iCredit is an app providing personal loan through their app. iCredit users can avail a personal loan of up to Rs. 50,000. In December, Reserve Bank Of India(RBI) issued a public notice against such personal loan apps that were involved in “unscrupulous activities” and charging immoderate fees and interests.
After that RBI held an online meeting where they advised Google representatives to take action on the personal finance apps that are violating the rules and regulations. Following that order, Google Play Store taken down more than 30 Personal Loan applications from their app store. Suzanne Frey, Vice President, Product, Android Security and Privacy warned about this thing in their recent blog post.
iCredit was one of the app that was removed from Play Store following the order from RBI officials. Following list of personal loan apps removed from Play Store:
- Finance Buddha
- LazyPay from PayU
- Extra Mudra
- StuCred(back after updating their app) etc.
There are hundreds of harassment and bullying cases against such apps. There’s s guy Prashanth Rangaswamay shared a tweet which shows the behaviour of representative of an app called Udhaar Loan.
Online loan horror :
Representative of a loan app called " Udhaar Loan " Asking a girl from Tamilnadu to video call her naked , if she fails to pay loan on time .
She attempted suicide today.
— Prashanth Rangaswamy (@itisprashanth) November 8, 2020
We tried to contact iCredit through the mobile number and email address available on their official website but still no response.
We will update you once we get more information about it. Stay Tuned.