Opera Offering Predatory Loans via Android Apps: Hindenburg Research

Opera – the creator of a popular web browser for Windows, Android and iOS, is offering hunter loans through four Android apps allegedly aimed at India, Kenya and Nigeria (CashBan, Okash, OP, and OpSa) Which appear in direct violation of Google Play Store policies, prohibition of predatory loans and misleading details.

CashBan is an instant personal loan platform for Indian mobile users. The application process takes three steps with minimal documentation and in about 10 minutes, the approved loan amount is transferred to the applicant’s bank account.

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According to a report by Hindenburg Research, the company’s loss in browser revenue has apparently led it to create a number of paid apps, with short payment windows and interest rates of 365–876 percent, created by Google last year Violate new Play Store rules, Android police reported on Monday.

It is worth noting that Opera is not doing well in the era of Google Chrome’s dominance.

In response to the report, Opera said Hindenburg Research is trying to create “a position for short opera shares”.

“The company has carefully reviewed the report published by the short seller on January 16, 2020,” Opera said in a statement. “The company believes the report contains a number of inaccuracies, unfounded statements, and misleading conclusions and interpretations about the business of events and events related to the company. The company has recently launched and scaled several new businesses and financials. The results have continued to release, and are intended to leverage its well-known brand for additional growth and a large user base of over 350 million users. Da maintains. The company is committed to maintaining high standards of corporate governance and continuously developing our products, practices and governance. ”

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Opera became a public company in mid-2017, soon after it was bought by a Chinese investor group.

The list of ‘Okesh’ has a range of loans from 91-365 days (the page now says 61-365 days), but an email response from the company said it only offers loans from 15-29 days – 60 Much less than the minimum applicable by Google.

The report states that Opera’s other apps also differ. The opera was yet to issue a statement on the latest controversy.

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