Nowadays, many apps provide loans within minutes. Many apps on the Google Play Store only give loans based on a few documents, and some even require no documents. However, Google has taken major action against fake loan apps. Between September 2022 and August 2023, Google removed over 2,200 fake loan apps from the Play Store.
Deleted Fake Loan Apps
Google has taken strict steps to ensure users’ security. This action follows the government’s continued efforts to tackle fake loan apps and protect consumers from financial scams.
According to the Ministry of Electronics and Information Technology (MeitY), Google reviewed about 3,500 to 4,000 loan apps from April 2021 to July 2022 and banned more than 2,500 from the Play Store. Google continued eliminating over 2,200 fraudulent loan apps from September 2022 to August 2023.
Google Changed Policy For Loan Apps
In addition, Google has changed its policy regarding implementing loan apps on the Play Store. Google now allows only apps published by regulated entities (REs) or collaborating with REs. Given India’s growing number of loan apps, the tech giant has made this decision.
Be Cautious Of Fake Loan Apps
- Customers should take special care of certain things to protect themselves from fake loan apps.
- Do not share your personal information, even by mistake, on an app that RBI does not register.
- Download apps only from official stores like Google Play or Apple App Store.
- Do not fall into the trap of fake loan-giving apps. After providing such an app loan
- Pressure you to pay high interest rates or advance fees.
- If something like this happens to you, immediately report it to the concerned authorities.
