New Delhi, 6/4: For the past few years, the central government and Reserve Bank of India (RBI) have been reeling with complaints from citizens over the predatory practices of loan app companies.
There were lots of reports of companies using anti-social elements to physically harm those borrowers, who failed to pay the timely interest.
Also, loan apps used to take permission of accessing photo albums and contacts lists on the users’ smartphones, and when he/she failed to pay back on time, they used to contact relatives and friends with threats and humiliate the borrowers. Several people took extreme steps of suicide.
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