Numerous predatory loan apps have just been removed from Apple's Indian App Store. The choice was made in response to criticism of these services from both users and the media. The App Store's top 20 most popular finance apps, including Pocket Kash, White Kash, Golden Kash, and OK Rupee, were among those removed. These apps had grown significantly in popularity and were among the others.
But thousands of user reviews exposed the high fees imposed by these applications, upsetting users and sparking a backlash. Worse still, lenders' unscrupulous methods of pressuring borrowers into repayment only served to exacerbate the situation.
Some individuals claimed to have received messages containing their contact information, personal images, and threats that if they didn't make their payments on time, their loan status would be made public. Similar evaluations for the apps, some of which detailed even more scary threats from the lenders, were awash in the stores, developed by people with dubious names and websites.
In response to these worries, Apple quickly removed at least six apps within a couple of days. According to the tech behemoth, the apps broke the rules and licence agreement for the Apple Developer Programme. Apple found out that they were lying about their affiliation with a financial institution as a result of their investigation.
These lending applications take advantage of legal gaps to offer unsecured loans with astronomically high interest rates practically immediately. This situation has a significant negative impact on people of lower socioeconomic status who cannot access standard financial services.
Overall, Apple's response shows the company's dedication to ensuring a secure user experience and upholding strict regulations against software developers and programmes that try to game the system.
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