you are having difficulty repaying a debt, there are services available to assist you. The National Consumer Helpline may be reached at 1800-11-4000, while the RBI’s Consumer Education and Financial Literacy Programme can be reached at 1800-22-7777.

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