Online loan apps that are available on the Play Store before May 31, 2023, will be prohibited, Google said in announcing its new financial service policy. People who use these apps and whose phones include personal information should bear in mind that they should either safeguard their data or delete it by May 31. After that date, their data will be wiped automatically.
The rationale behind this choice.
On online loan applications, fraud has long been alleged to have occurred. The central government has tightened regulations on these apps in response to this issue. There are only a few of these applications that provide loans. They ought to face harassment for performing their duties successfully. In addition, these loan apps are frequently accused of stealing users’ private information, such as contacts, images, and so on.
Loan Apps – Google changed the rules.
Google has therefore revised its personal loan policy to stop lending through Play Store-based apps. This new policy prevents apps from accessing users’ external data, including their photographs, videos, contacts, location, and call records. This is an effort to safeguard users’ privacy within the apps.
People who apply for loans via online loan apps
in this situation allege that they are frequently harassed needlessly in the name of loans. Debt collection professionals frequently employ unethical techniques including utilizing their contacts or pictures.
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