Apple and Google allow micro-loan apps on their app stores but have stringent policies regulating their operation. The guidelines dictate that the minimum repayment period should be 60 days, and the maximum annual percentage rate of charge should be 36%. The above apps claimed terms that complied with these guidelines, but in practice, they followed a very different, much more aggressive approach, so the app stores removed them for term violations. Unfortunately, there needs to be more checks to prevent the operators of these apps from re-submitting these types of apps to the app stores under different names, so users should be vigilant. Anyone interested in using a mobile loan app should read user reviews first, research the lender’s reputation, and carefully consider the permission requests upon installation.
https://www.bleepingcomputer.com/news/security/android-and-ios-loan-apps-with-15-million-installs-extorted-borrowers/
