
Loan startups in India flout harassment laws - JumpCrisscross
https://www.wsj.com/articles/silicon-valley-backed-app-lenders-use-phone-data-to-hassle-borrowers-11574969095?mod=rsswn
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55555
All loan companies hassle borrowers (who don't pay). Either they do it
themselves, or they sell the debt to the collections industry, which does it
for them.

If you find a payday loan online in the US and don't pay it back, you might
even end up receiving calls from collections agents who pretend to be your
local sheriff and threaten you with arrest. Debt is an extremely dirty
industry. The average or perhaps median cost of a debt second-hand is 4 cents
on the dollar, so there's a ton of money to be made by getting people to pay
up. Even worse, in the US, collections companies typically have no proof the
debt is real, which also conveniently means you dont actually need to pay.
IIRC/IANAL

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pkaye
What are the alternate ways this is done in other countries?

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55555
We have laws.. they just arent enforced.

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santa_boy
The number of loan startups in India nowadays is bewildering.

I really think this is a bubble in the making. Despite the stock market
hitting highs all news I believe to be credible point towards slowing down and
deterioration.

This isn't just about flouting laws but also ill-equipped (IMHO) expansion of
loan providers

