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Google Play Store began to inventory and offload Predatory Personal Loan apps

via:cnBeta.COM     time:2019/10/13 21:01:12     readed:143

Prior to this, the, Google Play store provided a number of financial applications, including bank-provided financial applications and third-party applications for investment, cash management, budgeting and accounting purposes. In addition, Google allows car loans, student loans, mortgages and revolving credit-related applications, including the most familiar credit card applications.

In the future, the company will no longer allow personal loan applications to provide loans at an annual interest rate of 36% or higher; at the same time, the company will require applications to disclose examples of APR loans for the service, minimum and maximum repayment periods for products, and total loan costs.

Google also bans the use of short-term personal loans that must be repaid in full within 60 days, often referred to as short-term or "payday" loans. This restriction covers a wide range of applications, including those that provide only those financial products and those that provide third-party links to loans.

These applications will then be added to the growing list of restricted content in the Google Play store, which has previously banned many other financial applications, including applications that allow users to mine encrypted currencies and trade binary options. In addition to financial applications, the company also restricts certain types of gambling applications, applications involving illegal activities, and so on.

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