Opera developer accused of giving microloans at crazy interest

Opera developer accused of giving microloans at crazy interest
Opera browser developer recently launched four Android microloan applications in India, Kenya andNigeria. As it turned out, applications give loans at much higher interest rates than indicated in the description.
Applications are called CashBean, OKash, OPay andOPesa. They say that the maximum interest rate on a loan is 33% per annum. However, in reality, user rates rose to 438%.

In addition, the applications indicate that the termthe loan is from 91 to 365 days. But the real maturity is on average 15 days. If the client is late in payment for one day, he will have to additionally pay up to 876% of the loan amount.

Interestingly, applications use old proven methods of “knocking out” money. They gain access to customer contacts and begin to call their relatives and friends in case of delayed payments.

The important thing is that these applications violate the rulesGoogle Store. In October 2019, the company banned posting “false and insecure” microloan applications on the Play Store. These include those that offer loans with an annual interest rate of over 36% and a repayment term of less than 60 days.

UPD:

The press service of Opera asked usclarify the situation. According to the company, the agency Hindenburg, which shared application data, is trying to create a situation for shortening Opera shares. Opera specialists studied the Hindenburg report and found a huge number of errors, unconfirmed statements, false conclusions and interpretations regarding the company’s business and events related to it.

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Opera developer accused of giving microloans at crazy interest
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