Hi everyone! 😄
I was just casually going through the Slice app when I observed something very disturbing 😕
I see that the MITC (Most Important Terms & Conditions) has been silently updated and they have introduced a new "Supporting Documents" section transaction status so I undertook a ₹1 test transaction to demonstrate this.
The "Supporting Documents" section is visible only for transactions done from July 2022 onwards
As per the new terms, "Each time the Customer utilises the slice card for undertaking a transaction, the relevant Financing Partner will sanction and disburse the loan, which will be used for loading the Customer's slice card to undertake the said transaction"
Now this means that each transaction will generate a new loan just like what Dhani/MobiKwik Zip used to do (open a new loan account every time someone did a transaction) which destroys the CIBIL completely.
Will Slice do the same? 😮😮
Secondly there is a new "Supporting Documents" section under each transaction.
When you click on this, you'll see 2 options :-
For the test transaction of ₹1 which I did to demonstrate, a new Loan agreement & sanction letter has been generated.
I have personally confirmed that each transaction is generating a unique and new sanction as well as a loan letter 😬
Most importantly there is an 18 months EMI schedule (with interest) which we are agreeing to by doing these transactions!
Has anyone observed these things is it safe to continue using the app basis the current updated terms and policies?
Do share your views! 🙏🏻🙏🏻
As per the latest e-mail received from Slice CEO, this will reportedly have no effect on the CIBIL score or number of accounts being reported 
20
Thanks, @Gaurav_G for the well-detailed thread.
Some thousand people took over the president's building in Srilanka. I assume there would be at least a few hundred slice holder visitors in the forum. A united complaint to RBI can significantly impact these reckless and creepy startups. Our CIBIL score isn't a toy for them to play with.
PS. I never applied to any credit line. Just unable to digest why people are still using and enrolling in these newbie loan throwers even after there are a bunch of threads explaining harrowing experiences.
Fintech companies finding ways to keep their prepaid cards working. This is how its going to be with all such prepaid cards after the recent RBI restrictions (regardless of what their MITC state). According to new LazyPay terms, we opened an FD account with their financing partner but that didn't happen and won't be happening 😛
Loan gets sanctioned - Prepaid card gets loaded each time from that sanctioned limit
Non-banks cannot load credit lines into prepaid payment instruments: RBI to fintechs
My credit report is more than 100 pages just because of these pay later apps..
3 years ago, I'm unknowingly signed up for a pay later service called "E pay later" .. I don't have much idea about credit score thing at that time..
Now I can see loan accounts like 11rs recharge, 99rs swiggy , 5rs Upi, etc...they have added alomost 50 loan accounts to my credit report..
I used to maintain 3 credit cards , couple of personal loans..all are well balanced and well maintained..but this single pay later service destroyed my credit score..it took almost 2 years to recover...
My suggestion is AVOID PAYLATER SERVICES ,IF YOU ALREADY HAVE, CLOSE IT RIGHT AWAY..
99% users will not understand all these concepts and destroy CIBIL
now each transaction will be entered in cibil???
Thank god, I use only one paylater. Simpl 🙏🏻
abhi 100 bachane ke chakkar me future(When I will need loan) 10 lacs na gawane pad jayein
This is rightly said.
Most of us forget that it's very normal to take loans for our future aspirations and these small things can later prove to be a hindrance to our goals
Yes you can!
There are many ways such as :-
These are generally the apps which don't spam.
There is a dedicated thread too :-
https://www.desidime.com/news/how-to-check-cibi...
Other threads too are there regarding this 
Guessing a loan every month, close next month.
https://twitter.com/slice_cares/status/15464039...
I think more & more users should ping Slice and ask how will this impact report in CIBIL or other Credit agencies ?
I don't think they will report each transaction
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