Google India has taken major action on fake loan applications. Frauds of loan apps were increasing rapidly for some time. Now Google has removed those loan apps from its Google Play Store which do not follow the local laws and regulations.
These things have come to light when users started flagging about 10 loan apps. The company has also removed three loan apps from the Play Store.
These apps have been downloaded from Play Store millions of times. All these loan apps have broken the rules which are there, from repaying Google’s loan. Suzanne Frey, Vice-President of Android Security and Privacy of Google India, has given information about this by writing a blog.
Google has given information about this by writing a blog on loan apps ..
In the blog, he has written that he has reviewed hundreds of personal apps. These also included apps flagged by government agency and users. Apps that were in violation of the user safety policy. He was immediately removed from the Play Store.
He has also asked the developers of similar loan applications to present evidence related to the compliance of local law and regulations. He has said that any apps that do not do this will be immediately removed from the Play Store. Apart from this, the company will also periodically review loan applications with the legal agency.
These loan apps used to give a repair time of less than 60 days …
Some of the loan apps that have been removed, some of the apps used to give 60 or less time to repay the loan. Later on January 7, an app named StuCred was reinstalled on the Play Store. When it extended the loan repair time by 30 days.
According to Reuters, there are at least 6 more apps that give very little time to repay the loan. There are many of these who give time of less than 7 days. There are some loan apps that take a processing fee of up to Rs 2000 for a small amount like Rs 10,000.
Used to charge up to 60% ..
Not only this, these apps give 30 days time to pay money. It also charges interest of up to 60 percent. At the same time, the Indian bank takes 10 to 20 percent annual interest on the loan. The bank never gives less than a year to repay the loan.
Suzanne Frey said that such loan apps have been allowed on Playstore, whose loan repayment time is more than 60 days. Many types of information are taken from the loan application. Which includes information like loan repair time, annual interest rate, total interest.
Google India has asked the developers to take the permission from users which is necessary to provide the service. So that the privacy and security of the users are also maintained.
Hyderabad (TS) Telangana Police when Google asked questions about these suspicious instant loan app. Now this response has come from Google. Google says that ‘Personal loan apps have received their attention recently. They want to clear the action taken on these apps on Google Play Store in front of everyone. Sources have said that the instant loan app on Google Playstore will have to show the approved papers of NBFC / RBI to remain active. For which 5 days time has been given.