Here is why Google Removes LCredit, Rapid Naira, Other Predatory Loan Apps From Its Play Store? According to fiondings and research, Google has banned Rapid Naira and LCredit, as well as several other yet-to-be-identified quick loan apps, from the Play Store for allegedly breaking its finance app regulations.
- *The LCredit loan app has been removed from the Google Play Store!
- *Google Play Store has also banned the scam loan app Rapid Naira!
- *A predatory loan shark continues on Google Network for Naira.
Why Google Removes LCredit, Rapid Naira, Other Predatory Loan Apps From Its Play Store
“We only allow personal loan applications with full repayment due in greater than or equal to 60 days from the date the loan is provided,” according to one of Google’s policy statements for loan apps hosted on the Play Store. Apps that do not comply will be withdrawn without warning.”
“Any app that offers personal loans with an Annual Percentage Rate (APR) of 36 percent or higher are no longer expected to be listed on the Play Store,” according to another Google policy. Lenders must adapt their goods and business structures to match Google’s requirements in order to keep their apps in the Play Store.”
However, numerous lending apps, such as LCredit and Rapid Naira, offer loans with terms ranging from 7 to 30 days at exorbitant interest rates and APRs that are higher than those set by Google. The network should enforcing its policies and pointing these infringing programs in the right direction.
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Why LCredit was removed From Google Play Store
Play Protect, the Playstore security system that monitors apps hosted on Google for malware and other dangerous viruses and fraudulent apps, removed LCredit. Users were cautioned not to use the LCredit app by Google because it was attempting to spy on their phone contacts, recordings, images, banking information, and other sensitive information on their devices. This is a violation of Google’s privacy policies.
Customers were notified by Google Play about LCredit’s fraudulent activities.
Rapid Naira, a lending app available on Google Play Store, has no website, no actual business address, no social media presence, and no digital footprint other than the opportunity to download it from the Play Store, where it defrauds unsuspecting Nigerians.
What the Rapid Naira Can Offer
Rapid Naira claims to be able to provide you with a rapid loan in just a few steps. The platform states that its loans are only available to Nigerians, and that you can borrow between N6,000 and N300,000 with a repayment period of 91 to 365 days.
They also claim to offer monthly interest rates ranging from 2.4 percent to 12 percent, with an APR of 4.8 percent to 24 percent.
This application claims that the loan would be deposited in your bank account in minutes, with no documentation, no collateral, no guarantor, no hidden fees, and a slew of other false promises.
Before it was removed from the Google Play Store, there was a game called Rapid Naira.
What Does Rapid Naira Actually Do?
Rapid Naira is a fraudulent and scam application, according to the results of QUICK LOAN ARENA. It does not have any rapid loans to offer, and it has never issued anyone a loan.
It’s merely a scam program meant to steal money from unsuspecting users and consumers and then give them nothing in return.
They will debit your bank accounts linked to your BVN with the name FLW Professional Service, Lekki as soon as you fill in your account and banking security credentials into their app platform.
We recognizes that a large number of apps on Google Play are in violation of the company’s lending and repayment policies, and we urge the company to enforce its laws, either by calling them to order or by removing them from the Play Store.
The fate of Nigerian consumers is in jeopardy. This platform has also urged regulatory authorities to enforce local laws against loan sharks.
The Nigerian Apex Bank (the CBN) appears to be at a loss for what to do, as the Apex Bank admitted months ago that the rapid lending applications and platforms are flouting its operational requirements, despite the Apex Bank failing to enforce the rules and slamming them with the hammer.
NOTE: ForNaira is still available on the Google Play Store.
The ForNaira loan app is still available on Google Play, however it’s a “scam” rather than a lending app.
The following are the features listed on the Google Play Store page for the ForNaira app:
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The ForNaira Loan Process
– Borrow up to $300,000 – Get a loan quickly and easily with no hidden fees
– As soon as the loan is accepted, the account is credited – Our Loan App is incredibly secure and reliable – no collateral or guarantor is required. Credit scoring is controlled by artificial intelligence, resulting in quick loan choices!
– We are here to help you 24 hours a day, 7 days a week.
Unlike what is advertised on Google Play, the ForNaira app accomplishes the following:
1. As opposed to the 91 to 360 days shown in the Google Play store, give loans for 7 days.
2. Does not provide loans in excess of $300,000
3. Does not disclose its true costs in the sense that it advertises the amount of loan to be supplied but actually gives significantly less.
4. They do not require collateral, but they do require guarantors.
5. 7 days loan, like others, begins counting the moment money is deposited into your account, and what you see on your dashboard right now is 6 days remaining. It’s never seven days.
6. If you do not pay on time, their staff will harass you, threaten you, and send messages to individuals on your contact list that you should not be trusted and that you should pay back your loan.
ForNaira Loan Review from Google Playstore
Take a look at what one customer has to say about ForNaira: “ForNaira is the worst app for getting a quick online loan…
Despite the fact that I was only one day late, their representative sent a message to all of my contacts stating that it had been over two months and that I had failed to pick up calls or respond to messages.
Meanwhile, the lady in question sent me a message at 5:45 a.m., and I replied that I would pay by 4 p.m. By 9 a.m., she had begun sending messages to my contacts…
I will not pay another dollar for what she has done. You can’t call me a liar and expect me to pay you, because I was going to pay you for the missed payment anyhow. “I have proof.”
In the United States, Google does not allow apps for personal loans with annual interest rates of more than 36%, but it does not appear that the same restrictions apply to users in other countries.
“Our Google Play Developer Policies are designed to safeguard and keep consumers safe,” a Google spokesman stated.
“We recently enhanced our Financial Services policy to help protect individuals from deceptive and exploitative personal loan conditions.” “When we find violations, we take action.”
Regrettably, what constitutes a violation in one country may not constitute a violation in another. Predatory loan apps will have an easier time exploiting customers in undeveloped countries like Nigeria, where many people lack bank accounts or credit cards.
This is terrible, and we would like to see Google adjust its rules to establish firm boundaries that actually safeguard consumers around the world.
Apps that provide personal loans with an Annual Percentage Rate (APR) of 36% or more are unlikely to be offered on the Play Store in the near future. Lenders must adapt their goods and business models to match Google’s requirements in order to maintain their apps in the Play Store.
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