The Apple Bans Six loan Apps From App Store in India

HIGHLIGHTS

Apple bans six loan apps from App Store in India: delete these apps if you have them.

• The reports indicated that these apps were imposing excessively high fees that were unnecessary.
• The lenders used unethical strategies to get borrowers to repay their loans.
• The apps created by people did not have a clear identity and were linked to websites.

The tech major Apple has taken steps to eliminate a variety of lending apps that were harmful to consumers out of its App Store across the United States. These apps were notorious for their predatory behavior.

Apple blocks six loan applications from its App Store

• The applications comprise Pocket Kash, White Kash, Golden Kash, and OK Rupee.
• In a number of reviewers, there was noted that these apps charged exorbitantly expensive costs that were not necessary.
• The lenders employed unethical methods to force borrowers to repay their loans.
• Recently, apps that provide fast-track loan services for consumers in India have seen a significant increase in popularity making it to the top 20 on the Finance list within the App Store.

Here’s why Apple banned these apps

A number of users have received messages with personal photos as well as contact information. These messages also threaten to disclose their loan status to contacts if they fail to pay the loan in time.

The apps, which were created by people with a questionable identity and websites, have received an overwhelming amount of the same reviews. A few of them provided more information about the threats posed by the lenders.

As a result, in reaction to these concerns the loans apps were rescinded from the App Store because they violated the guidelines and rules laid out within the Apple Developer Program License Agreement. A number of apps were found to be fraudulently claiming connection to financial institutions.

It is important to note that lending applications which engage in these practices do not just infringe on the privacy of users, however they also expose people to blackmail, harassment and even apprehension. These actions demonstrate that there is a urgent requirement for a stronger regulation and oversight of the digital lending sector to protect consumers from exploitation.