Google New Restriction on loan apps...!?

When they don't pay, their photos are taken and 'morphed' and sent to their contacts. Taking this into consideration, steps have been taken. google has announced that it will restrict access to sensitive data such as personal lending apps, images, and contacts on cell phones.

New regulation for lending apps:

Google has updated its personal loan policies. Many apps that facilitate personal loans are said to block access to sensitive data such as images and contacts. Recently, many such apps have been misused and ruined the lives of many people, so google has taken the initiative to prevent them. Some apps make people suffer by charging exorbitant interest rates on loans and charging interest on that interest. Some of them take their photos and 'morph' them when they can't pay and send them to their contacts. They also have a habit of calling and harassing them. Considering this, google is planning to block this access to such loan apps.
Pakistan:

These rules vary from country to country and personal loan apps in pakistan go a step further and require them to submit country-specific license documents to prove their ability to facilitate personal loans. The aim is to ensure that only licensed and reputable lenders can offer personal loans to users in Pakistan.

America:

Apps promoting personal loans that require full repayment within 60 days or less from the date of disbursement are not permitted. In the US, google doesn't allow personal loan apps because the annual percentage rate (APR) is over 36%.

Kenya:

In related news, google has banned hundreds of credit-related apps from its Play Store in kenya following the implementation of its new policy in January. After Kenya's wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital Credit Providers (DCP) regulations come into force in 2022, wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital lenders in the east African country will be required to provide proof of license. It is worth noting that these regulations require online lending companies to obtain licenses from the Central bank of Kenya.

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google restrictions

Sowmiya Sriram

08/04/2023 06:20 PM