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Predatory lending apps

Updated on 2022-12-01: Predatory lending apps

Mobile security firm Lookout found 251 Android and 35 iOS lending apps that engaged in predatory and abusive behavior toward their users. The apps offered users loans but, in return, requested access to excessive permissions and personal user information, such as contacts, local files, and SMS messages. The apps also used hidden fees, high interest rates, and repayment terms that were different from the ones listed on their official app store listings. Once users defaulted on their loans, the apps would harass and threaten borrowers and even go as far as notify friends and other contacts in schemes meant to shame and put pressure on the borrower. Lookout said the Android apps were downloaded more than 15 million times and the iOS apps ranked high in the App Store finance category before being removed by both Apple and Google. Read more: Lookout Discovers Hundreds of Predatory Loan Apps on Google Play and Apple App Store

Overview

Lookout spotted around 300 iOS and Android apps that are tricking victims located in Mexico, India, Colombia, Kenya, and other countries, into unfair loan terms through predatory and extortionist tactics. Read more: Lookout Discovers Hundreds of Predatory Loan Apps on Google Play and Apple App Store

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