Google introduces new policies for digital loan apps

Google Sunday introduced new policies for personal loan apps in Pakistan after several cases of fraud surfaced, reported 24NewsHD TV channel.

The new policy introduced by the technology tycoon stated that all the personal loan apps approved by Google will be placed on the Play Store only after verification from the Security and Exchange Commission of Pakistan. It was also stated that it is mandatory for the approved apps to provide clear information about the loan charges, loan tenure, instalments and other charges to the user.

Moreover, the regulatory framework and the implementation of other set standards for the licensed Non-Banking Finance Companies (NBFCs) providing digital loans will also be audited. In the audit, the examination for possible data privacy violations and other infringements happening in the registered companies will be done.

The licensed NBFCs will also be assessed for providing their users 95 percent of digital loans.

After the cases of fraud and abduction surface over the personal loan apps, users can lodge complaints against the licensed NBFCs and approved loan apps on the complaint portal.