Updated Jan 16, 2021 | 11:19 IST
The income and employment climate brought on by the COVID-19 pandemic has resulted in a huge spike in the number of instant loan apps, many of which do not require clients to provide their credit histories.
Representational image. | Photo Credit: iStock Images
Key Highlights
The latest development comes on the heels of a warning issued by the Reserve Bank of India that malevolent lending practices across the digital space had been escalating
To make use of many of these apps, customers have to allow them access to sensitive information like their phone contact book, images stored on their mobile devices, location information and much more