Loan companies are not the devil they are made to be…!!

Monetary troubles are not new. They have existed for as long as people spent more money than
they were making. However, while earlier people could end up losing all their assets to loan sharks,
as they were infamously called, now things are much better. To keep up with the changing times,
there has been a tremendous change in the way loans are being doled out as well as how they are
recovered. A more humanitarian approach has become the standard operating protocol for us
considering the current situation.

The COVID-19 pandemic has hit the entire world and the repercussions have been huge, especially
for the salaried class. If paying back the loans earlier was difficult, now it was next to impossible as
many people had lost their jobs, endured pay cuts, or had to close shop due to the insensitivity of
the landlords. Managing household expenses was not easy as people usually are either living hand to
mouth or have limited savings. Since most of them purchase things using loans and pay them off
through EMIs, the pandemic situation had made things worse. Though most banks had provided
economic relief for people, not much had been said about loan companies who were equally
contributing to help people in these troubling times.

We have always been clear about our way of dealing with customers. High handedness which is a
common attribute in most loan companies is something we have never employed. We understand
that the situation is not always conducive and at times it might be difficult for you to even pay back
an amount as low as a couple of thousands. In the past year, there have been several instances
where people were unable to pay the amount they had borrowed. Instead of harassing them
constantly through calls or emails, we were sympathetic to their cause and gave them sufficient time
to pay back the amount they owed.

Movies have contributed significantly to developing the perception of loan companies. Usually, it
was shown that people who were unable to repay their loans, underwent physical and mental
harassment through the hands of recovery agents. However, this is not the way things are being
done now. Most loan companies like us do not resort to these tactics now. When the loan is overdue
a gentle reminder is given to the client regarding payment. This can be done through either call,
SMS, or email. Moreover, if there is a genuine issue that we are aware of, like the current pandemic
situation which has hit the industry and the general public at large, considerable leeway is given to
the client to repay the due amount.

At times when the doors of most financial institutions are closed, it is the loan companies that come
to the rescue of people who are facing a monetary crisis. It is time to change the perceptions
associated with the industry so that people are more open to the idea of considering loan companies
as an option to take care of their financial needs.