According to Google’s policy, a personal loan app must provide the user with all kinds of information. Namely, what is the minimum and maximum limit of payment? What is the maximum interest rate? Customers have to state, what is the total loan amount? There should be transparency about the features, fees, risks and benefits of the loan so that people can make the right decision.
Google has not released a list of the apps it has banned but a list has appeared on social media containing 453 personal loan apps. This is not opening in the Play Store. The names of these loan apps are in the present list on Google Drive …
One of the apps that Google has banned is Bharat Instant Loan. However, this app can still be installed on the Google Play Store. It has been installed more than 10 thousand times so far. 260 users gave a rating of 3.1 out of 5. Most users do not like its service. The app mentions the details attached to the loan such as ..
Loan amount: Rs. 1,0000 maximum
Loan Terms: 91 days (less days, with extended time) -365 days (more days, with extended time)
Maximum APR: 36%
Transaction Fee: No.
Processing fee: 10%
Document: Pen card, Aadhaar number, photo, account details.
Example: If you take a loan of Rs.5000 for one year, the total interest on it will be Rs.5000 X 36% = Rs.1800.
Many personal loan apps present on the Play Store
There are still many personal loan apps on Google. For example, if you search by typing LOAN on the Play Store, a long list will come up. It includes government apps as well as apps from many private banks and firms.
Someone committed a bad name if he committed suicide due to an app loan
According to media reports, there have been many cases of suicide due to instant loan apps. Nineteen people were also arrested in Hyderabad and Gurugram in the instant money laundering app scam in December.
Case No. 1: A 28-year-old man lost his job during a lockdown in Telangana. He took a loan but could not repay it. I took an instant loan from an app to pay off the debt. When the app couldn’t repay the loan, the recovery agent fell behind. He started sending messages frequently. People on his call list started calling. Annoyed, he committed suicide in December.
Case No. 2: A woman from Indore took a loan of Rs 20,000 from the app. When the EMI of the loan was missed it started to annoy. Began to share her photo. Threatened to send agent home for collection. Will also complain to the police. He also annoyed people on the woman’s contact list.