Following scrutiny from users and media, Apple has removed several predatory lending apps from its App Store in India, TechCrunch reports. Apps such as Pocket Kash, White Kash, Golden Kash, and OK Rupee, which offered fast-track lending to Indian consumers, were pulled due to their exorbitant charges and unethical tactics.
Unethical Tactics and Outrageous Charges
These apps, which recently climbed to the top 20 of the finance list on the App Store, were found to be levying outrageously high charges. They also employed unethical tactics to ensure borrowers repaid their loans, including threatening messages and false claims of association with financial institutions.
Apple confirmed the removal of these apps, stating that they violated the Apple Developer Program License Agreement and guidelines. The company emphasized its commitment to providing the safest possible experience to its users and its intolerance for fraudulent activity on the App Store.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
India’s Fintech Landscape
The rise of predatory lending apps in India is tied to the country’s increasing smartphone adoption and economic needs. These digital platforms, exploiting regulatory loopholes, offer almost instantaneous, unsecured loans with staggeringly high-interest rates. The underprivileged, typically without easy access to traditional financial services, find themselves susceptible to such practices, a situation worsened by the COVID-19 pandemic.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.