India may ban 300 predatory lending apps: report

One of the biggest scams circulating in India is the predatory personal loan applications. These predatory lending by instant loan apps has led to many suicides in India because of their unethical loan recovery and blackmail methods.

Most of the apps have been traced back to China and are linked to money laundering. These apps are under the scanner of the Union Ministry of Interior, which is expected to ban 300 of these apps soon, as reported by News18 (opens in new tab).

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