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Customer loan apps recharging a staggering rate of interest of 36 % or even more each month have now been banned on Bing Enjoy shop, in accordance with a report because of the Wall Street Journal (WSJ) on October 13. More popularly known as payday advances, customers can borrow smaller amounts of INR 5,000 to INR 1 lakh for the quick amount of 30-60 times.
The interest that is annual on payday advances exercise a mind-numbing 540% or even more.