Google Play Store To Shut Out Predatory Personal Loan Apps

Anil - Oct 15, 2019


Google Play Store To Shut Out Predatory Personal Loan Apps

The ban notifications have quietly appeared on the policy page as these apps are classified as "restricted content."

Services providing personal loans always tend to carry cybersecurity risks and potential harm to the lives of users. Recognizing this, Google recently issued a ban on personal finance applications related to loans out of Play Store. The ban notifications have quietly appeared on the policy page as these apps are classified as "restricted content". Prohibited applications include high-interest lending services, such as payday loans, title loans, peer-to-peer loans, etc.

Im 116562
The ban notifications have quietly appeared on the policy page as these apps are classified as "restricted content"

Currently, the portfolio of financial applications is categorized as bank apps and third-party apps. In which, the latter is more diversified with various financial needs, such as investments, budgeting, money management and so on. Regarding the needs of loans, a number of apps related to mortgages, student loans, car loans, and revolving credit are available on the Play Store.

However, after the mentioned adjustments, Google will not license loan applications that have an annual percentage rate (APR) for borrowing equaling or higher than 36 percent. In addition, stricter loan requirements will have to be made public, such as the APR, maximum and minimum loan tenors, and a statement of the total cost accrued for the loan (if any). 

Im 114834
Any apps associated with third-party lenders will also be closely monitored by Google.

Google’s ban will also not be limited to applications that offer short-term loans and ‘payday’ loans, in which the normal tenor is less than 60 days. Not only that, but any applications associated with third-party lenders will also be closely monitored by Google. For now, the list of the restricted content on Google has been expanded and is not limited to malicious loan applications. Those related to cryptocurrency mining and binary options trading, as well as gambling and illegal activities will also be excluded from the Store.

>>> Healofy App By Indian Startup Is Back On Google Play Store

Comments

Sort by Newest | Popular

Next Story

Read more

OPPO A15 Launched India: 6.53" Display, Triple Rear Cameras, ₹10,990 Price Tag

Mobile- Oct 19, 2020

OPPO A15 Launched India: 6.53" Display, Triple Rear Cameras, ₹10,990 Price Tag

OPPO A15 is a new entry-level smartphone in the Indian market, likely to take on the likes of Redmi Note 9, Realme Narzo 20, and more.

Apple Is About To Host The Third Product-Launch Event In 3 Months

ICT News- Oct 19, 2020

Apple Is About To Host The Third Product-Launch Event In 3 Months

The upcoming big event is the third in a row for Apple and it is dedicated to new Macs computers

Apple Lovers In India Can Get Free AirPods When Buying iPhone 11 During Diwali

Mobile- Oct 19, 2020

Apple Lovers In India Can Get Free AirPods When Buying iPhone 11 During Diwali

Anyone who makes an order for an iPhone 11 on the Apple Online Store In India during Diwali will be gifted free AirPods.

Ignore iPhone 12, Here Are 4 Reasons Why You Are Better Off With iPhone 11

ICT News- Oct 19, 2020

Ignore iPhone 12, Here Are 4 Reasons Why You Are Better Off With iPhone 11

But if you have skipped the iPhone 11 series and are on the market for an Apple handset, iPhone 12 might not be such a wise decision

Alleged Redmi K30S Passed Through TENAA With Full Specs & Photos

Mobile- Oct 19, 2020

Alleged Redmi K30S Passed Through TENAA With Full Specs & Photos

The Redmi K30S could make its debut with a Snapdragon 865 SoC, a 64MP triple rear camera setup, and a beefy 5,000mAh battery.

Jio Is Making Rs 2,500-3,000 5G Smartphones For The Indian Market

ICT News- Oct 19, 2020

Jio Is Making Rs 2,500-3,000 5G Smartphones For The Indian Market

Reliance Jio is set to introduce a 5G smartphone for a price lower than Rs 5,000 and when it’s done scaling up, the price might be reduced to Rs 2,500-3,000