Mushrooms of Legal Moneylenders popping up and cover 70% of the classified pages in Newpaper. Offering free interest and interest as low as 10%...
Here is the catch... As interest rate is low is when you are able to return the money within a period of time such as 1 or 2 months. Free interest if you can return in a week.
The Real catch... Where does their earning goes then? It is in the approval fee which is acceptance fee+admin which can be as high as 15% of your loan. add the 10% and and you are actually paying 25% interest for the loan.
What can you say about that?
