The Reserve Bank of India (RBI) last week released guidelines to regulate digital lending apps in order to crack down on the increasing number of frauds and unethical activities. The banking regulator is also preparing a “Whitelist” of all legal apps which will be allowed by the Ministry of Electronics and Information Technology (MeitY) to be listed on Google Play store and Apple’s App Store. However, amidst all this, a digital lending app, called Wonder Loan, is found to be listed on Google Play. The app is accused of duping customers with fake five-star reviews and shady loan repayment schemes. As per an email from one of the customers of the app, Wonder Loan not only disbursed a loan amount that wasn’t requested for but also duped him out of an extra amount of money as repayment in less than a week.
Who owns/operates Wonder Loan? What does it promise?
As per the Google Play listing, Wonder Loan is developed by the Thai Nadu Fint Group, which has been active for just two months and has only one app — Wonder Loan — listed on Google Play, as per app data platform AppBrain.
Wonder Loan has a Google Play rating of 4.9 stars, with over 46,000 user reviews. It has already seen over a million downloads. Wonder Loan, just like most other digital lending apps, provides a platform to allow registered non-banking financial companies or banks to lend money to users. As per its website, users can get loans from Rs 3,000 to Rs 2 lakhs via Wonder…
