These days, lots of apps can give you a loan very quickly. On Google Play Store, you can find apps that give loans based on just a few documents, and some don’t need any documents at all.
But now, Google did something important to stop fake loan apps. Between September 2022 and August 2023, Google removed more than 2,200 fake loan apps from the Play Store.
Deleted Fake Loan Apps
Thinking about keeping users safe, Google has taken strong actions. This is because the government is working hard to stop fake loan apps and keep people safe from scams with money.
As per the Ministry of Electronics and Information Technology (MeitY), Google checked around 3,500 to 4,000 loan apps from April 2021 to July 2022.
They blocked over 2,500 of these apps from the Play Store. Google kept going and removed more than 2,200 fake loan apps in the next time from September 2022 to August 2023.
Google changed policy for loan apps
Besides that, Google made another rule. Google changed how loan apps work on the Play Store.
Now, Google only allows apps from companies following certain rules or working with these companies. Google made this decision because there are more and more loan apps in India.
Be careful with fake loan apps:
1. To stay safe from fake loan apps, customers need to be careful about a few things.
2. Never share your personal information, even by accident, on an app that is not approved by RBI.
3. Only get apps from the official stores like Google Play or Apple App Store.
4. Don’t get caught by fake loan apps. If you already gave a loan through such an app,
5. They might force you to pay a lot of money in interest or fees upfront.
6. If something like this happens to you, quickly tell the right people about it.
