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‍‍‍‍‍ How A Killer ‘Instant Loan App’ Racket Spread In Asia?

‍‍‍‍‍ How A Killer ‘Instant Loan App’ Racket Spread In Asia?

A big percentage of instant loan apps have actually the exact same pc software backend – but various frontend branding.

Chinese investors then bring these apps to India with proxy directors.

Bhumana Prasad, a resident of Hyderabad, took that loan of Rs 3,500 from ‘My Bank’ – a lending that is digital – in November 2019. Within per week, he repaid the total amount along with interest, and very quickly, took another micro-loan, of Rs 4,400, through the app that is same.