Lending Apps News Today

Finance Minister Nirmala Sitharaman has urged financial sector regulators to implement additional measures to prevent unauthorised online lending. Read more to know the details.

In fiscal 2023, there were 1,062 complaints against such lending apps. Google removed 134 fake loan apps from its Play Store in a week in September 2023 after series of complaints made against them. A dozen of those loan apps had one lakh downloads and 14 had over 50,000 downloads.

For the time being, digital lending remains a grey area, notes Tamal Bandyopadhyay.

The company said that it is collaborating with partners in the financial ecosystem, including banks and NBFCs, to create products aimed at addressing the credit gap in India.

Tips to avoid illegal lending apps: Chinese lending apps are known for their swift and convenient loan services through digital platforms. While they offer quick access to loans, its essential to differentiate between regulated entities and illegal apps. Check out 6 tips by Money Today to help you make that distinction.

A 22-year-old engineering student from Bengaluru tragically committed suicide after being harassed by loan app agents. The student had borrowed money through a Chinese loan app to assist a friend with repayments., Companies News, Times Now

The proliferation of unregistered and fraudulent apps engaged in digital lending has caused significant concern for the Indian government.

New Delhi [India], March 18 (ANI/NewsReach): The New Age Fintech Startup EaseMyDeal has launched India's first Scan and Pay via Credit card that includes Instant Transfers via Credit card to any QR Code, UPI id or Bank Account. EaseMyDeal claims, using this Feature will not only improve Credit Score of Users which can help in Easy Loans in Future but Users can also Enjoy up to 5X Rewards, Interest-Free Credit Period of up to 90 Days, Easy Cashbacks & Surprise Scratch Cards. Right Now, th...

Some of the banned apps had Chinese connections.

A lot of money borrowers have been recently cheated on online lending applications which seem to ask for simple procedures at first but then claim cut-throat interest rates.