According to fintech industry sources, several lenders simply register an entity under the Companies Act, develop an app and start commercial lending. They peddle 7-30-day loans at high-interest rates — often 200-500% annualised. Most of these apps, recent investigations by NGOs and advocacy groups like Cashless Consumer reveal, are Chinese white-labelled apps with Indian names. The apps are mostly hosted on Chinese servers.source https://economictimes.indiatimes.com/industry/banking/finance/banking/loan-trap-inside-the-world-of-shady-digital-lending-apps-which-promise-a-loan-in-a-minute/articleshow/80304632.cms
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