Apple’s Indian App Store bans 6 loan apps charging excessive fees, etc

Apple's Indian App Store bans 6 loan apps for excessive fees, etc

【Phoneauto News】According to Indian media 91mobiles, Apple has removed some harmful loan applications from the Indian App Store. These applications are notorious for engaging in predatory behavior. These applications include Pocket Kash, White Kash, Golden Kash, and OK Rupee.

Many users have commented that these applications charge excessive and unnecessary fees. Lenders use unethical means to force borrowers to repay loans.

In recent weeks, applications that provide quick loan services to Indian consumers have become popular and have entered the top 20 of the App Store’s financial rankings.

Some users have reported receiving messages containing personal photos and contact information. This information includes threats to publicly disclose their loan status to their contacts if they do not repay on time. These applications created by individuals with suspicious identities and websites have received numerous similar comments. Some of these comments even detailed threats from the lenders.

Therefore, in response to these concerns, these loan applications have been removed from the app store for violating the rules and guidelines outlined in Apple’s Developer Program License Agreement. Some of these applications were found to falsely claim association with financial institutions.

These actions indicate the urgent need for stronger regulation and supervision in the digital lending industry to protect users from exploitative practices.

In February, following the recommendation of the Ministry of Home Affairs (MHA), the Ministry of Electronics and Information Technology in India banned 138 gambling applications and 94 loan applications with Chinese links. Many people complained of extortion and harassment after obtaining small loans through these mobile applications.

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