At least 10 Indian lending apps on Google's Play Store, which have been downloaded millions of times, breached Google rules on loan repayment lengths aimed at protecting vulnerable borrowers, according to a Reuters review of such services and more than a dozen users.
By Nupur Anand MUMBAI (Reuters) - At least 10 Indian lending apps on Google's Play Store, which have been downloaded millions of times, breached Googl.
Monday, 11 Jan 2021 07:42 AM MYT
Google, which dominates India’s app market with over 98 per cent of smartphones using its Android platform, said its policies were continuously updated in response to new and emerging threats and bad actors . Reuters pic
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MUMBAI, Jan 11 At least 10 Indian lending apps on Google’s Play Store, which have been downloaded millions of times, breached Google rules on loan repayment lengths aimed at protecting vulnerable borrowers, according to a Reuters review of such services and more than a dozen users.
Four apps were taken down from the Play Store where the vast majority of Indians download phone apps after Reuters flagged to Google that they were violating its ban on offering personal loans requiring full repayment in 60 days or less.
(Representative image)
MUMBAI: At least 10 Indian lending apps on Google’s Play Store, which have been downloaded millions of times, breached Google rules on loan repayment lengths aimed at protecting vulnerable borrowers, according to a Reuters review of such services and more than a dozen users.
Four apps were taken down from the Play Store - where the vast majority of Indians download phone apps - after Reuters flagged to Google that they were violating its ban on offering personal loans requiring full repayment in 60 days or less.
Three of these apps - 10MinuteLoan, Ex-Money and Extra Mudra - didn’t return calls and emails seeking comment.
Indian Loan Apps on Google Play Store Charging High Interest on Short-Term Loans in Policy Violation
Some apps charged interest rates as high as 60 percent per week. By Reuters | Updated: 11 January 2021 17:27 IST
The lending app industry has separately attracted the scrutiny of police as they are investigating
Highlights
The four apps were advertising loan tenures of 30 days
The apps are 10MinuteLoan, Ex-Money, StuCred, and Extra Mudra
At least 10 Indian lending apps on Google s Play Store, which have been downloaded millions of times, breached Google rules on loan repayment lengths aimed at protecting vulnerable borrowers, according to a Reuters review of such services and more than a dozen users.