Google has announced that many Predatory Loan Apps have been banned and removed from the Play Store in accordance with the terms of the Extended Financial Policy that went into effect earlier this year.
A Google spokesperson commented that loan apps, which charge more than 36% per annum, could hurt consumers. These are being removed for the sake of consumer safety. Mary Jackson, CEO of the Online Lenders Alliance, said Google’s decision could have a serious impact on creditors who legitimately run their business and meet customer needs.
The purpose of the activity should safe guard the interest of the customer. But the charging huge by these financial companies are illegitimate.