Google will reportedly be putting in place some strict guidelines for personal loan apps on its Play Store. Starting today, May 31, Google is expected to roll out its revised ‘Personal Loans Policy’ for the safety of customers/users.
According to a report in Livemint.com, Google will be imposing these strict guidelines for apps that expose consumers to deceptive or risky financial products or services. The revised guidelines would also enable ‘no access’ to user-confidential information.
It adds that Google had said that apps that provide personal loans or have the purpose of helping to access these loans, are now prohibited from accessing sensitive data. This includes photos, contacts, media videos and so on.
The official statement by Google reads, “This policy applies to apps which offer loans directly, lead generators, and those who connect consumers with third-party lenders....... If you are not directly engaged in money lending activities and are only providing a platform to facilitate money lending by registered Non-Banking Financial Companies (NBFCs) or banks to users, you will need to accurately reflect this in the declaration. In addition, the names of all registered NDFCs and banks must be prominently disclosed in your app’s description.”
As far as the rules go for India, tech giant Google has reportedly urged personal loan apps to complete the ‘Personal Loan App Declaration’ for India and then provide necessary documentation to support their declaration.
Google also reportedly adds, “If your app contains or promotes financial products and services, you must comply with state and local regulations for any region or country that your app targets – for example, include specific disclosures required by local law.”
