In a bid to protect its users from potential fraud by money lending apps, Google India on Thursday said that it has removed several personal loan apps from Google Play. The development comes after the authorities cracked down on these apps for violation of rules and for harassing those who have obtained loans from them.
The tech major in a blog post said that personal loan apps have received attention recently, and it wanted to clarify the action it has taken on these apps on Google Play.
Compliance with local laws
The post by Suzanne Frey, Vice President, Product, Android Security and Privacy, provides: “We have reviewed hundreds of personal loan apps in India, based on flags submitted by users and government agencies. The apps that were found to violate our user safety policies were immediately removed from the Store.”
“We have asked the developers of the remaining identified apps to demonstrate that they comply with applicable local laws and regulations. Apps that fail to do so will be removed without further notice. In addition, we will continue to assist the law enforcement agencies in their investigation of this issue,” Frey said.
Apps must follow rules
In the blog post, Frey said that all apps on Google Play must adhere to applicable rules and laws, as well as generally accepted practices and guidelines.
The post by Frey further provides, “The Google Play Developer Policy requires financial services apps that offer personal loans to disclose key information such as the minimum and maximum periods of repayment, the maximum Annual Percentage Rate, and a representative example of the total loan cost.”
“To help further ensure that users are making sound choices, we only allow personal loan apps with full repayment required in greater than or equal to 60 days from the date the loan is issued.”
“We believe transparency of information around the features, fees, risks, and benefits of personal loans will help people make informed decisions about their financial needs, thereby reducing the risk of being exposed to deceptive financial products and services.”
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