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Short terms Loan repayment traps


30-May-2026 (In Recovery Law)
Due to a lot of loans i am continuously suffering every month i get salary but can pay all loans . App loan is very high interest rate. Kindly advise
Answers (3)

Answer #1
686 votes
Based on your query, the first step is to prepare a complete list of all your loans, including outstanding amounts, interest rates, and EMIs. Since app-based loans generally carry very high interest rates, prioritize clearing those loans first. If your monthly income is insufficient to service all EMIs, approach the lenders and request restructuring, settlement, or an extended repayment schedule. Avoid taking fresh loans to repay existing ones, as this often worsens the debt cycle. If any recovery agents are harassing or threatening you, such conduct is not legally permissible and can be challenged. A detailed review of your loan documents and repayment capacity is necessary before advising the best course of action. Seek professional financial and legal assistance at the earliest to prevent further defaults and penalties.
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Advocate Madhvi Chopra

Adv. Madhvi Chopra

LawRato Delhi | 50+ Answers
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Answer #2
709 votes
You can always send them a legal notice regarding your situation and even execute a deed regarding the modes of payment as well as the timings of the payment of the loan amount. For more legal assistance I am just a call away.
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Advocate Jitender Singh

Adv. Jitender Singh

LawRatoDelhi | 1000+ Answers
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Answer #3
988 votes
Negotiate lower EMI, prioritize high-interest app loans. Approach legal aid or RBI Ombudsman for unfair interest. Avoid new loan. I can assist as professional in this particular matter as per the concerned provisions of law.
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Advocate Pankaj Bajaj

Adv. Pankaj Bajaj

LawRatoDelhi | 50+ Answers
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