Cred Cash Withdrawal Issues

[Sahilhenzy]

I had applied for a cred Cash pervious experience was great 😃

But now it's wrost To be honest it's sh't I had applied for a loan of worth Rs.50,000 and after all nach and all bla bla the screen was showing we are sending the money to bank pls wait. However, I was faced with an unexpected error message stating "Something went wrong, please try again" later that day. I attempted to retry the process the following day, but unfortunately, I encountered the same error message.

Very next day the Mr.IDFC sents me a loan agreement but they didn't send the amount. I mailed them sent a reminder nothing worked. Aah I forgot to say this was happened on 6th August 2023 and today is 27th Sept 2023. Finally after a very long wait I have sent all the mails proofs bank's replies to RBI with all in detailed and also demanded for Rs.5K as a compensation for mental harassment I am not expecting they will give any compensation God's know.

Yesterday only I filed a complaint with RBI Kolkata awaiting for their response.

 

[Deleted member 11974]

why cred cash ?
i have heard people getting pre approved loan on credit cards at same to better rates at 0 processing fee and instant disbursal

 

[AlgoTrader]

keep us posted on developments

 

[Sahilhenzy]

why cred cash ?
i have heard people getting pre approved loan on credit cards at same to better rates at 0 processing fee and instant disbursal

Agreed but I only have pre approved offer from SCB before SBI gave the offer but I didn't took because I was not in need for any loans. Other banks are not interested in offering loans over on above my credit limit. Indus offers but I got their card recently so doesn't make sense. I kept scb for my future loan in upcoming months to clear other loans outstanding.

 

[Sahilhenzy]

keep us posted on developments

Sure

 

[D₹V]

Hehe boi

Keep us posted 🙂.

 

[Sahilhenzy]

Update : Guy come to collect money at our doorstep 😄 how funny I showed him the disputed emails he took the photo of that mail and mine one Photo after that he went away.... Still now my credit report is not affected...

 

[Sahilhenzy]

Update: Today from the IDFC App the loans details are completely removed and now I can withdraw money again from cred. After complaining to RBI I again ask cred & idfc both. Till now No response from RBi or IDFC regarding the same.

 

[akshayhs]

Update: Today from the IDFC App the loans details are completely removed and now I can withdraw money again from cred. After complaining to RBI I again ask cred & idfc both. Till now No response from RBi or IDFC regarding the same.

What's the interest rate you are currently charged?

 

[Sahilhenzy]

What's the interest rate you are currently charged?

15.69% rate right now

 

[Sahilhenzy]

Update : Bank have cancelled the loan and removed everything from cred. I can reapply for loan same has been informed the RBI and Grievance Team of IDFC.

 

[Survivor35]

Awesome .glad that you voiced it and fought to get things done..

 

[Sahilhenzy]

Here comes a twist in the story.

 

[AlgoTrader]

Here comes a twist in the story.

This is madness

 

[SpiesCan'tCatchMe]

Raise the amount you've asked as compensation, make it 25k
If they question tell them mental harassment, travel allowance, daily allowance and paid leave in order to attend the court

 

[dvader]

If you get out of it please....in the name of all that's holy close Cred Cash.

1. Middleman: No maater what you do, there will be times when Cred backend API requests fail and since Cred is a fintech, it lacks or doesn't have process, compliance and support. So once a database entry is made it's all automated and eventually you will be F**k*&$d. Never take a loan from middleman.

2. Illegal Interest as profit: I have existing relationship with IDFC. Now when I got an invite for Cred Cash 2-3 years back I was given 13% interest which eventually increased to 15.5%. The loan itself however was visible in IDFC Netbanking portal and the interest rate from IDFC end was 12.5%. Few real businesses dont have that kinda margin. This should be illegal.

3. I asked them to close my cred cash, they deactivated it. Cuz these frauds need to keep active accounts high for IDFC to get Partner profits. I went ballistic and got my loan account closed directly via IDFC. Also CRED doesnt have to give a F#_k about RBI.

4. Approach the banks directly. The whole reason Fintech's are coming up with loan/credit products is not tech or innovation (I dont trust these bas&$#ds to empty a glass of water with instructions at the bottom). It's the transfer of responsibility, since customer acquisition has a set process for banks and is a bit tedious, these Fintechs are just customer acquisition portals with no real product or addition to society and since banks can transfer the liability atleast to a point that courts cant find them guilty directly it's a win win. As for fintechs, just close the shop, Find a new name new domain, new investor and lather rinse repeat.

Hire a good lawyer. This is a good opportunity to get some money.

F&#k these bastards to moon an back.

 

[Sahilhenzy]

If you get out of it please....in the name of all that's holy close Cred Cash.

1. Middleman: No maater what you do, there will be times when Cred backend API requests fail and since Cred is a fintech, it lacks or doesn't have process, compliance and support. So once a database entry is made it's all automated and eventually you will be F**k*&$d. Never take a loan from middleman.

2. Illegal Interest as profit: I have existing relationship with IDFC. Now when I got an invite for Cred Cash 2-3 years back I was given 13% interest which eventually increased to 15.5%. The loan itself however was visible in IDFC Netbanking portal and the interest rate from IDFC end was 12.5%. Few real businesses dont have that kinda margin. This should be illegal.

3. I asked them to close my cred cash, they deactivated it. Cuz these frauds need to keep active accounts high for IDFC to get Partner profits. I went ballistic and got my loan account closed directly via IDFC. Also CRED doesnt have to give a F#_k about RBI.

4. Approach the banks directly. The whole reason Fintech's are coming up with loan/credit products is not tech or innovation (I dont trust these bas&$#ds to empty a glass of water with instructions at the bottom). It's the transfer of responsibility, since customer acquisition has a set process for banks and is a bit tedious, these Fintechs are just customer acquisition portals with no real product or addition to society and since banks can transfer the liability atleast to a point that courts cant find them guilty directly it's a win win. As for fintechs, just close the shop, Find a new name new domain, new investor and lather rinse repeat.

Hire a good lawyer. This is a good opportunity to get some money.

F&#k these bastards to moon an back.

I agree with you but everyone can't afford lawyer you know that India is still a developing country. Judicial system uff sucks here is a example 👇

 

[Sahilhenzy]

Here comes a twist in the story.

Update : Bank actually sent this letter one day before Loan cancellation so seems like everything is okey now.

I never asked for NOC for this loan as it's already cancelled. But your suggestions are welcome. Should I take NOC or ignore because I have their email confirmation of loan cancellation.

Thanks

 

[dvader]

Update : Bank actually sent this letter one day before Loan cancellation so seems like everything is okey now.

I never asked for NOC for this loan as it's already cancelled. But your suggestions are welcome. Should I take NOC or ignore because I have their email confirmation of loan cancellation.

Thanks

Take NOC, emails mean nothing when it comes fo loan aggreement. If NOC can't be given get an equivalent cancellation letter from bank. Reason is, this loan and the accompanying process is automated in the backend, someday somone is gonna do some data analytics and bother you cuz you are a low hanging fruit.

 

[Sahilhenzy]

Take NOC, emails mean nothing when it comes fo loan aggreement. If NOC can't be given get an equivalent cancellation letter from bank. Reason is, this loan and the accompanying process is automated in the backend, someday somone is gonna do some data analytics and bother you cuz you are a low hanging fruit.

Okey but this stupid bank is not replying anymore