In today's world, where there's a need, there's an app. With the onset of the pandemic, many Indians have been struggling to make ends meet, and the demand for credit has skyrocketed. While a plethora of banks and fintech startups exist for just this, opportunistic loan sharks also prowl these waters, looking to prey on vulnerable and desperate borrowers. Over the course of the past year, hundreds of predatory loan apps sprung into existence, offering quick and simple credit to those who seek it. But there’s a catch. What may seem like a simple and inexpensive mode of credit, might end up costing users far more than they signed up for. Sometimes even their lives.
You can find the full story, originally reported by Arundhati Ramanathan, on our website here: https://the-ken.com/story/indias-instant-loan-app-crisis-is-made-in-china/
Arundhati is Bengaluru-based. She is interested in how people use money in the digital age and how new economies will take shape based on that interaction. She has spent over 10 years reporting and writing on various subjects. Previous stints were at Mint, Outlook Business and Reuters.
Your hosts: Anushka Chhikara and Olina Banerji
Music and editing by Sameer Rahat from Baqsa Studios
The guests on this episode: Jenis Makwana, a Mumbai based architect who has faced a personal loss from these illegal lending apps. Ved Prakash, a 33-year-old IT professional who used one such lending app for funds required for a medical emergency.
We’d love to hear from you, reach out to us at podcast@the-ken.com or tweet us!
Visit our website: https://the-ken.com/ The Ken on Twitter: https://twitter.com/TheKenWeb The Ken on Facebook: https://www.facebook.com/TheKenWeb