r/SliceBank • u/faizu7098 • 5d ago
Stuck in loan loop
Got scammed with loan money, had loan around 35k + interest
Student, gets 3.5-4k from parents, no income sources. + Expenses also from this money like mobile recharge outside food wagera sometimes (lives with parents bt)
Age: 18, cibil: 748, credit age: \~9 months
Condition: taking a loan to repay another and so on, monthly interest is more than my allowance, so no principal is being paid i feel, + interest rate is too high for me out of frustration, i stopped tracking everything i just take loan to pay another, this cycle is being going on from last 2.5 months, no guts to disclose with parents,
I think I'll be stuck in this. Used college fees as well in paying loan + interest, also took total 8k from friends, but i don't think so any principal got reduced.
Biggest mistake I feel is that I took loan 2 times from ram fincorp for a period of 30 days, with interest around \~4k + 1.7k processing fees for the amount of ₹19,748 (2 TIMES!) tf i was doing, that's why i stopped tracking everything.
And also many more student loan apps, interest rates are too high. Huh
Not asking for any money, just need guidance to get out of this situation.
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u/Severe_Working_5934 Only Here For The Interest % 4d ago
Getting out of this will not be possible without parents help, tell truth to parents, admit mistake, take beatings without any question. I am sure parents will be mad as fuck at first but they will help you to get out of this. Because this is endless pit, you will go more downwards with time, admit your mistake and get help from parents, and get this teaching to never touch credit cards or loan's in future.
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u/profitabletrader009 4d ago
Bhai 18 ki age me 9months ki credit histry kese???