Bing Ban Does Not Stamp Out Short-Term Payday Lending Apps

Bing Ban Does Not Stamp Out Short-Term Payday Lending Apps

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In August, Bing announced a crackdown that is global Android apps offering short-term loans, saying it wished to protect customers from just what it called “deceptive and exploitative” terms.

But five months later on, payday -style applications providing money that is fast one or a couple of weeks will always be simple to find in a lot of nations on Bing Enjoy, the company’s marketplace for Android os apps. Some charge interest levels that may surpass 200% annualized.

Lending apps are especially popular in developing countries such as for example Nigeria, Asia and Kenya, where thousands of people don’t have bank reports or bank cards but do have mobile phones. The epicenter is Kenya, where an explosion in mobile financing dollar financial group loans flex loan and government that is little has effortlessly made Bing the arbiter of which apps customers can decide.

Inspite of the ban on loans which have become paid back in less than 61 times, numerous apps available through the Bing Enjoy shop are providing reduced terms to Kenyans. Continue reading “Bing Ban Does Not Stamp Out Short-Term Payday Lending Apps”