Almost 300 predatory loan apps found in Google and Apple stores
Such predatory lending apps have been a problem before. As we
Lookout researchers wrote in their report that there were likely dozens of independent operators behind the apps, with only some of them sharing code bases. However, all the apps followed a similar pattern in tricking victims into unfair loan terms and then threatening borrowers for repayments. "The focus on developing countries may also explain why we found more loan scam apps on Android than on iOS," the researchers wrote."Outside the US, Android is much more popular, with more than 70 percent of the market, partly because of the availability of extremely low-cost Android devices."
The victims would receive some of the loan they applied for – unlike similar scams – but it would come with fees that amounted to up a third of the amount borrowed. After that, extremely high interest rates were applied and the borrowers were told to repay the loan within days, much of which was contrary to the lending details the load app promised.
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