Predatory Loan Mobile Applications charging exorbitant interest and processing charges accompanied by harsh recovery techniques are a growing menace to borrowers in India. These mobile applications are aggressively promoted on Android and iOS platforms and target gullible people, instantly promising quick and hassle-free loans. The Reserve Bank of India (RBI) is also flooded with many complaints from borrowers or their families who have fallen into a debt trap, and many even had to commit suicide. RBI is taking steps to remove such apps, but much must be done quickly. This paper aims to review the literature on predatory lending and its app. Further, it analyzes how using mobile technology such as apps affects emotional and cognitive physiology. Vulnerability and trap borrowers; steps taken by regulators; and recommendations of possible regulatory framework to curb this growing menace that can influence the financial system adversely