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Big Story | Five cautions against money-lending apps - The Hindu BusinessLine


Big Story | Five cautions against money-lending apps
Satya Sontanam
BL Research Bureau |
Updated on
January 09, 2021
Digital money-lending platforms may be hassle-free and convenient, but look before you leap
Digital platforms claiming to offer hassle-free loans to individuals, small traders and other borrowers are in the news these days.
On the sunny side, the loan processing is quick and entirely online under these apps. All that the user has to do is submit a photo ID, Aadhaar number and take a selfie for authentication.
However, there have been several complaints against some of these lending platforms, lately.
 
They primarily relate to exorbitant interest rates, non-transparent methods of calculating interest, harsh recovery measures and unauthorised use of personal data. ....

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