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Customer loan apps charging you a staggering rate of interest of 36 percent or even more each month have now been banned on Google Enjoy Store, based on a report by the Wall Street Journal (WSJ) on October 13. More popularly known as pay day loans, customers can borrow a small amount of INR 5,000 to INR 1 lakh for the brief amount of 30-60 times.
The interest that is annual on pay day loans exercise a mind-numbing 540% or maybe more. In contrast, the steepest rate of interest fee is on charge card loans, which involves be around 40% each year. lees meer