Naman Finlease Lent One Borrower 12 Times Through Six Apps, at Up to 951% a Year

Between 10 July and 30 September 2026, Naman Finlease Private Limited lent one salaried borrower money 12 times, through six apps: Dhanvarsha, Fingo Loan, RupeeRaftaar, Fundsbull, ZayloLoan and Qualoan, plus one loan his records do not tie to an app. The first, through Dhanvarsha, put ₹49,380 in his account on 10 July and was repayable 18 days later at ₹72,538. His loan records give its annual rate as 951%: the highest of the 84 loans he took in seven months.

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. Only one company, Ampire Finance, lent to him more often than Naman Finlease.

The numbers

Three days at the end of September

Between 28 and 30 September, his statement shows him paying Naman Finlease ₹2.09 lakh to close three loans, and Naman Finlease paying him ₹1.97 lakh in four new ones.

• 28 September: he repaid ZayloLoan ₹58,212; ZayloLoan lent him ₹51,755 the same day.
• 29 September: Naman Finlease paid him ₹35,280; his records do not say through which app.
• 30 September: he repaid RupeeRaftaar ₹90,758 and Qualoan ₹60,500. The same day, RupeeRaftaar lent him ₹57,330 and Qualoan ₹52,920.

Four of his repayments to Naman Finlease appear in his HDFC Bank statement. After three of them, the same app lent to him again that day. After the fourth, ₹79,509 to Dhanvarsha on 31 August, another Naman app, ZayloLoan, lent him ₹39,690 the same day, and Dhanvarsha lent him ₹49,380 again two days later.

His three Dhanvarsha loans each put ₹49,380 in his account. They were repayable at ₹72,538 to ₹79,509, within 18 to 31 days.

From two apps to sixteen

Naman Finlease's filings in the RBI's directory of digital lending apps show how fast its list has grown. In February 2026 it listed two apps, QUA Loan and Zepto Finance. In April it listed three; in July and September, six. Its latest filing, dated 15 October 2026, lists sixteen: Cred my loan, Dhansaar, Dhanvarsha, FingoLoan, Flashsalary, Fundsalary, Fundsbull, Groceryloan, Loan is On, Patakaloan, QUA Loan, QuickDhan, Rupee Raftar, Salary Vibe, Tej Rupiyaa and Zaylo Loan. It describes all sixteen as its own.

One of them, Fundsbull, also appears in the latest filing of another lender, Ampire Finance Private Limited (the Ampire Finance file). The borrower's Fundsbull loan came from Naman Finlease's account.

Naman Finlease is registered with the RBI as a non-banking financial company under the RBI's New Delhi 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 Naman Finlease 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 ZayloLoan's own Key Facts Statement disclosed to another borrower, an annual rate of 458.59% and interest of 1% a day, and a Qualoan borrower's account of an e-mail to his employer.

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 Naman Finlease gives in the RBI's directory: Qualoan, grievance@qualoan.com; ZayloLoan, grievance@zayloloan.com; Dhanvarsha, grievance@dhanvarshaa.com; Fingo Loan, grievance@fingoloan.com; RupeeRaftaar, grievance@rupeeraftaar.com; Fundsbull, grievance@fundsbull.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
• Ampire Finance: 13 loans, and six apps in two days
• 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 runs Dhanvarsha, Qualoan and ZayloLoan?

Naman Finlease Private Limited, a non-banking financial company registered with the RBI. Its latest filing in the RBI's directory of digital lending apps, dated 15 October 2026, lists sixteen apps as its own, including Dhanvarsha, QUA Loan, Zaylo Loan, FingoLoan, Rupee Raftar and Fundsbull.

What interest rate does Dhanvarsha charge?

In this borrower's loan records, his three Dhanvarsha loans carried annual rates of 718% to 951%. Each put ₹49,380 in his account and was repayable at ₹72,538 to ₹79,509 within 18 to 31 days. The RBI does not cap NBFC rates, but the all-in annual rate must appear in the Key Facts Statement before you sign.

Is a loan from a second app of the same lender a new lender?

No. Many apps can belong to one company. Before borrowing from a second app to repay the first, look both up in the RBI's directory of digital lending apps: if the same company stands behind both, you are borrowing from the same lender again, with a new deduction and a new due date.