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

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

In August, Bing announced a worldwide crackdown on Android apps that provide 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 offering quick cash for one or fourteen days will always be simple to find in a lot of nations on Google Enjoy, the company’s marketplace for Android os apps. Some cost rates of interest that may surpass 200% annualized.

Lending apps are specially popular in developing countries such as for instance Nigeria, Asia and Kenya, where thousands of people don’t have actually bank records or charge cards but do have mobile phones. The epicenter is Kenya, where an explosion in mobile financing and government that is little has effortlessly made Bing the arbiter of which apps customers can select.

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