How app-based loan sharks lay death-traps for borrowers Illegal app-based financiers are thriving across the country. These moneylenders target younger customers who look for quick loans for consumption purposes. On default, the harassment begins. December 23, 2020 / 04:21 PM IST It was a shocker for Rajiv, a 25-year-old engineering student in Chennai, when he received back-to-back calls from family members and friends last month seeking details of his loan default and offering monetary assistance to come out of the debt-trap. Rajiv had drawn a Rs 50,000 loan from one of the digital lending apps for purchasing his bike. He couldn’t return the money within the stipulated period. Rajiv found that the app company had tracked down his contact details stored on the phone and started contacting them to flag the default. He managed to get some funds and pay back to the lender in the next two days.