Ampire Finance Lent One Borrower ₹3 Lakh Through Six Apps in Two Days

On 28 and 29 September 2026, Ampire Finance Private Limited paid six loans into one salaried borrower's bank account through six different apps: F1 Speed Loan, Fast Paise, Salary Setu, Snap Paisa, and two his records label only "Q1" and "f4s". Together they came to ₹3.03 lakh. On the second of those days, his bank statement shows him paying Ampire ₹1.71 lakh to close two earlier loans.

He is the borrower at the centre of Oquilia's investigation 84 Loans, 30 Lenders, Seven Months: a salaried engineer who took 84 short-term loans from 30 RBI-registered companies between March and October 2026, almost all of them to repay each other. No company lent to him more often than Ampire Finance. Between 30 May and 29 September it lent to him 13 times, through seven apps, each loan repayable in 26 to 35 days at an annual rate of 457% to 606% in his loan records.

The numbers

Repaid, and lent again the same day

Seven of his repayments to Ampire appear in his HDFC Bank statement. After five of them, a new Ampire loan reached his account the same day. After the other two, one came the next day and one three days later.

Snap Paisa shows the pattern most plainly. On 30 June he paid it ₹99,661 to close his first Snap Paisa loan; the same day, Snap Paisa lent him ₹68,805. On 31 August he paid it ₹99,750, and it lent him ₹68,805 again that day. On 29 September he paid it ₹98,140, and it lent him ₹67,035. Each turn cost him about ₹31,000 to keep a loan of roughly the same size running.

On that same 29 September he also paid Salary Setu ₹73,085, and Salary Setu lent him ₹52,287 back. On 28 and 29 September, four more Ampire apps lent to him for the first time.

One company, eight apps

Every one of these loans came from the same company. His bank statement names Ampire Finance on all 13 payments, including the two his records call "Q1" and "f4s".

The RBI's directory of digital lending apps, where each lender must list the apps it lends through, shows eight apps in Ampire Finance's latest filing, dated 23 September 2026: Snap Paisa, Salary Adda, Salary Setu, F1 Speed Loan, Fast Paise, Fundsb4salary, Fundsbull and QuickOneLoan. Ampire describes all eight as its own. A ninth, Credbuddy, appeared in its June filing. Whether "Q1" and "f4s" are QuickOneLoan and Fundsb4salary, his records do not say.

One name on that list, Fundsbull, also appears in the filings of another lender, Naman Finlease Private Limited. The borrower's own Fundsbull loan, on 24 August, came from Naman Finlease's account (the Naman Finlease file).

Ampire Finance, formerly Maulesh Investments Private Limited according to its filings, is registered with the RBI as a non-banking financial company under the RBI's Mumbai regional office. Its registration is valid, and the RBI's press releases since January 2025 record no penalty against it.

What the RBI has already recorded

On 30 September 2026, closing a different salaried borrower's complaints, the RBI's Consumer Education and Protection Cell recorded that the loan agreement Ampire Finance relied on did not permit it to contact his employer, and referred the matter to RBI supervision (Oquilia's report). Oquilia has also reported what Salary Setu's own documents disclose, and a Snap Paisa borrower's account of a threat to e-mail his office.

What the rules say

Nothing in the RBI's rules stops a lender lending again on the day it is repaid, or lending to one person through several apps at once. A lender must collect a borrower's age, occupation and income "with a view to assessing the borrower's creditworthiness" and keep it on record (Credit Facilities Directions, para 8(1)); the rules do not tell it to refuse a borrower who already owes other lenders. The RBI does not cap interest rates, though it says rates "beyond a certain level may be seen to be excessive" (Responsible Business Conduct Directions, para 25). No fee missing from a loan's Key Facts Statement may be charged without the borrower's explicit consent (para 29(5)), and the lender stays "fully responsible and liable" for the company running its app (Credit Facilities Directions, para 6(7)). The investigation sets out the rules, and what they leave out, in full.

If you borrow through one of these apps

• Ask for your Key Facts Statement for every loan, and check each rupee you are asked to pay against it.
• Write to the grievance officer. The addresses Ampire Finance gives in the RBI's directory: Snap Paisa, support@snappaisa.com; Salary Setu, nodal@salarysetu.com; Salary Adda, support@salaryadda.com; F1 Speed Loan, support@f1speedloan.com; Fast Paise, support@fastpaise.com.
• Complain to the RBI at cms.rbi.org.in if there is no reply within 30 days, or the reply does not settle it.
• Report threats, or messages to your employer, colleagues or contacts, at cybercrime.gov.in or on 1930.
• Stop borrowing from one app to repay another. Each new loan adds a new deduction and a new due date. Oquilia's loan-harassment help page explains your rights in plain language.

How this was reported

This report draws on the records behind Oquilia's investigation 84 Loans, 30 Lenders, Seven Months: the borrower's loan-by-loan record, which he compiled from the lenders' app screens; his HDFC Bank statement for 30 March to 30 September 2026; and the RBI's public registers. Each loan's amounts, dates and rate are from his records. Each payment described as appearing in his bank statement was matched to the rupee and the date. The apps listed under each company are from the RBI's directory of digital lending apps as published on 24 October 2026, and registrations from the RBI's list of NBFCs. Oquilia has not seen the Key Facts Statements for these loans. The borrower's name, employer and city are withheld at his request.

Corrections: if any figure, date or description in this report is wrong, send the correcting document to editor@oquilia.com and we will correct it.

The lender files

• The investigation: 84 loans, 30 lenders, seven months
• Naman Finlease: 12 loans through six apps, at up to 951% a year
• FundoBaba: the same ₹60,000 loan, seven times
• Duniya Finance: loans from one company, repayments to another
• Salary4Sure: repaid and lent again the same day
• Swiftpaisa, salarybaba and Rupee4u: missing from the RBI's app directory

Frequently asked questions

Which company is behind Snap Paisa and Salary Setu?

Ampire Finance Private Limited, a non-banking financial company registered with the RBI and formerly called Maulesh Investments Private Limited. Its latest filing in the RBI's directory of digital lending apps, dated 23 September 2026, lists eight apps as its own: Snap Paisa, Salary Adda, Salary Setu, F1 Speed Loan, Fast Paise, Fundsb4salary, Fundsbull and QuickOneLoan.

What interest rate does Snap Paisa charge?

In this borrower's loan records, his five Snap Paisa loans carried annual rates of 457% to 596%, each repayable in 27 to 33 days. The RBI does not cap the rates NBFCs charge, but the all-in annual rate must be shown in the Key Facts Statement before you sign, and no charge missing from it may be collected without your explicit consent.

Can a loan app lend to me again on the day I repay it?

Yes. Nothing in the RBI's rules forbids it. A lender must record your income to assess your creditworthiness, but the rules do not require it to refuse you because you owe other lenders, or because you have just repaid it. Each new loan carries a new upfront deduction and a new due date.