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Digital lending platforms in India have come under greater scrutiny recently for their methods, including the collection and alleged misuse of borrowers’ data, underlining the risks to driving financial inclusion with newer technologies.
Many online lenders have failed to detect the “stacking” of multiple loans by borrowers who slip through their automated underwriting systems, lending company executives and investors told Reuters.
Telecoms engineer Peng Jiezhao's taste for new smartphones and expensive sneakers seemed like a harmless, if expensive, hobby – until he started borrowing money from Chinese online lending sites to feed it.
It has no physical branches or expensive foreign software, and uses cloud technology to cut back on the hardware it needs to serve borrowers.
MUMBAI (Reuters) - At least 10 Indian lending apps on Google's Play Store, which have been downloaded millions of times, breached Google rules on loan repayment lengths aimed at protecting vulnerable borrowers, according to a Reuters review of such services and more than a dozen users.
Direct Lending helps make financing simple, safe and affordable to working adults.
Josh Smith, a 30-year-old blogger on finance, was in the midst of a career change in 2009 when he sought to refinance US$8,000 (RM29,031) in credit card debt.
It sounds like a surefire bet. You lend money to a borrower who puts up collateral that exceeds the size of the loan, and then you earn interest of about 20%. What could possibly go wrong?