MUMBAI: At least 10 Indian lending apps on Google's Play Store, which have been downloaded millions of times, breached Google rules on loan repayment lengths aimed at protecting vulnerable borrowers, according to a Reuters review of such services and more than a dozen users. Four apps were taken down from the Play Store – where the vast majority of Indians download phone apps – after Reuters flagged to Google that they were violating its ban on offering personal loans requiring full repayment in 60 days or less. Three of these apps – 10MinuteLoan, Ex-Money and Extra Mudra – didn't return calls and emails seeking comment. The fourth app, StuCred, was allowed back on the Google Play store on January 7 after it removed the offer of a 30-day loan. It denied engaging in any unscrupulous practices. At least six other apps remain available at the store that offer loan repayment lengths, or tenures, some as low as seven days, according to 15 borrowers and screenshots of loan details from all six apps shared with Reuters. Some of these apps apply steep processing fees, as high as Rs 2,000 ($27) on loans of less than Rs 10,000 with tenures of 30… Read full this story
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