Infographic | Concerns with Instant Loan Apps

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Infographic | Concerns with Instant Loan Apps

Some concerns about instant loan app include high interest rate and misuse of data

Representative image.  Credit: iStock Photo

According to a survey conducted by LocalCircles, up to 14% of Indians have used instant loan apps in the past two years.

Some concerns about instant loan app include high interest rate and misuse of data. More than 50% of people have experienced misuse of their data during the collection process when they took out a loan using these apps.

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