Unsecured loan apps, which promise quick loans to even those without a credit history or collateral, have been criticised for their high interest rates, short repayment cycles, aggressive recovery methods and misuse of borrowers’ data. — Reuters
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.
Mobile lending apps have mushroomed in India and elsewhere in recent years as smartphone use surged, and financial technology (fintech) companies rushed to fill the gap in access to banking services.
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