Here’s Why Apple Has Removed These Loan Apps from the App Store in India

Apple has taken action to remove six predatory loan apps from the App Store in India following concerns raised by users. These apps were discovered to be engaging in unethical practices, such as falsely representing themselves as financial institutions, imposing high fees, and threatening borrowers for repayment.
Recently, users have reported the presence of certain quick-loan apps, including White Kash, Pocket Kash, and Golden Kash, on the Top Finance Apps chart. These apps required intrusive access to users’ contact lists and media files, and based on numerous user reviews, they charged excessive and unnecessary fees. Additionally, they employed unethical tactics such as charging “processing fees” that amounted to half the loan value and imposing exorbitant interest rates.
Disturbingly, users were subjected to harassment and threats in relation to loan repayments. Some of these loan apps threatened to contact the users’ connections if payment was not made on time. In one alarming case, an app company even went as far as threatening to create and share explicit images of a user with their contacts.
Apple stated that the removal of these loan apps was necessary as they violated the Apple Developer Program License Agreement and guidelines. These apps falsely claimed association with legitimate financial institutions.
In 2022, the App Store prevented fraudulent transactions worth over $2 billion, rejected close to 1.7 million app submissions that failed to meet Apple’s quality and safety standards, and closed 428,000 developer accounts due to suspected fraudulent activity.
Apple emphasized its commitment to providing the safest experience possible for users through the App Store and its App Review Guidelines. The company firmly opposes fraudulent activity and has stringent measures in place to combat apps and developers attempting to manipulate the system.
Earlier this year, Google also took action by removing over 3,500 personal loan apps from the Play Store in India due to policy violations in April.

 

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