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‍‍‍‍‍ How The Killer ‘Instant Loan App’ Racket Spread In Asia?

‍‍‍‍‍ How The Killer ‘Instant Loan App’ Racket Spread In Asia?

A big percentage of instant loan apps have actually the exact same pc software backend – but various frontend branding.

Chinese investors then bring these apps to Asia with proxy directors.

Bhumana Prasad, a resident of Hyderabad, took that loan of Rs 3,500 from ‘My Bank’ – a lending that is digital – in November 2019. Within per week, he repaid the total amount along side interest, and quickly, took another micro-loan, of Rs 4,400, through the exact same software. Inside a days that are few but, Bhumana noticed one thing strange. There was clearly Rs 26,000 deposited inside the SBI bank-account from various sources – particularly, 14 different financing apps them started harassing him, demanding a repayment totalling Rs 44,000 that he had never downloaded – and very soon, all of.