Mangaluru: Police caution people against digital lending apps

Team Udayavani, Jan 12, 2022, 2:55 PM IST

City police commissioner N Shashi Kumar on Wednesday urged people to be cautious while granting permission to unauthorized loan apps to access their contacts, photos etc.

The advisory came after a 26-year-old youth allegedly died by suicide citing financial crisis.

The digital lending apps, promise quick online loans and charge exorbitant rate of interest. Upon failure to repay the loan amount they however subject the defaulter to online harassment in the form of threatening calls, WhatsApp text messages and even calls to his friends and family, to shame him, the Compol informed.

As many as 600 loan apps now operating in India are not registered or recognised by the Reserve Bank of India, he added.