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Instant Loan Apps Scam, The Chinese Link, Telecom News, ET Telecom
Hyderabad: A month after Telangana police began cracking down on illegal instant loan applications following the suicide of five people, the investigation showed a deeper Chinese connection to the scam. After arresting at least four Chinese nationals for using illegal apps, cops are now investigating the roles of other Chinese. In the latest incident, Cyberabad …
Razorpay and Paytm to Block Transactions for Chinese Instant Loan Apps
Investigating authorities have also ordered payment gateways such as Razorpay and Paytm to stop processing transactions through those apps. About 95% of money lending apps use Razorpay as payment gateway, report says This month, RBI formed a task force to propose regulatory measures to promote the orderly growth of digital lending. As scrutiny intensifies into …
Instant loan apps saving Nigerians who need cash fast
Cash-strapped Nigerians are cushioning the effects of a tough year by turning to digital lending platforms for quick loans. These fast loans are disbursed immediately without human intervention to meet urgent financial needs. They are fast, convenient, secure and easily accessible via mobile apps, USSD and websites. To make everyday Nigerians smile, digital lenders are …
Instant loan apps that save Nigerians in need of cash fast
This article is a Press brand Publish. Press brand is a paid service for brands that want to directly reach Techpoint Africa’s audience. The Techpoint Africa editorial team does not write Brand Press content. To promote your brand through Brand Press, please send an email [email protected] Cash-strapped Nigerians are cushioning the effects of a tough …
Shame, suicide and the dodgy loan apps plaguing the Google Play Store
The scourge of predatory loan applications is not unique to India. Other low-income countries, including Kenya and Nigeria, have also been targeted. Instant loan apps also gained popularity in China in 2016. Next, students turned to borrowing from predatory lending apps, with a number of people committing suicide after being publicly humiliated. In the Chinese …
Instant loan app arrests: what’s the Chinese connection?
Instant loan apps offer quick and easy loans without collateral, but many of these apps operate without any regulatory oversight. In fact, some of these apps turned out to be run by Chinese nationals, processing transactions worth millions of dollars. The latest arrest in such a case was made by Rachakonda police in Telangana on …
How about when India starts to regulate predatory online loan applications? Delhi HC seeks government and RBI response
App-based personal loans that turn out to be deadly traps have long gone unnoticed as they fall outside of Reserve Bank of India (RBI) regulation. But as the predatory nature of these apps is exposed, there is a growing call to regulate them. bccl / file the The Delhi High Court has called for answers …
Paycheck Protection Program loan applications open tomorrow: here’s how to claim your funds
© iStock.com The Small Business Administration has announced that the Paycheck Protection Program Loan Portal will open on Friday, Jan. 15 at 9 a.m. ET for P3-eligible lenders with assets of $ 1 billion or less. Business owners can complete first or second draw applications starting Friday morning. On Tuesday, January 19, the portal will …
Google India Removes Play Store Lending Apps For Policy Violations
Google India has reviewed hundreds of personal loan apps in India and removed those that violate user safety rules from its Play Store. The company did not disclose the exact number or names of the apps it had removed. In a blog post published Jan. 14, the tech giant said it made the move after …
Google Removes 30 Loan Apps From Play Store After RBI Red Flag
Bombay: Google has started removing money lending apps that do not comply with the country’s banking regulations from its Android Play Store following instructions from the Reserve Bank of India (RBI) to monitor the glut of hosted fintech apps. on the platform of the search giant. In an exercise that began Wednesday night, more than …
Kerala government plans to introduce law to regulate loan applications
Speaking to the assembly on Tuesday, Industry Minister EP Jayarajan said 63 cases had been registered and the Criminal Branch was investigating two cases. The government of Kerala proposed to formulate a law to curb loan applications after irregularities associated with these applications were brought to its attention. Industries Minister EP Jayarajan said on Tuesday …
Customers Bank opens a PPP loan application portal; Will also provide a turnkey white label solution for other lenders
READING WEST, PA – (COMMERCIAL THREAD) – Customers Bank (NYSE: CUBI), one of the nation’s leading lenders under the Paycheque Protection Program (PPP) in 2020, began accepting applications for the new round of loans last night government-backed guarantees designed to help small businesses keep their jobs with a paycheck. and health benefits. The bank has …
Nav launches PPP loan application portal for SMEs
SALT LAKE CITY, January 11, 2021 / PRNewswire / – Navigation, the smart and simple financing platform for small businesses, today launched its PPP application portal to help small businesses quickly apply for the new Paycheck Protection Program (P3) Loan Round. The Nav PPP portal simplifies and streamlines the PPP loan submission process and guides …
SBI warns of digital lending fraud
The State Bank of India (SBI) has warned against loans offered by unauthorized digital platforms, with mobile apps promising a quick and hassle-free process. “Beware of scam instant loan applications! Please do not click on any unauthorized links and do not provide your details to an entity masquerading as SBI or any other bank. Visit …
Friends ‘harassed’, close women ‘targeted’, how instant loan apps get money back
When Ramesh (name changed) borrowed money from one of the app-based instant loan finance companies a few months ago, had no idea his life would turn into misery? Having failed to repay the loans on time, his wife began receiving “calls threatening her husband’s imprisonment” from lenders. Yes, the lender’s “women” are targeting to recover …
Instant loan apps are a nightmare and people are raving about them, especially in this pandemic
Do you want everyone in your contact list including family, friends, coworkers and more to receive phone calls and WhatsApp messages from random numbers asking them to remind you that you haven’t refunded? a loan that you recently took out? If your answer is no, here’s a tip: don’t take out a loan from that …
HC Opinion at the Center, State on Advocacy Against Loan Applications
Madurai’s Madras High Court on Wednesday ordered Center and State notification of a PIL petition to ban online instant loan applications. The petitioner, Madurai’s lawyer S. Muthukumar, complained that the apps were not regulated by RBI and that companies were charging outrageous interest rates. He said several people have taken their own life as a …
SBA Extends COVID-19 Disaster Loan Application Deadline to December 31 | Local news
The US Small Business Administration has announced that the deadline to apply for the Economic Disaster Lending Program has been extended to December 31. The extension of the deadline follows the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Donald Trump on December 27, 2020. To date, the agency has approved …
SBA Extends EIDL Loan Application Deadline Until End of 2021
The Small Business Administration (SBA)announced the extension of the deadline for companies to apply for the Economic Disaster Lending (EIDL) program to December 31, 2021. The further extension of the deadline for the second round of EIDL funding Comes after the second $ 900 billion COVID-19 relief bill was enacted on December 27, 2020. SBA …
Directorate of Law Enforcement Records New Case of Instant Loan App Fraud – The New Indian Express
By Express press service HYDERABAD: The Law Enforcement Directorate has registered a new case related to irregularities committed by organizers of instant loan applications. The case was registered under the Prevention of Money Laundering Act, based on cases previously registered by police in Hyderabad, Cyberabad and other police units in Telangana. It will probe the …
Traverse City Executives Support USDA Loan Application | Local news
TRAVERSE CITY – Federal loans once used to electrify rural parts of the United States could fund Traverse City Light & Power’s efforts to complete construction of its fiber-optic network. City commissioners on Monday unanimously agreed to support the utility’s request for an $ 18 million rural utility loan from the United States Department of …
Harassed by online loan apps, defaulter ends his life in Telangana
Undeterred by the police investigation into app-based loan finance companies, loan collection calls made to customers are ultimately forcing them to end their lives. On Saturday, G. Chandra Mohan, 36, a private warehouse supervisor, committed suicide at his home in Gundla Pochamma, Pet-Basheerabad village in Medchal-Malkajgiri district, about 30 km from Hyderabad. This is the …
Crackdown on instant loan apps highlights the dangers lurking in the digital economy
The crackdown on instant loan apps, which lure customers into debt traps by offering small, easy loans but at exorbitant interest and short repayment windows, has blown the lid on what police consider like a racket of Rs 21,000 crore. At least three suicides in Telangana have been linked to the apps and a Chinese …