Google has removed digital lending applications which offered users short-term credit at high interest rates. “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,” a Google spokesperson told. A common feature of these apps is that they have no legal entity in India and resembles many legit companies. Many people could not distinguish between the two and during lockdown such unauthorized apps grew when people needed quick cash. They were downloaded by at least 400,000 to 1 million people. All these apps are outside the regulatory purview of RBI hence it is possible that some money is laundered through this. They also did not list any grievance officer’s numbers and did not have any valid address listed on Play Store.
In fact, recently, one such app which is still available on the Play Store came to light when several users pointed out that it harasses people during the repayment process. The company executives of these companies harass the customers during the repayment process and some tired of harassment eventually attempted suicide. In order to help protect people from deceptive and exploitative personal loan terms, the action was taken by the google.
Here are the names of four such rogue apps that Google removed recently.
Ok Cash – Offers loan amount from Rs 3,000 to Rs 1 lakh. Flexible tenure from 91 days to 365 days. Interest rate is claimed to depend on customer’s credit profile and loan.
Go Cash – Offers loan amount from Rs 3,000 to Rs 1 lakh. Tenure varies from 91 days to 365 days.
Flip Cash – As per app’s description, it “offers personal loan for Indian users.” Claims to be one stop shop for all financial needs.
SnapItLoan – Snapit loan too is a personal lo