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

But five months later on, payday -style applications providing quick cash for one or a couple of weeks are nevertheless simple to find in lots of countries on Bing Enjoy, the company’s marketplace for Android os apps. Some fee interest levels that will surpass 200% annualized.

Lending apps are specially popular in developing countries such as for example Nigeria, India and Kenya, where thousands of people don’t have actually bank reports or bank 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 decide.