Opera developer accused of giving microloans at crazy interest

Recently, browser developer Opera launched four Android apps for issuing microloans in India, Kenya and

As it turns out, the apps issue loans at much higher interest rates than indicated in the description.

The apps are called CashBean, OKash, OPay, and OPesa.However, in reality, user rates rose to 438%.

In addition, the appendices indicate that the loan term is from91 to 365 days, but the actual repayment period is on average 15 days.If the client is late with the payment for one day, he will have to pay up to 876% of theloan amounts.

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.