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Customer loan apps billing a interest that is staggering of 36 percent or maybe more each month have already been banned on Google Enjoy shop, relating to a study because of the Wall Street Journal (WSJ) on October 13. More often called pay day loans, customers can borrow lower amounts of INR 5,000 to INR 1 lakh for a period that is short of times.
The interest that is annual on payday advances exercise a mind-numbing 540% or even more.