Hi hivers, if you are interested in knowing more about "29% Interest Rate On Loan", then you have landed in the right place. There is one loan going on, and I am already paying EMI. When you see the interest rate, you may say this is a scam because this is a huge interest rate, and it seems like a real scam. Just wait, there are more. Emi date is the 2nd of every month, and if you miss that day, you have to pay $15 per day. Again, this penalty sounds like a scam, right?
I also believe this is a scam, but I made a mistake by taking a loan here, and I am paying for my mistake. The shocking thing is that this is normal here, and even the government and RBI (Reserve Bank of India) are supporting this scam. Guys, I took this loan because of a hospital emergency, so I had no choice. But the question is, how can the government allow this? How can the government allow such a scam? Reality is government earns from these scams.
The government wants control and high taxes. Poor and middle-class people pay taxes rather than the rich people. I know taxation is important, but such taxes are worse than a dictatorship. Whatever you are buying, you have to pay taxes, which is why things are so expensive in this country.
I understand that banks earn from the interest rate, but there is a difference between earning and loot. This is what we have to understand, and now we have a powerful weapon, and that is crypto. No matter what other says regarding scams that are happening in crypto. These scams are reponse of our Negligence and 1000 times better than the traditional finance scam.
Government and banks collaborated and earn 30% or more interest on loans, but do you know what they are giving if you invest? Just 3% to 5%. If you invest in the stock market based investment then maybe you will get 8% but still there is a risk of loss. xD. Already the interest is less, and there is risk involved. Now just compare it with crypto. Just invest in HBD savings or surge, and you will get 15% to 16% APR. Investing in HP pays you more than that if you are an author and share good content regularly.
I am not saying to completely boycott banking and traditional finance, but use them only when needed. For example, we want to cash out the money, then we need banks. So complete boycott is not possible. Some people invest in a fixed deposit to earn 4% interest. Do you know? Even though the inflation is higher than this interest rate. So after a few years, when you earn some money from that fixed deposit, the inflation will have already increased, so there is no benefit of such ponzi schemes.
Your thoughts may be different than mine, and you may love banking and traditional finance over crypto. We should not have any conflict and respect each other's opinions. Share your opinion below. Now I am signing off. xD
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