Opera Has Multiple Predatory Loan Apps on Play Store

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Opera is one of the best web browsers for the PC and Mobile platforms after Google Chrome and Mozilla Firefox web browsers. Last year, Google had revised its policies and banned the apps that are offering loans to users at high-interest rates.

Today, Hindenburg Research has published its new research report which is claiming that Opera web browser is running four different predatory loan apps from the countries India, Nigeria and Kenya. CashBean, OKash, OPay and OPesa these are the four loan apps that the research team at Hindenburg Research found.

The research has found that all these apps are violating Google’s policies. The apps would offer maximum annual percentage rate of 33 percent or less as per their descriptions. But in the real, these apps are charging  438 percent or even more from the users who have borrowed the loans from these apps.

The length of the period of loan that these platforms are providing is just 29 days which is again violating the policies of the company. According to Google’s policy, the loan period or the length of it must be at least 60 days.

The borrowers who somehow unable to pay their instalments or loans before the time would have to face the high-interest rates. The actual APR rates could be increased to 876 percent.

Apart from this, the same apps collect the details of the borrower and other family members including their friends to make them harassed due to overdue of the loan.

The reports are claiming that Opera is running these financial or predatory loan apps illegally despite the fact that their financial margin is very low. On the other hand, the same apps are not functioning legally as they all are violating the most basic terms and conditions and policies of Google’s Play Store.

This seems to be a tough situation for Opera as the company had already faced legal actions from Google for violating the most basic policies. Many of the tech-giants have reached to both the companies and asking for their clarifications. If the research report is true, then Opera will be in danger as Google will definitely sue them for violating their policies.

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