A big percentage of instant loan apps have actually the exact same pc software backend вЂ“ 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 вЂMy BankвЂ™ вЂ“ a lending that is digital вЂ“ 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 вЂ“ particularly, 14 different financing apps them started harassing him, demanding a repayment totalling Rs 44,000 that he had never downloaded вЂ“ and very soon, all of.