A surge of app lending is pushing Indians into a debt trap as they borrow more to repay old loans
Lending apps, a $23 billion annual market that has expanded 2.5 times in three years, present a far more insidious problem. Thousands of digital loan originators prey on India’s working class—pinning them down with targeted ads and push notifications—to disburse small sums in three easy taps. Last fiscal year alone, fintech platforms sanctioned over 130 million such loans, averaging ₹16,000 ($170).
