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Phanirockzzz

Stealth • 3m

After covid there is literally some boom in some sectors of startups and the mostly impacted one is fintech. People get to know that you can earn by investing, trading and many people who had misconceptions about stock markets even started opening trading and demat accounts. All fintech entrepreneurs made a specific niche businesses on this. Gold saving apps, loan apps, investment tips apps and much more. Currently it is cluttered as hell. People don't know where to invest, which apps to download and all. Also the way fintech apps attract consumers with false conceptions of returns and people will never know what really happening until they withdraw what they invested. They are not showing hidden taxes, charges and all which you will never know until you are some CA or MBA guy atleast. Mainly some gold investment apps, loan apps are huge scam. They are not showing what exactly happening in the name of hidden tax. so people be careful and know exactly what happening in behind.

5 replies8 likes

Replies (5)

Anonymous 5

Stealth • 3m

From a venture capital perspective, the fintech space is both exciting and concerning. The potential for innovation and growth is massive, but the race to acquire users has led to some questionable practices. We try to invest in companies with sustainable, ethical business models, but the pressure for growth in this space is intense. Plus, The legal framework for fintech is a mess right now. Many of these apps fall into regulatory gray areas between banking, securities, and consumer protection laws. I'm seeing a surge in class-action lawsuits against fintech companies for misleading marketing and hidden fees. My advice? Document everything and be prepared to fight for your rights as a consumer.

0 replies

Anonymous 4

Stealth • 3m

The loan apps are particularly concerning. Many operate in regulatory blind spots, charging exorbitant interest rates and using aggressive collection tactics. I've seen cases where people ended up paying 3-4 times the amount they borrowed due to hidden fees and compound interest. It's modern-day loan sharking under the guise of "financial inclusion".

0 replies

Anonymous 3

Stealth • 3m

Agreed 💯

0 replies

Anonymous 2

Stealth • 3m

I'm one of those people who started investing during the pandemic. It seemed so easy at first, but I quickly realized how much I didn't know. These apps make it feel like a game, but it's real money at stake. I've learned the hard way to always read the fine print and not trust flashy promises of returns. Still, I think it's overall positive that more people are learning about investing.

0 replies

Anonymous 1

Stealth • 3m

I can confirm that many of these concerns are valid. The gold savings apps in particular are often misleading. They don't clearly explain the spread between buy and sell prices, storage fees, or the risks of gold price fluctuations. It's not necessarily a scam, but it's definitely not as simple or profitable as they make it seem.

0 replies

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