Some predatory interest lending apps are not affiliated with the Google Play Store due to their terms of service.07/18/2022 09:00
Applying for a personal loan is something we can do for our business. We know that the life of a freelancer, trader or entrepreneur is subject to many differences and that financial difficulties can be a stimulant. Quick loan companies sprang up to meet many of the needs of ordinary people. But Google has made a decision about apps from these types of companies. Its activity was called into question and the Mountain View giant was suspended at the end of 2019. We echoed this news regarding the apps that Google banned at that time.
Why you can’t download lending apps on Android
The downside or downside to these companies is the high interest rate they charge. Often they are faithfully masked, and applying for a loan implies paying very high interest. Google, aware of this type of abusive practice, has banned the Play Store from hosting loan applications with an interest rate of more than 36%. But it is this that many of these financial operators offer loans with a card of up to extraordinary numbers, up to 3000% APR.
It should be noted that the Supreme Court ruling issued on March 4, 2020 directly qualifies as usurious loans with interest above 20%.
The response of these companies has been very diverse, they either stop working on the Play Store or have to offer loans at a lower interest rate. Something that put these financial entities on the basis of the war at the time. So, if you take a look at the Play Store, you will see that there are loan apps that are not quite what they seem. Be very careful when downloading one, especially if you haven’t checked the terms of this loan. What might at first seem like a good opportunity, may have ended up being a heavy slab.
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What is Apple’s position?
You may be wondering about Apple’s position on this. At the moment, there is no kind of movement in this regard, so the quick loan applications available in the Apple App Store can be downloaded normally. But the movement has not been ruled out in the same sense that Google has already done so in an effort to put an end to this type of business.
Some do not act transparently and can cause major problems for those involved. Unfortunately, there are those who applied for a small loan and ended up paying a much larger amount. In the worst cases, the constant harassment has deteriorated the quality of life of those affected.
Obviously, we do not mean to imply from this platform that all lenders engage in usurious practices, and getting financing at any time is always a high possibility. But there is no doubt that the boom in this type of business made it very popular. However, the financial ignorance of most people who turn to them, or the desperate situation, puts them in great trouble.
Therefore, Google’s action is very positive, because it works by virtue of its function to try to prevent usurious practices and avoid that, if you have to apply for a loan for your business, you fall into the wrong hands. On the other hand, if you are using an Apple device, study the terms carefully before applying for your loan. Talk to your bank if you need cash, because you may be paying a lot more than you asked for.