Google has removed several digital lending applications from Google Play Store. these Android apps offering loan in India were unauthorized by any financial regulator and were offering users short-term credit at very high interest rates . Also, in some cases, these money lending apps harassed or abused the borrowers for repayment.
Google has removed 4 Android loan apps. A Google spokesperson told TOI that, “Our Google Play Developer Policies are designed to protect users and keep them safe, and we recently expanded our Financial Services policy to help protect people from deceptive and exploitative personal loan terms. When violations are found, we take action.”
Several unauthorized apps used lockdown as a potential playground to lure consumers who needed quick cash. The apps’ names resembled legit companies and users weren’t aware of the difference between the two. Fintech researcher Srikanth L, who studied at least 10 such apps said that these android loan apps were downloaded by at least 400,000 to 1 million people.
OK Cash is one of the apps offering loan in India that has been removed from Google Play Store. The app uses customer’s credit profile and loan to charge interest and offered loan amount from Rs. 3,000 to Rs. 1 lakh. It also promised a flexible tenure ranging from 91 days to 365 days.