Nine Indian instant loan apps removed from Play Store

Mumbai, Ta. Monday, January 11, 2020

Google has removed nine instant loan apps from the Play Store. Google said the app violated the rules of the Google Play Store. However, the Reserve Bank of India recently said to be wary of such an online instant loan app. Instant loan app charges higher interest later.

Complaints have been lodged that some apps are threatening the borrower after giving the loan. According to Google, some lending apps used to charge a processing fee as high as Rs 2,000 for loans of less than Rs 10,000. The decision was taken by Play Store owner Google so that Play Store users would not fall into such a vicious cycle. Moreover, some apps were charging skyrocketing interest rates of around 60 per cent a week. Those who do not pay the amount are mistreated.

Removed apps

- 10MinuteLoan

- Ex-Money

- Extra Mudra

- CashBean

- Moneed

- iCredit

- CashKey

- RupeeFly

- RupeePlus