How do I get a huge amount of loan so that I can clear all my pending small loans and make a single EMI which I can pay off
We are sorry to educate you on the simple fact that when you begin to default — there is NO HUGE LOAN - available from ANYBODY - to pay off or consolidate earlier loans unless you can demonstrate an ability to repay.

Easy loans are ONLY available when you are a new borrower. Many people get into a debt trap by taking advantage of this and borrowing from multiple sources, at very high rates and beyond their capacity to pay.

Once you begin to default — the easy loans come to a complete halt. In a matter of time you will start receiving calls from recovery agents. So wake up quickly, examine your resources, assets and do what you can to PAY off the highest interest loans first. There will be no new loan available for it. You will have to look into your existing resources or find ways to increase income.

Our experts can guide you on the way forward if you want to provide all details to our “credit help experts”. This help is available FREE if you provide all details of your income, expenses, loans and assets. But you need to understand the seriousness of your situation and work at it quickly.
Our Experts

Sucheta Dalal Trustee - Moneylife Foundation

Abhay Datar Abhay Datar is a consumer activist and is also Member of the Managing Committee of Mumbai Grahak Panchayat (MGP). He was Treasurer at MGP for over two and a half years. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of MGP in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related to mobile and mediclaim. Mr Data

Suresh Prabhu Mr Prabhu retired as Senior Vice President from HDFC Bank

R Bhuvaneswari After serving Bank of Baroda for almost 40 years, Ms Bhuvaneshwari retired as Chief Manager in 2013.

Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues

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