Google removes 5 rogue lending applications

NEW DELHI: Several digital lending applications, unauthorized by any financial regulator, were available for download on Google Playstore for over three months. These apps, whose names resembled legit companies, offered users short-term credit at very high interest rates and then, in some cases, harassed or abused the borrowers for repayment. Following queries sent by TOI to Google, the technology giant took down at least five of them.

“Such unauthorized apps grew during the lockdown when people needed quick cash. The apps’ names resembled legit companies. Many people did not know how to distinguish between the two. They were downloaded by at least 400,000 to 1 million people,” said fintech researcher Srikanth L, who studied at least 10 such apps.