https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560718
harshitag12
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Someone please tell exact process to close the slice account.
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Will you continue using Slice After These New Terms?
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Have You Read Slice New Terms & Conditions?
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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 :-
- Loan agreement
- Sanction letter
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! 🙏🏻🙏🏻
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Deal Wiki
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Created by : Gaurav_G
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 
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https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8563976
The thread is so long. Did you get any response to your question?
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https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560726
Vu for more visibility since many people use slice and this is very important information that every slice user must know. Kg also since this information is very useful to me. Hope it's started like 1-2 days ago only else i already have a few on my sister's cibil.
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560732
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.
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560736
Not read any, but slice doesn't even have a single entry in my cibil
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560746
Can you share the SS of these multiple ZestMoney loan lines? (CIBIL or any other credit bureaus)
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https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560745
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
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560761
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560768
Good find, @gaurav_g and thanks for tag biki bhai. I had a very bad experience with them , also they lack basic features. It is no other than a cibil destroying tool. Again quoting - stay away from.bnpl things. 
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560928
How to check?
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https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560801
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560817
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..
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560858
99% users will not understand all these concepts and destroy CIBIL
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560865
Found this on Google:
"Unfortunately, lenders don't have to report to all three credit reporting agencies — or any at all, for that matter. The Fair Credit Reporting Act dictates how information can be used and supplied to credit reporting agencies, but it doesn't stipulate that lenders must report information."
@guest_999 @getready maybe they won't report anything to credit bureaus at all?
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560880
If they create multiple loan lines (& report the same to credit bureaus), no one will continue to use their PayLater accounts (except noobs).
Looks like all these PayLater apps with prepaid cards feature adopted the concept of EMI cards (old Bajaj finder for offline purchases) to getaway with the RBI rules (Some like OlaMoney delinked loan lines with prepaid cards)
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https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8560940
Wtf 
now each transaction will be entered in cibil???
now each transaction will be entered in cibil???
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8561038
What to do now
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8561062
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
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8561073
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
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https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8561120
Yes you can!
There are many ways such as :-
- CIBIL Official (only once a year)
- HDFC CIBIL
- AXIS CIBIL
- RBL Bank CIBIL
- Paytm
- Freecharge
- Amazon app
- Onescore
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 
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https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8561176
Kreditbee is doing this from so long everytime u do transaction it posted as loan in cbil account but my Experian cbil is increased to 815 from 715 after taking bpl cards n other credit cards credit mix plays a role in this
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8561299
Guessing a loan every month, close next month.
https://twitter.com/slice_cares/status/15464039...
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8561401
Lazypay is sending similar notifications to agree to its new tnc's
Is that the same, if anyone of you is aware!
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8561501
Yes, similar in nature. With additional points like, if there is any dispute with merchant transaction, lazypay won't help, and user needs to deal with merchant. Better to not use lazypay
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https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8561424
Hi there, we understand your concern and would like to clarify that all your card transactions in a statement period will be reported as a single disbursement to credit bureaus. Please be rest assured that your credit score will not be impacted by this change. ^Vedik
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8561425
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8561591
Does checking CIBIL score decreases the score? I am applying for Home Loan and Bank official told me to not check CIBIL score because if you check again and again then it will decrease. Please clarify...
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8561619
No
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https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8561606
I think more & more users should ping Slice and ask how will this impact report in CIBIL or other Credit agencies ?
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8561630
Even their support team might not be aware as of now we should mail to quadrillion and clarify from them
https://www.desidime.com/discussions/have-you-read-slice-new-terms-conditions?page=1#post_8562058
I don't think they will report each transaction
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