SUMMARY
These apps offered short-term credit facilities at higher interest rates and harassed borrowers
The technology giant got rid of five apps such as Ok Cash, Go Cash, Flip Cash, ECash and SnapItLoan
As per Google's policies, if any app "contains or promotes financial products and services", it must comply with state and local regulations for any region or country
Cracking down on unauthorised applications, tech giant Google has reportedly removed several digital lending applications from Playstore. These apps were on the platform for over three months and their names were similar to legit companies.
These companies used to offer short-term credit facilities at higher interest rates and also harassed and abused borrowers.
The technology giant got rid of five apps such as OkCash, Go Cash, Flip Cash, ECash and SnapIt Loan.
A Google spokesperson told TOI, “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.”
Recently, several complaints emerged on social media websites stating that executives, purportedly employed by these apps, were harassing borrowers through various means with regards to their loan repayment. In one case, a borrower from Tamil Nadu who complained about the harassment they faced committed suicide.
In November 2019, Google issued a new developer policy, which stated that personal loan apps which require repayment in full within 60 days from the date of issuance would not be allowed on the Play Store. It mandated such apps to disclose the minimum and maximum period for repayment, the maximum Annual Percentage Rate (APR), which includes interest rate plus fees and other costs for a year, and the total cost of the loan, including all applicable fees.
As per Google’s policies, if any app “contains or promotes financial products and services”, it must comply with state and local regulations for any region or country.
