DEMYSTIFYING THE MISERY BEHIND LOAN APPS IN INDIA

Digital lending contributed to meeting the financial needs of people who had otherwise faced many difficulties in getting required money a very short period time. All that comes with ease cannot be presumed have happy ending. Loan apps increased and created havoc. In wake undesirable situations leading suicidal deaths fallen prey unscrupulous through loan apps, this paper tries bring into light digital their features, factors responsible for lending, mechanism adopted by operators cheat harass borrowers, finally studies intervention regulatory bodies. The app leveraged gaps system override business coupled dire need raise easy finance via apps. This aims explore RBI (Reserve Bank India), body supervision control banking India, guidelines on provide precautions whosoever wants avail loans. data is collected from report published various articles electronic media. study highlights user must vigilant at every step availing process ensure happens transparently within ambit laid RBI.