Google has officially banned the services offered by personal loan apps through its App Store. The Search giant has officially banned such apps from the Play Store.
According to sources, the company has taken this step due to legal policy issues. We could learn more about these apps from the Google’s restricted contents policy page.
The list of such apps include all the major payday apps, personal loan apps and other apps which are providing such services. You will no longer have the access of such apps from the Play Store as they are officially banned and removed by Google.
These were high interested personal apps fetching up to 36% of interest from the borrowers. These apps were exploitating the policy of Google and to protect the users from such high-interest financial apps, they have decided to remove them from the Play Store.
Being an open source platform, Play Store carries all types of financial apps from the banks and from the third-party loan providers. The same section includes investment related apps and other apps that are collecting your personal information to provide additional banking related services.
You could find out many apps for car loans, personal loans, student loans, mortgages and credit cards. The company is now banning on the financing apps that are collecting 36% or higher interest rates from the borrowers. Furthermore, the company has also asked them to put all the details of their services so that the borrowers can learn about the interest rates etc.
There are some apps which are available as short-term payday apps allowing users to apply for personal loan. The apps which are fully paid and not free, all such apps are now banned by Google.
The Google’s list of Restricted contents is growing as the search giant is taking all the necessary steps to protect its users from such fraudulent activities which are being spread by the apps from Play Store.
Beyond that, the company has banned many Cryptocurrency related apps and other gambling apps from the Play Store to safeguard the information and transactions of the users.
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