Google Removes Some Personal Loan Apps From Store, Warns Others
Move is following reports of many such apps, which are not authorized lenders, targeting vulnerable borrowers to offer them loans at very high interest rates, then using extreme measures to get the money back.
Google said Thursday it removed some personal loan apps from its app store after reviewing hundreds of those apps for violating user security policies.
The move follows reports of many such applications, which are not approved lenders, targeting vulnerable borrowers to offer them loans at very high interest rates, then using extreme measures to recover the lenders. ‘silver.
“We have reviewed hundreds of personal loan applications in India, based on metrics submitted by users and government agencies. Apps that violate our user security policies were immediately removed from the Store, and we have asked developers of the remaining identified apps to demonstrate that they comply with applicable local laws and regulations, ”Suzanne Frey, Vice President, Product , Android Security and Privacy, said in a blog post.
She added that apps that didn’t would be removed without notice. Google, she said, would continue to assist law enforcement in their investigation of the issue.
“Personal loan apps have recently gained attention and we wanted to clarify the actions we have taken on these apps on Google Play,” she said.
Ms. Frey pointed out that all Play Store developers have accepted the terms of the Google Play Developer Distributor Agreement, which states that apps must adhere to applicable rules and laws, including generally accepted practices and guidelines. Google Play’s developer policy required financial services apps offering personal loans to disclose key information such as minimum and maximum repayment periods, maximum annual percentage rate, and a representative example of the total cost of the loan, a- she declared.
“To further help ensure that users make smart choices, we only allow personal loan applications with full repayment required within 60 days or more from the date of loan issuance,” she declared.
Regarding the protection of user privacy, Ms. Frey said developers should only request permissions that are necessary to implement current features or services. They must not use permissions that give access to user or device data for any undisclosed, unenforced, or prohibited purpose.
“Developers should also use the data only for purposes to which the user has consented, and if they subsequently wish to use the data for other purposes, they should obtain the user’s permission for the additional uses,” she declared.