Despite Google's ban, several apps provide short-term loans at ridiculously high interest rares

Last August, Google changed some Play Store rules to often called "payday loans." These financial transactions earned this name because they are used by consumers who are living paycheck to paycheck and need to borrow some cash to take them to the next payday. In the financial markets, companies usually pay lower interest rates for shorter-term debt. But because consumers who need these loans are considered high-risk (not exactly worthy of a AAA S&P rating) and are desperate, the companies funding these apps are demanding outrageous interest rates.

Google denies turning a blind ...

Friday, 24 January 2020 GSM ARENA GSMArena.com