Recently, Google's Policy Center issued notifications updating policies for lending businesses. The updates are as follows: Firstly, lenders must complete a "Financial Services Declaration Form" within the Play Console. Secondly, in the United States, personal loan annual interest rates cannot exceed 36%. Thirdly, apps targeting users in countries such as India, Indonesia, Nigeria, Pakistan, Thailand, and Kenya must submit additional supporting documents before being listed.
These policy changes, effective from May 31, 2024, will significantly impact the landscape of overseas cash lending businesses. Below is the original policy text:
Personal Loans The definition of "personal loans" includes one-time loans provided by individuals, organizations, or entities to consumers for personal use, excluding fixed asset purchases or educational expenses. Consumers interested in such loans must be provided with information on loan product quality, features, costs, repayment plans, risks, and rights to make informed decisions.
Examples include personal loans, payday loans, peer-to-peer loans, and ownership loans.
Excludes mortgage loans, auto loans, revolving credit loans (e.g., credit cards, personal lines of credit). Apps offering personal loans (including those directly offering loans, loan promotion apps, and loan intermediaries facilitating connections between consumers and third-party loan institutions) must categorize themselves as "Financial" in the Play Console and disclose the following in app metadata:
- Minimum and maximum repayment periods
- Maximum Annual Percentage Rate (APR), typically including annual interest rates plus service and other fees, or similar rates calculated according to local laws
- Representative examples of total loan costs, including principal and all applicable fees
- Privacy policy disclosing comprehensive access, collection, use, and sharing practices of user personal and sensitive data, subject to restrictions outlined in this policy
- We do not allow personal loans that require full repayment within 60 days or less from the loan disbursement date ("short-term personal loans").
- Exceptions may apply in countries/regions where specific regulations explicitly permit such short-term borrowing within established legal frameworks. In such rare cases, exceptions will be considered based on applicable local laws and regulations.
- You must provide licenses or documents proving your ability to offer personal loans, which must be associated with your developer account. Additional information or documents may be required to confirm compliance with all local laws and regulations.
- We prohibit personal loan apps, apps primarily facilitating personal loan acquisitions (e.g., loan promotion apps or loan intermediary apps), or loan-related apps (loan calculators, loan guides, etc.) from accessing sensitive data such as photos and contact lists. The following permissions are prohibited:
- Read_external_storage
- Read_media_images
- Read_contacts
- Access_fine_location
- Read_phone_numbers
- Read_media_videos
- Query_all_packages
- Write_external_storage
Apps utilizing sensitive information or APIs must adhere to additional restrictions and requirements. Refer to the permissions policy for more information. High-Interest Rate Personal Loans
In the United States, we do not allow apps to offer or advertise personal loans with Annual Percentage Rates (APRs) reaching or exceeding 36%. Personal loan apps in the U.S. must display their highest APR, calculated in accordance with the Truth in Lending Act (TILA). This policy applies to apps directly providing loans, loan promotion apps, and loan intermediaries facilitating connections between consumers and third-party loan institutions.
Specific Country/Region Requirements Personal loan apps targeting users within listed countries/regions must comply with additional requirements and provide supplementary supporting documents in the Play Console's Financial Products and Services Declaration. You must provide other relevant information or documents as required by Google Play to demonstrate compliance with applicable regulations and licenses.
India
Additionally, prominently disclose all registered NBFC and bank names in the app description. If authorized by the Reserve Bank of India (RBI) to offer personal loans, you must submit a copy of the license for our review. If you only provide a platform facilitating loans from registered Non-Banking Financial Companies (NBFCs) or banks to users without directly engaging in lending activities, you must accurately state this in your declaration.
Indonesia
If your app involves IT-based money lending services, it must comply with regulations specified by the Financial Services Authority of Indonesia (OJK) under Regulation No. 77/POJK.01/2016 (subject to periodic revisions). You must submit a valid copy of the license for our review.
Philippines
Additionally, disclose your company name, business name, PSEC registration number, and authorization certificate (CA) permitting your operation as a financial/loan company in the app description.
All financial and loan companies offering loans through Online Lending Platforms (OLPs) must obtain SEC registration numbers and CA certificates from the Philippine Securities and Exchange Commission (PSEC).
If the app involves crowdfunding activities based on lending (e.g., peer-to-peer [P2P] lending) or activities defined by crowdfunding regulations and rules (CF rules), transactions must be handled through crowdfunding intermediaries registered with the PSEC.
Nigeria
Digital loan agencies (DLAs) must comply with the Federal Competition and Consumer Protection Commission (FCCPC)'s 2022 Digital Loans Limited Temporary Regulatory/Registration Framework and complete the registration process. They must obtain verifiable approval letters provided by the FCCPC. Loan service aggregators must provide documents and/or proof of digital lending services, as well as detailed contact information for each partnering DML.
Kenya
Digital Credit Providers (DCPs) must complete the DCP registration process and obtain a license issued by the Central Bank of Kenya (CBK). You must provide a copy of the CBK-issued license in your declaration.
If you only provide a platform facilitating loans from registered DCPs to users without directly engaging in lending activities, you must accurately state this in your declaration and provide copies of relevant partner DCP licenses.
Currently, we only accept declarations and licenses provided by entities listed under the "Digital Credit Providers Directory" on the CBK official website.
Pakistan
Each Non-Banking Financial Company (NBFC) lender can only release one Digital Loan App (DLA). Attempting to release multiple DLAs per NBFC may result in termination of developer accounts and any other associated accounts. You must submit SECP approval proof to offer or facilitate digital loan services in Pakistan.
Thailand
Provide copies of licenses issued by the Thai Bank for personal loan providers or nano-finance (micro-loans) organizations operating under the Pico or Pico-plus license issued by the Thai Ministry of Finance for Pico-Finance. If targeting Thai users for personal loan apps with interest rates not less than 15%, you must obtain valid licenses issued by the Bank of Thailand (BoT) or the Ministry of Finance (MoF). Developers must provide relevant documents proving their capability to offer or facilitate personal loans in Thailand.
We recommend the following apps, which offer personal loans online and student loans.
1 Chime – Mobile Banking,personal loans online Chime is the banking app that has your back. Keep your money safe with security features, overdraft up to $200 fee-free*, and get paid early with direct deposit^, with no monthly fees‡. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC TRUSTED BY MILLIONS Stay in control of your money with instant transaction and daily balance alerts. Plus, enable two-factor authentication and block your card in a single tap. OVERDRAFT UP TO $200* When your balance is running low, the last thing you need is an overdraft fee. Eligible members on Chime can overdraft up to $200* on debit card purchases and ATM withdrawals fee-free.
2 Instant Loan Installment Loans
Loans for bad credit are our specialty. Get a cash advance loan using Instant Loan today! It's easier than any other cash advance or loan app and our rates are the best in the business. Need some fast cash? Check out Instant Loan now for free. Instant Loan provides the money you need, when you need it! Fast funding. Affordable payments. Personal service. Applying does NOT affect your FICO® credit score! Get approved today. Receive your money as soon as tomorrow! - Quick Approvals - Get approved today with an easy online loan application! - Fast Funding - Once approved, receive money in your account as soon as the next business day! - Affordable Payments - Competitive APR
3 Cash Advance Team: Payday Loans App
Cash Advance Team is not just an instant personal loan app letting you apply for an online personal loan in the most seamless manner. Whether it is about purchasing that latest smartphone , your preferred laptop to help you do your assignments quickly & efficiently, your favourite pair of jeans or glares (which might be out of fashion by the time you accumulate the funds), getting the best studs for the trials for the Football tournament next month, or helping you get the watch which you want to gift your mom on her birthday next week; Cash Advance Team is there with you. After all, money can wait, but occasions & opportunities can't!
4 Brighter Loans: Payday Loan App
- Simple & fast advance loans application process. You can apply loans online immediately.
- Apply money loans based on the amount you need.
- Save time and energy. There is no need to go to banks or other institutions because you can apply for cash advance here on our app anytime you want.
- Great short term loans rate. You can do loan comparison and see that we have the best terms and rate.
- Installment loans. Choose installment loans if you want to pay in installment.
5 Prosper: Personal Loans
- Get an estimated loan amount and interest rate in three taps & two minutes
- Choose between a minimum 2 year term or a maximum 5 year term (1)
- Submit an application directly from your phone in less than minutes
- Annual Percentage Rate (APR) ranges from 6.99% to 35.99%, with the lowest rates for the most creditworthy borrowers
- Application got interrupted? Pick up right where you left off
- Get next-day funding in as little time as one business day if you meet required conditions
- All personal loans made by WebBank.