BENGALURU -- Faizal Khan* thought long and hard before borrowing the equivalent of around $30 for seven days through one of the instant loan apps that have mushroomed in India over the last couple of years. In the end, the lure of the money proved too much and the 23-year-old engineering student persuaded himself it would be fine to go ahead.
Technology
Loan danger: India's illegal finance apps bring worry, regret
Users tempted by quick cash often face huge interest payments, harassment
Technology makes it easy for borrowers to finance everything from soaring household bills to gambling debts, but leaves them open to unscrupulous lenders. (Source photos by AP and Reuters)
Read Next
.JPG?width=178&fit=cover&gravity=faces&dpr=2&quality=medium&source=nar-cms&format=auto&height=100)
Latest on Technology
