Google has removed 4 Android loan apps. A Google spokesperson told TOI that, “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.” Several unauthorized apps used lockdown as a potential playground to lure consumers who needed quick cash. The apps’ names resembled legit companies and users weren’t aware of the difference between the two. Fintech researcher Srikanth L, who studied at least 10 such apps said that these android loan apps were downloaded by at least 400,000 to 1 million people. Also Read: Google Pay ‘Go India’ Game Launched
Here are some apps offering loan in India
Ok Cash
OK Cash is one of the apps offering loan in India that has been removed from Google Play Store. The app uses customer’s credit profile and loan to charge interest and offered loan amount from Rs. 3,000 to Rs. 1 lakh. It also promised a flexible tenure ranging from 91 days to 365 days.
Go Cash
Go cash is another Android loan app which offered loan amount from Rs 3,000 to Rs 1 lakh for a time period varying from 91 days to 365 days.
Flip Cash
Flip Cash offered personal loan for Indian users and claimed to be the one stop shop for all financial assistance. Read: Google Pay Under CCI Lens For Alleged Unfair Practices
SnapItLoan
This one is also a personal loan app that Google has removed from its Play Store. Stay tuned to this space for latest updates. Sign in for our newsletter to get daily news delivered to your mailbox.
