A large percentage of instant loan apps have actually the software that is same вЂ“ but various frontend branding.
Chinese investors then bring these apps to Asia with proxy directors.
Bhumana Prasad, a resident of Hyderabad, took financing of Rs 3,500 from вЂMy BankвЂ™ вЂ“ a lending that is digital вЂ“ 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 exact same software. Inside a days that are few nevertheless, Bhumana noticed one thing strange. There was clearly Rs 26,000 deposited in his SBI bank-account from various sources вЂ“ particularly, 14 different financing apps which he had never ever installed вЂ“ and incredibly quickly, them all began harassing him, demanding a repayment totalling Rs 44,000.
just How did these apps вЂlendвЂ™ cash to Bhumana? and exactly why?