Google Takes Action Against Loan Apps’ Harassment of Borrowers
To counteract predatory behavior by some lenders who harass borrowers, Google intends to limit the access of loan-providing apps to sensitive user data such as contacts, photos, and videos.
In this context, Google is set to restrict the access of loan apps to user data, aiming to prevent such apps from exploiting users.
As of May end, personal loan apps on Google Play will be restricted from accessing call logs, precise location, external storage, photos and videos, and contacts.
As per reports by TechCrunch, there have been instances where debt collectors have exploited borrowers using their contacts.
Google’s policy update states that apps that offer financial products and services must conform to local regulations and disclose the necessary details according to local law.
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The Play Store removed several loan apps in Kenya, while in India, over 2000 apps were taken down after warnings from central banks and law enforcement.
“Developers who attempt to publish more than one DLA per NBFC risk the termination of their developer account and any other associated accounts,” Google said.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
