Loan danger: India's illegal finance apps bring worry, regret

Gareth Jones

August 12, 2022

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Gareth Jones

lending

The wide adoption of fintech has benefited many people in Asia, especially among the region’s large unbanked populations. But rapid tech developments can also come with a darker side

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Technology has made it easier to meet surging demand for quick cash to finance everything from soaring household bills to gambling debts. Khan took the loan after he ran out of the "pocket money" his parents give him for living expenses, confident he could pay it off in time. Some of these transactions can lead to tragic consequences. The SaveThem India Foundation, a nonprofit organization that helps victims of cybercrime, has traced 17 suicides over the last year to "harsh recovery tactics" used by illegal loan apps.

https://asia.nikkei.com/Business/Technology/Loan-danger-India-s-illegal-finance-apps-bring-worry-regret2?utm_content=article_link&del_type=5&pub_date=20220811150000&seq_num=4&si=__MERGE__user_id__MERGE__