Instant loan apps case

The Instant loan app case is an emerging racket in which unauthorised lenders offer loans at exorbitant interest rates through mobile apps. These apps, available on Google Store, donít have tie Ėups with any bank or NBFC. People availing loans from these apps have been caught in a cycle of debt trap and are being subject to humiliation on social media, abusive language from loan recovery agents and even blackmail, coercion and threats.

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