The digital moneylender of this era 'Rapid Cash' has put innumerable customers on the path. The so-called lender 'Rapid Cash' has claimed to be its own micro-financial app digitally.
If you download their app from Google Play Store and register with National Identity Card (NID), you can apply for a loan of Tk 2,000 (minimum) for seven days. However, after repayment, the loan limit gradually increases.
According to a report of an online portal, even though they do not have any office or address, Rapid Cash application takes a lot of information including customer's NID, photo, current address, details of two custodians, office name, position, address, phone number.
It is further learned that even though all the activities in the lending process are managed through the app, the customer does not meet with any officer or Rapid Cash. Online loan money from Rapid Cash goes to customers' development, cash, or rocket account. However, a customer is given a loan of Tk 2,000 against Tk 1,065. They deduct Tk 120 in the form of an application processing fee, Tk 160 in the form of a data analysis charge, and Tk 15 in the form of a VAT charge. However, the customer is not informed about the deduction before taking the loan. The company is trapping the customers in the ancient moneylender system by showing greed for a loan at only 5 taka interest.
It is learned that Rapid Cash charges interest up to 50 percent per annum if the customers fail to repay the loan or cannot pay. Which is about 5 and a half times higher than the interest rate set by Bangladesh Bank. It is also learned that Rapid Cash has not received any approval from Bangladesh Bank to conduct business or give loans as a financial institution.
Bangladesh Bank Payment Systems General Manager. Mezbaul Haque told the media that the central bank had not given license to any organization called Rapid Cash. Meanwhile, it was alleged that Rapid Cash did not disclose anything about the extra interest when taking a loan. They are socially harassed if they do not pay on time.
Last June, a customer, and his family were threatened by the company for delaying repayment after taking a loan from Rapid Cash. The aggrieved customer lodged a GD at Gulshan police station.
The customer mentioned in the GD that he had called from Rapid Cash and asked for Rs 2,500, Rs 3,500, and the last Rs 10,000 as interest respectively. They harassed my wife, mother, and father by phone with access to my mobile. He called my father-in-law and demanded Rs 6,000. The last time they killed me, they threatened to take my wife away.
Gulshan Police Station SI Bayazid Bostami is the investigating officer of GD against Rapid Cash. He told the media that the GD's information and allegations were being verified.
Saibaar News 24/7
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