• Google has taken a stand against personal loan apps, let’s see the game now


    Google says that when there is a launch of a loan app for India, it has to follow the procedures and inform the users exactly. Google takes tough action against personal loan apps in India and also now presents guidelines for this. Developers must meet the new guidelines by September 15, 2021, and meet the new eligibility criteria to stay in the Play Store. Otherwise, Google strictly warns of thrown out everything.

    Earlier this year, Google removed loan apps from PlayStore that did not comply with local laws and regulations. Therefore, Google has set strict standards for its developers to monitor the apps that are still running. Google also says that when launching a loan app for India, the procedures for it should be followed and the users should be informed about it.

    Provide declaration and required documentation for review from Google. Apps that do not directly interfere with lending activities only provides a platform. This makes it easier for users in lending money through registered non-banking financial companies or banks. It should state this information in its declaration.

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    Google says personal loans must meet certain criteria when making an offer from an individual or organization. Before giving a loan to the customer, it should specify the specifics, fees, repayment schedule, risks and benefits. Google has also asked developers to comply with the new security measures. Google has warned apps not to collect other user information in any way and not to use such data management anywhere later. The Play Store provides simple way in showcasing overall security of their app as per the information of developers.

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