Sanjay Sanjay (Business) 13 July 2021

Loot by rufilo loan app

Dear Experts,
Due to financial tightness I took a loan offered by Rufilo Loan App , as they claimed to be RBI regulated I didn't do any calculations, now the situation is that they gave me a loan of Rs.6473/- on1st July 2021 and are demanding the repayment of Rs.7493/- on 16th July 2021 i.e., within 15 days . I find this demand as highly usurious , I request all experts to show me a legal way out of this loan trap.
Thanks & Regards

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Quick Summary

This discussion addresses concerns about the Rufilo Loan App charging exorbitant interest rates, with a loan of Rs. 6473 requiring repayment of Rs. 7493 within 15 days. Users are seeking legal advice on how to escape this 'loan trap'. Suggestions include negotiating with the app directly, filing a complaint with the RBI online regarding usurious interest, and potentially escalating to the Banking Ombudsman if a settlement isn't reached.

4 Replies

Dr J C Vashista (Advocate) 14 July 2021

Discuss and sort out the issue amicably.

G.L.N. Prasad (Retired employee.) 14 July 2021

Make a complaint to RBI online against the company stating the facts that exorbitant interest on small loans. Try to settle it with the company later as further follow up for small is not worth fighting.