Mangaluru City Police Commissioner issued a warning to residents about unlicensed lending apps. A 26-year-old woman committed suicide in Mangaluru recently after being harassed by an internet loan lender. The company’s lending app was first developed in China, and there are now over 600 loan applications in India. The Reserve Bank of India does not recognize any of the applications (RBI). These apps may be downloaded from the phone’s Playstore.
Permission to access contact data, video, photos, and camera galleries is requested when the applications are installed on the phone. Loans ranging from Rs 3,000 to Rs 5,000 are only offered if access is authorized. These applications want 30% to 60% interest from beneficiaries during repayment. The borrower is hounded and intimidated if he or she does not return the debt. Loan companies threaten to post personal images on social media if they gain access to personal photos. They even send printouts of bogus cheating cases to the borrowers as a threat. The Commissioner has encouraged individuals not to download lending applications or grant access to their mobile contacts, videos, or images.