Apple has recently removed several predatory lending apps from its App Store in India. The decision came after both users and the media questioned the legitimacy of these services. Among the apps taken down were Pocket Kash, White Kash, Golden Kash, and OK Rupee, which had gained significant popularity and reached the top 20 in the finance category on the App Store.
However, hundreds of user reviews shed light on the outrageous charges imposed by these apps, causing a stir among consumers. What made matters worse was the unethical tactics employed by the lenders to coerce borrowers into repayment.
Some users reported receiving messages with personal photos and contact information, threatening to expose their loan status to their contacts if they failed to repay on time. The apps, developed by individuals with suspicious names and websites, were flooded with similar reviews, some describing even more alarming threats from the lenders.
Responding to these concerns, Apple promptly removed at least half a dozen apps within a couple of days. The tech giant stated to TechCrunch that the apps violated the Apple Developer Program License Agreement and guidelines. Furthermore, they were falsely representing an association with a financial institution, a finding made by Apple during their investigation.
These lending apps exploit regulatory loopholes to provide almost instantaneous, unsecured loans with staggeringly high interest rates. This situation particularly affects underprivileged individuals who lack access to traditional financial services.
Overall, Apple’s action highlights the company’s commitment to providing a safe user experience and maintaining stringent rules against apps and developers that attempt to cheat the system.