As AI-based loan apps boom in India, some borrowers miss out


Hundreds of mobile lending apps have mushroomed in India as smartphone use surged and the government encouraged digitisation in banking, with financial technology (fintech) firms rushing to fill the gap in access to loans. — Reuters

As the founder of a consumer rights non-profit in India, Karnav Shah is used to seeing sharp practices and disgruntled customers. But even he has been surprised by the sheer volume of complaints against digital lenders in recent years.

While most of the grievances are about unauthorised lending platforms misusing borrowers’ data or harassing them for missed payments, others relate to high interest rates or loan requests that were rejected without explanation, Shah said.

Unlock 30% Savings on Ad-Free Access Now!

Monthly Plan

RM13.90/month
RM9.73 only

Billed as RM9.73 for the 1st month then RM13.90 thereafters.

Annual Plan

RM12.33/month
RM8.63/month

Billed as RM103.60 for the 1st year then RM148 thereafters.

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Others Also Read


All Headlines:

Want to listen to full audio?

Unlock unlimited access to enjoy personalise features on the TheStar.com.my

Already a member? Log In