From 31st May the leading and prominent digital apps in the Google Play Store will be prohibited and banned from accessing users’ personal information such as contacts, images, videos, call records, and location. This refers that Google revising and updating its loan policy for applications on the Play Store in response to growing instances of unethical recovery practices by digital lending applications.
Furthermore, Google has requested that applications complete the personal loan app declaration for India and supply the relevant evidence to back up the statement. The IT behemoth has issued a declaration form for lending apps originating in India, demanding particular disclosures.
There has been an increase in complaints about predatory loan applications using unethical recovery practices. According to reports, the borrowers have suffered harassment after taking out rapid loans using mobile applications, Google has previously been criticized for not taking strong action against fast lending apps. According to reports, the government and RBI ordered the implementation of more severe checks to help prevent the use of unlawful digital lending applications. Before launching their personal loan app, users must fill out the Google declaration form and provide the required paperwork.
How do digital lending applications work?
Digital lending applications use technology to streamline the loan application process. Customers may use their smartphones to apply for a loan and supply the relevant personal and financial information, which is subsequently validated using different digital tools and sources. Typically, digital lending applications use technology to streamline the loan application and disbursement process. Customers may use their smartphones to apply for a loan and supply the relevant personal and financial information, which is subsequently validated using different digital tools and sources.
Based on this data, the app’s algorithms may make a loan decision and deposit the funds into the customer’s bank account within minutes or hours. Repayments can also be made using the app, either automatically or manually.
