We all are reading about instant loan apps which are involved in illegal lending and unfair recovery cc practices. Since these apps are not registered with the regulator (RBI) for any sort of lending, we urge our readers not to fall prey to such unauthorized platforms. These apps are unlawful and take wrong steps when comes to collection using the data on the mobile phones of customers.
RBI has warned individuals and small businesses against falling prey to an increasing number of unauthorized digital lending platforms.
In the current scenario, we would like to state the Monedo Financial Services Private Limited, a registered NBFC under RBI has no customer app and all lending and collections are done in legal and ethical ways as prescribed by RBI.
We only lend to customers as per internal policies and thus request customers to be aware of the same and loan amount depends on our proprietary algorithms depending on customers ability to pay. Our internal policies and practices ensure ethical lending and recovery.
Monedo cautions against loans being offered by unauthorized digital platforms, mobile applications promising a quick and hassle-free process. Please do not trust any messages, links, online forms, calls and apps asking for any payments impersonating as Monedo Financial Services Private Limited, to avoid any such mishap beware of hoax/fraudulent activities. These platforms always have hidden charges, adopt unacceptable high-handed recovery methods and misuse agreements to access data on mobile phones of borrowers.
Consumers should never share copies of Know Your Customer (KYC) documents with unidentified persons, unverified/unauthorized apps and should report such incidents at [email protected] and 022-6817 3300 for queries and questions. Transact only through genuine channels or through our company executives and authorised partners.
We abide by the regulations and guidelines by The Reserve Bank of India with no exceptions.
We will continue to strive to keep this service ethical and within regulatory parameters at all times.
We look forward to being your trusted partner in terms of need.