AI-based loan apps are booming in India, but some borrowers miss out

As the founder of a consumer rights non-profit in India, Karnav Shah is used to seeing sharp practices and disgruntled customers. But even he has been surprised by the sheer volume of complaints against digital lenders in recent years.

While most of the grievances are about unauthorised lending platforms misusing borrowers’ data or harassing them for missed payments, others relate to high interest rates or loan requests that were rejected without explanation, Shah said.

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