So today I am going to explain to you briefly about the ring pay later app and what will happen if you don't repay your ring pay later loan.
Well, ring pay later is now renamed as the pay with ring app. This app offers up to 30 thousand of credit even with a low cibil score. Ring pay later app is an instant loan app that issues a personal loan against your credit.
However there are some benefits of using ring pay later as it is registered by NBFC and recognized by RBI, hence proper utilization of ring pay later credits will improve your credit score. Also ring pay later app is very easyto use.
Why Choose RING?
● One-click magic Onboarding
● Quick & Simple Application Process
● Flexible and Multiple Repayment Options
● Instant Approval & Credit Activation
● No Physical Documentation
● No Collateral Required
But if you do not repay your used credit amount or loan amount within 30 days Or if you somehow miss your repayment then ring pay later app will charge extra EMI on your EMI. This extra interest can go up to 50% if you do not repay a few EMIs.
Now if you stop paying your ring pay later emi along with an increased interest rate, the loan recovery agents will start to call you, message you, asking you to repay your pending loan amount. If you don't repay then they will even try to force their way out just by blackmailing you using your phone data. The most common threat they use is that they will call your contact list one by one and ask them to tell you to repay the loan. Some even try to hack your mobile phone if you are not smart enough.
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But apart from online pressure, they might send you some fake court notice just to pressure you and in most of cases, they do not actually file a case because the court fee is too high. Also, they charge way high interest as a loan late fee which is not approved by RBI so they can't file a police case too.
So if you are facing any repayment issues in ring pay later app and you already paid much still they are asking for more then do not repay. If you have a small EMI left they make the repayment. If you do not repay your ring pay later loan then your cibil will go down, nothing else. No need to worry nothing more will happen.
Ring loan app provides instant credit up to 30K-35k and they are in the business of instant payment and repayment. However a court case Or third-party loan recovery is way too costly just to recover 30k, so they usually do not file a case.
Ring pay later app is a trustworthy instant credit app in India, and if you can smartly use your credits ring is a nice app to have. Where banks demand various documents and security just to provide a credit card here ring app is giving up to a 30k credit limit with an easy KYC process which can be done under 2 minutes only.
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