Dark distribution: How usurious payday loan apps outlived RBI’s crackdown and Play Store bans
A Mint reporter visited the office of Flot, short for Flexible Loan on Time, in Sector 6, Noida, a busy area teeming with corporate offices, and was met by two customer service executives. According to them, most loans on the MyFlot app are for around ₹45,000 for a 45-day period. “Interest rates are 0.8% to 1% (a day). We accept applications from people with 600-700 or less Cibil score but make sure they are salaried, don’t have gambling income, and check for their other loans,” one of them said without permitting use of his name. For a ₹45,000 loan, borrowers receive “42,000-something after processing fees and GST charges,” he added.
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