Bitcoin Forum

Over the week, a friend and I had a conversation about loans and loan apps and she shared a bitter experience of how she was unable to write a very important exam because the money meant for payment of fees to qualify for that exam was deducted by a certain loan app that she collected money from a while ago.  Who will you really blame? My friend for not paying up as at when due or the loan app for not notifying her before the deduction.
In all, I advice that we should try to avoid any business with loan apps as they seem to be very numerous these days and are easily accessible. Most importantly, You should know that you are at the danger of developing a habit of borrowing from them if you patronise loan apps even for the smallest amount.

I think you are talking about payday loans?
They are parasites, absolute scums, lowest of the low, and will burn in hell(I hope there's one). They would give loans to anyone without accrediting the borrower and assessing the risk involved(I mean even the loans on this forum are accredited but not in real-world  ???). This is what puts people in a debt trap.

I remember watching a video where the owner of some payday loan company, went to jail for years(rightly so) because his company kept on deducting money as interest. Can't find it now, maybe someone else can  :D
Edit: Found him, his name is Scott Tucker. Watch Dirty money on Netflix, it's a very informative docu-series.

Your friend's loan would have been on default before the loan company will be able to deduct the loan directly from his bank account. Why your friend did not pay in time? Your friend is to be blamed. Before he loaned money, there is ToS and how the loan will be. Do not loan the amount of money you are not able to get back at certain period you plan to back the loan.

In general, it is not recommendable to adquire debt unless it is necessary.
I have seen some of those apps, specially I have seen Xiaomi's credit app called "Mi Credit", according what I have read it is popular in India (one's of Xiaomi's most important markets).

I am not familiarized with the interest of these apps and whether they are predatory or not, as a rule of thumb, credit is supposed to be a tool for emergency expenses but unfortunately I am aware that there are people in both developed and developing countries that put themselves in a position of increasing debt risking their credit scored and personal finances.

Yeah they have very scammy business models. The largest one in the UK went out of business when a court determined they couldn't charge more than 100% interest on loans afaik (wonga).

---

Most debt is addictive if you want something now and don't want to wait.

Lending should be taken out as a last resort and even then should be attempted to be taken from a bank (potentially over a longer term to keep repayments low).

These loaning apps are terrible in customer service, they really are a business that will suck every customer's money that have taken loan from them.

If you're going to take a loan, just go with the banks and they've got lesser interest rates.

The twist from these apps are they've got lesser requirements so those that are in dire need, they're the best options but when they've got the loan, terrible experiences will be made from them.

I was always brought up by the rule of "live within your means." Nowadays, it is difficult to be sure that it will always be easy to pay interest rates. Therefore, it is better to limit yourself to something than to cause yourself a bunch of problems afterward.
In my country, it is very easy to get a loan. No documents with the provision of a person's employment are needed to provide a guarantor of return. Microcredits are especially developed. But when it comes time to repay, there is a completely different amount that the borrower does not expect to see, since some obligations are written in small print, and people most often do not pay attention to them.
Credit life is like a bird in a cage.

Awesome, I hadn't noticed that in the god-awful Netflix display page of their movies and TV series, and I appreciate you taking the time to mention it.  I just found it and am going to watch it, probably after this post.

I'm not familiar with loan apps, but based on what I know about hard money lenders, payday lenders, and the like I'm sure OP's friend got ripped off somehow.  Those services are basically the worst form of usury, and they really should be illegal in the US.  I'm not even sure how they're regulated, but even if they are they're profiting from desperate people and that leaves a bad taste in my mouth.  They're worse than drug dealers.

Everyone should do that, but you and I both know what the reality is.  I don't know about other countries, but in the states everyone has a credit card, and a lot of them are maxed out.  People buy homes that they're slaves to based on their mortgage rates and cars they have to finance, etc., etc.  The rule that I've stuck to for the last 20 years is if I can't buy it with cash, I don't buy it.  Saves me a lot of headaches.

I remember seeing somewhere some time ago that the biggest business in the world is not drugs, nor arms, nor prostitution. It is debt, considered globally: mortgages, personal loans, credit cards and all kinds of credit.

The problem today is the ease with which impulsive people, of which there are many, can get a loan in a short time from their cell phones. This has made, for example, that people who lose everything they have in the casino can ask for a loan from their mobile, have the money in their account instantly or in a short time and continue betting, to lose everything most of the time. But then comes the hangover, you have to pay back what you lost, sometimes during years.

It is best to try to avoid debt, with some exceptions, such as a mortgage to buy a house.

In the area where I live, there are many forms of debt with many sophisticated solicitation techniques, not only through internet advertising, sms, calls, apps, ... but I also see it as a profession for some people. Young subjects used to broker with people who needed money. And perhaps not much to say when it is all bad money, taking advantage of ignorance to foreclose on borrowers with exponential costs. So, be more cautious when borrowing money anywhere, but it is best to avoid material constraints related to money, don't make things difficult for yourself and become poorer.

I think they are talking about the apps like LazyPay, PayLater, Dhani etc apps which allows you to pay money instantly to any services or products and you can pay the money later to those services. This is nothing but taking the loan from then and paying back the money with stipulated timeline.

If you do not payback the amount then obviously as default you will be charged interest on the amount.

These services are high risk and can affect your CIBIL score directly.

So better your friend report it to banks with proper proofs or they may get affected with CIBIL.

Lots of these today online advertised everywhere on facebook like the FinanZero, PaySense or Buddy Loan. They're preying Moms needing cash for theirs kids. People with no options but to take a loan will really go to these loan apps since they need the money. Missing the date of pay, you get to pay an interest for it.

If your friend had already took a loan, he just have to pay it in full and not do it again,  these lenders are just going to suck more money from him.

The loan app has the right to deduct the payment automatically if it was due already because it was written in loan ToS. She shouldn’t use that same payment method to pay her school fees if she knew that she has unpaid due loans. A debt is a debt and debtor don’t care about the borrower situation because it’s personal while loan app is a business and not a charity. There’s no way for a loan app to notify the person who apply to loan before they will deduct payment.

Probably because I used the same account for the loan repayment and to pay the fees. If he had used different accounts, he would have been able to pay the fees, but he would not have been able to avoid paying, because the loan app would have initiated a seizure procedure, which takes a while.

I dislike loan apps. They are associated with everything a business model shouldn't stand on. It reminds me of the advert of a loan company, "Get 5million in 5 minutes on the xxxx loan app. No collateral. No Paperwork." Like how is this not a red flag? In my country one of the reasons that make loan apps to act like crazy is because there is no regulation of their operations. They are mostly fraudsters. They have a ridiculously have interest rate. Terrible customer service. They bully defaulters and even go as far as calling the family and friends of the borrower to assassinate their character.

Loans are normal if you really need it, take it as a last resort, for personal use, whether you use an app or not. Although making a loan for a purpose of a business is okay and somewhat recommended though.

What you need to avoid are making loans that you can't pay in the long run.

Getting loan from loan apps or loan customers comes when two things happen.
1. When the need to get the money is absolutely necessary.
2. When you cannot get from trusted friends and relatives.

Some of these loan apps are not regulated and they do not have regards to privacy. They can assassinate character. Even when the borrower have settle the depth they will still go ahead to call or message anyone close to the victim, advertising him as a debtor.
If you want a loan, go to the bank and with collateral and get a loan.

Many loan applications are from companies that are not registered with the government so that they determine independent regulatory decisions with the highest loan interest rates, billing regulations are not in accordance with procedures because they forcibly confiscate goods from borrowers and threaten the safety of borrowers if they are not repaid. I avoid application-based loans and choose bank loans if the conditions of economic need are urgent, bank loans follow official procedures from government regulations.

Loan sharks exist for centuries. Modern day loan sharks moved into the digital world. That was pretty much expected.
I don't know who is to blame for your friend's situation. Maybe she's guilty for using such "loan app". When you are really desperate for money and someone gives you a loan without collateral there will be hidden fees and terms for sure. Those loan sharks are searching for poor people with no financial discipline. It's really easy to fall into a trap, if you don't know what you are doing. The people, who are desperate enough to borrow money from such companies have to read the fine print on the Terms of Service and the Privacy Policy.
Blaming the loan company for not sending a notification isn't serious. If you have to pay for a bank loan/mortgage would you miss the payment only because the bank didn't sent you a notification?

Loans should be avoided at all costs. Only in extreme dire situations, but never for investing. First rulle of investment, put in only what you have to spare, what ever that is for a person. People who mortgage their hosuse or take out loans from individuals or even banks should not do so to invest. That's just gambling.

Always remember when you take a loan, the interest is the one that is paid first, even before an amount is deducted, and then the rest of the amount is considered the debt after the interest is deducted.
Therefore, even if you pay the debt on time and want to pay early, you are still required to pay the full interest first.

We note that the price of Bitcoin may not rise significantly for the coming months, so most investors here are specialists or have the basics of Long term

This is easier said than done in real life. From where I am from, local vendors in the marketplace and other establishments have to borrow from loan sharks to keep their small business rolling. These are the people who don't have high educational background which means it will be tough to get a good paying job. Which also means they have to rely on the profit they get from trading goods/services to survive.

 

Actually the whole concept of buy now and pay later has become so prevalent these days. People are really attracted to this whole concept. Because calculating everything in terms of the EMI makes that thing looks quite cheap and more affordable than it actually is. This is why major companies provide so many offers to credit card holders because this is increasing the overall spending in the market and changing the spending habits of the people. These loan apps are just here to increase your spending and increase their earnings, first they will offer the services for free and when you are addicted they will charge hefty money from you for all this. 

if we dare to go into debt, I think we must return it, not to other people with relatives we have to pay
so we must avoid it if the need is not very urgent,
I've also heard from friends about the loan, it's very scary when it's late to pay it's not even due, we've been terrorized with various threats

Hadn't had any experience with these apps but they do come across as shady. And where did they deducted the money from? Did your friend linked the app to an online wallet he/she is using or worse, to a bank account?

Also I've seen these often in the news in my country. Their CS harass users the moment they lapse and are even known to call family and friends since the app also access contact details.

I'd say just go take a loan from a bank, either a regular loan or some other options, like taking a cash credit from your credit card's limit for a small interest.

There would have been other ways to get the money. I have a relative who when short on cash, used to get family or friends to use her credit card to buy groceries, then they pay her cash upfront, which she then use for whatever she need it (and hope she get enough back when the due comes).

Lending should not be taken on a daily basis whereas you request for a loan whenever you find something that you need to buy but rather it should only be taken when you have no other choice for buying what you need.

These lending and loan apps will try to take advantage to it's users especially when you have not paid on time but even beforehand there are some cases where they will be contacting you to remind to pay and in case that you were not able to answer that call, that's the time they'll terrorize you and your family or relatives.

Avoid using these apps, try to use legitimate financial services to loan what you need.

Some lending app companies were shut down in our country because of harassing their clients. Their offices were raided by the authorities and some employees were arrested but according to them, they were just doing their jobs which were ordered by the owner. We can't blame them for harassing and giving threats because that's included in the script provided by the company. Loaning apps will attract people to borrow money from them but will end up forcing and harassing their clients.
As for me, for everyone to avoid this kind of scenario, as much as possible, we better get rid of lending apps. If we can find other ways to find the money we should get rid of borrowing from loaning applications.

Taking loans is very common in some countries, but not in mine. In mine, there's no trust in the long-term financial stability of the system (you can't be sure the bank won't go bankrupt in, say, 10 years, or that the fiat currency won't explode from hyperinflation), so most people tend to live on what they can afford now and not take loans even for major things like a car or a flat (at least, not from corporations). But there are places that offer small and very easy-to-take loans with very few questions asked and misleading marketing or a terrible contract detail that people usually aren't aware of because in practice people rarely read financial contracts, and these can lead you to owing lots of money pretty fast and suffering from the never-ending fees. It's not usually automatized, but it still sucks. Loan apps sound pretty terrible as well.
Loans, IMO, should not be taken unless it's a very safe and stable system, you know what will happen if you can't pay up in time, and you know how to get out of that situation.

Personally, I do not like to borrow either from loan applications or even from exchanges. Even in my normal life, I do not like to borrow from banks. I believe that the disadvantages of the loan are much more than its advantages. You have to pay the basic loan amount in full with the benefits that may be cumulative in some loans and become Over time it is very heavy, also when you default on the loan you will be fined and eventually your property may be confiscated if you put something of it as a mortgage against the loan.

This is not a story about the harm of loans. This is a story about the inability to manage and plan your finances!
Believe me - loans are not as evil as they are portrayed. And sometimes it's even very useful! In our country, for example, there are a lot of, in fact, credit programs, but with a rate close to 0%. This allows, for example, to buy a set of high-quality and expensive equipment for a new apartment, at the price of an online store and pay for it within 12-24 months. Or, for example, having certain banking products - having a leverage of 1000-5000 dollars, just to pay for products and goods, with a 0% rate for 55 days from the date of payment. It remains only 1 - to learn how to plan your income and expenses, and to do so that there is no "cash gap". Didn't your friend know what would happen, and the previously known day when she would be charged % for using the loan? She did not know that her debt would be automatically written off? This is a bank, everything is quite transparent and understandable there, of course, if the bank does not try to cheat.

Honestly? Loans are always about how long it goes and how much you can repay. If we are talking about one billion dollars paid in 50 bucks per month, you would take it right? You would die before it finishes anyway, and hell your kids and grand kids and so forth could keep on repaying it back and you would still take it, why? Because by the time you pay it back, it would be getting you as the top 100 richest people by the end of it. Which means, interest rate, repayment schedule, all these matters. If you take a loan app and get a loan, the rates are higher there usually and thats a bit of a problem. But loans in general could be great things if you know how to use them.

Well, that’s mainly because of the inflation, and the new generation being a bit more smarter. Let’s face it, our parents didn't had wikipedia, or social media on their finger tips, they had to read hundreds of pages of books just to learn one thing about life, now we learn many many other things in a much more compact way, sure not that much in detail, but have a general idea of the concept. Which means that we get the idea of inflation and what it means for creating debt.

If I have to pay 1k dollars per month today, that's bad for my economy and would push my limits, but if I pay that for 30 years, by year 30 that would be nearly free for me, would not matter at all, hence why we do buy now (at the current price) and pay later (when I earn more thanks to inflation). Makes sense.

Here's a better word of advice: before doing anything related to your finances, read a couple of books on financial education. It certainly doesn't hurt. This way you will expand your financial vocabulary and learn how important it is to not lose money and to read the T&Cs (contract). You can't be with your head in the clouds when managing your money. That is a serious skill that few master.

Loan apps have their use in the economy, otherwise they wouldn't have become popular. But yet, someone who knows how to manage their money will rarely (maybe never) have to resort to them. What I would be careful instead is how they handle your personal data. I suppose they asked your friend for KYC. It is a good practice to try to minimize the amount of companies who have copies of your personal data. You can't just rely on their word that they will respect the law. See what happened in China...

Some unexpected situations and emergencies will require us to take loans especially if we don't have enough cash but if it isn't urgently needed or if we will only loan for investment, we better avoid it. Loan apps will only take advantage of those who badly needed funds and might harass you if you will not be able to pay them on time. It will put you under pressure and stress. That's why one of the most important pieces of advice is for us to save and allocate enough funds for emergency purposes so we'll never have to borrow when the time comes. Only loaning companies will get rich but will put you into deep debt later on.

Nowadays developing an application has turned to be a very simple thing. People are easily scammed with the help of these applications. These application names weren't that popular, but the loans will be issued within few days. Further they start to collect back the loan with interest. This is done in a very harsh way, so whenever you think of getting loss think of mom.

Getting loan or having debt is situational whether those funds being used on a good way or just simply trying up yourself to be that able to buy something that you do like thats why you do took some

loan but just like been said that it is really just for emergency purposes or something that you do treat up as a last resort if there nowhere you can run but if you do still have funds which you could
make use of various situations then it would be ideal if you do have done it that way.

Loan apps, i was aware of these things even into our local online wallet provider did really have that kind of offering but of course the interest is on the rooftop which makes even more worse.

If possible, if you want to borrow money, go to your nearest friends or relatives first because they won't be putting high interest on your loan. As taking loans could bring risks, but in times right now, taking loans has already been a norm especially if you need rush money due to some unforeseen, emergency events. However, be more cautious enrolling in some loan apps online as they can be source of scams or whatsoever. Its better to go to established lending companies as they can be reliable than to try loan apps that are total strangers to you.

Whoever that text loan from anywhere or any company don't help her sleep or have a piece of rest or peace of mind so I believe that lending money or borrowing money from somewhere else for investment is something that will trigger you to be careful and be serious over the investment because you know that when you lose is the money you will be into trouble that is why it's not advisable to someone to borrow and invest into bitcoin

Loan is a cure - especially when you are taking from bank
My father always advised us not to take loan from the bank because you are always unaware of the hidden terms and conditions. This has happened with me too. I have registered for a company and they deducted my money and that was the horrible day for me .

Crypto investment is not something suggestable for you to take a loan for you to put up money from it and we know that profitability would be always not that clear or not sure thats why its suicide when you do
make yourself to have that guarantees in mind that you could make out money out from those loaned amount or money.Unless if you are investing on something which could really sustain yourself then it would
be a good call but we know that results and outcomes cant really be  known nor be determined since we dont actually know the future and how our investments would be playing out.
Invest on something without needing that kind of action which is to take up some loan just for that but well its your call and risk to take if you do really need that.

This is a very bad experience. This is the same thing happened to me last year. I collected #10,000 which is equivalent to $24 from Jumia play to pay back one month interval. When the month elapsed I paid the capital thinking that they would paused the loan since I have paid the capital but to my surprise, after one week, I received a message from they that my loan interest has been increased to $2 again. And at that time there was no money in my hand to pay off the loan so I have to wait till the month and clear the load and by then it increased to $2 times 4 equal to $8. Since after that day, I have learned my lesson on apps loans. With the personal experienced I have perceived or encountered, I also advice people not to take loan from apps the matter what.  

Trouble don't come informed - sometime we go to trouble so that trouble can trouble us.
And most of the time trouble comes to us uninvited - this has happened with me too- I can understand the pain of losing the money this quick

If there's a debt thing in any app I would suggest to take a step back or just leave it alone and don't listen to what the ads been talking and if you keep doing it everytime you see a loan app you will be saved. I've been doing this since in the past and someone should not be falling into their traps because afaik I think it's on their ToS before you finish taking the loans although I don't like the way they just automatically take something from you without even putting a prompt information so that it will save you from trouble thinking you have enough money for something and it turns out the app just took it from you suddenly.

This loan application sharks are scattered all over different android application ads. Mostly in free applications that requires internet to play the game, use the app, or any kind of service. Good suggestion, avoid them. It would be a lot better to just go directly with private banks and take the loan there than this unknown application which we don't know if are credible. It may also be possible they are running a scam business and your government don't know a thing about it. You will have more problems if that is the case when bad things occur.

Those apps have hit the psychology of borrowers, if you go to the bank to loan money, it needs a lot of paperwork and costs to pay before they accept to lend us. In contrast, in loan apps the procedure is quick, with just a few simple steps then you have the amount you need to loan in your account. It is because of this psychological loophole that many people have fallen into the trap of these ghost apps.

Well, in many cases a lot of people use loan apps or even loans in other places because there's something emergency and they need it as fast as possible. I guess no one will borrow money from other people or from apps if they have emergency funds or have enough money in their bank/wallet. So if you guys have enough money to lend to your friend without any crazy interest you can save them by lending your money but you know there are a lot of annoying people who we help but are always late to do the money return.

Unfortunately a great deal of people fall into the trap of those loans that come without any kind of background check on their ability to repay the loan, this means that they end up getting so much debt that it is going to be almost impossible for them to pay their loan especially since interests are very high in those types of loans, so I will suggest to anyone that is thinking about doing something like that to never do it because whatever problem that you had a time that required that loan is probably going to get way worse if you take a loan like that.

Why take a loan to do what will not bring back returns to pay for the loan collected? Your friend took a loan to spend and forgot that there is a payment period in place or was she thinking of not paying back? What good will it be even if they had told her that they will be deducting the amount from her BAnk acccount? I want to believe all the ToS would have been stated in the agreement she must have signed before taking the loan. It is simple, If you take a loan, best be prepared to pay it back when due or stay away as you said. ^{I don't do loans anyways cos of the Interest (Riba)}

Actually the loan application is not a solution, but will add to many problems. Once we are entangled it will be difficult to let go. they are like leeches that continue to suck you up.

But people will never know the risks of borrowing money through the app because they never meet face to face.
By registering through the application, they will not read too much about the terms and conditions that apply to the online loan application.
And this is what makes many people fall into the trap of that application because if that person is late paying each month, they have to pay a hefty fine.
And they even have to repay the loan in large amounts later.
It is better to avoid this loan application and as much as possible, not to borrow from any party, including your bank.

I will rather advice never take a loan you cannot afford to payback before the due date. I feel victim to this loan app saga sometime in 2020 where i took a loan to study a course and while i was still studying the due date for repayment got elapsed and unfortunately i got credited by a family member for an assignment he wanted me to execute before i will wake up the next morning to make withdrawals and handle the task i got debited by this loan app. This almost ruined the trust this relative of mine had for me.

Well I see loan itself as risky way to get the money but in the world of inflation and survival needs above our salaries we have no options but to take it now and then.

Seriously, I am also encountered with number of app suggestion associated with these loan apps. I think with the ease if forming such financial systems anyone is becoming lender and charging more than 35% interest per anum. Better be cautious and seek loans from banks only.

They are becoming rampant these days with their numerous ads that could very tempting to the weak. The worst part is the encouragement of borrowing culture especially in places that are not used to that, plus reckless borrowing. I'm never interested in borrowing money from strangers & I hardly borrow even from my relatives but somehow they believe I need loan & constantly recommending it to me via ads or on playstore.

They somehow managed to persuade someone close to me to borrow with dubious advice (acccording to him/borrower) on ways  he could repay them the loan. According to the borrower, he was told to borrow from other lending apps for repayments.. plus other ways he was deceived and wronged by the lenders. I ended up discouraging him from repaying them & the national crime fighters also went after them during the period. They do not disturb him for repayments anymore, there will be consequences if they do.

People should really only be using bank apps, PayPal & crypto wallet apps.

Anything else that tries to take and give money to you is just inviting you to get some trouble from it (This includes crypto exchanges).

Could be better if there's an example of the name of an application. I once bumped unto them but that was a year ago so I forgot the name.
This kind of services are worse than what they offer in banks so it would be best to just choose taking a loan with them than this unreputable applications.
Maybe it will be helpful during emergencies but if it is for investment purposes, you are certainly going to lose more than what you will get with your investment. It will be like you are just paying the interest for every penny you will make or worse if the investment fails.
I agree, not recommended.

Yes because they will just get into trouble especially when they cannot pay their loans since this loan sharks using apps mostly threaten and disturb so bad their clients just to force them pay what they owe to them.

Also we shouldn't take any loan if we really don't need it because we will just get huge stress for doing this because for sure in future once all the money we borrow already gone we will struggle to pay it especially if we don't have good profit generating options.

It must be because those do not tend to take collateral before providing the loans, because I have noticed that on Binance for example, there is a lending service with interest I personally find competitive and fair, but of course one needs to leave as over-collateralized amount of USD in crypto. However I have no experience taking loans on FIAT apps and I have no idea of the typical interest rates they enforce for their services.

Relying on money from other people is always dangerous, they will charge us fees and interest and might cut us off without a notification. I try to rely on myself as much as possible, when I was younger I only borrowed money from my family or close friends. From them I knew that they wouldn't rip me off. When I went go university it was the first time i had to borrow larger amounts of money from a bank. I made sure that that it is a longer running loan that will be fully repaid at the end. Like this there is no risk that the bank demands full repayment at one point. Loan apps now sound even less trust worthy than the big banks and even if we blame them for our misfortune, it won't change the situation. We need to be on top of our finances.

Your friend only have themselves to blame in this scenario. Unfortunately lots of people, usually when people are quite young, don't seem to understand that it is not "free money" but has to be paid back and sometimes it takes a long time at great additional expense. I suspect at the very beginning, when the loan was first taken out, the repayment dates were laid out pretty clearly in the contract and these contracts sometimes aren't understood by the recipients as they should be. You don't need to avoid loan apps, you just need to be very clear on when the repayments will take place and ideally want to make sure you only take loans at below 5% or you'll be paying an obscene amount back. Paying them back as quick as possible is also a good idea, they can even be good for your credit score if you pay on time every time.

If you are taking a loan to any platform or any app, the responsibility of taking care of it is on you.
I don't think they will deduct without prior notice or arrangement with the debtor.
I do agree that the repayment dates are already laid out after acquiring the loan.
This is on your responsibility now how to make sure you will pay on time and not forget the dates.
Because there is advantage of taking the loan, specially if you are tight with the budget.
But once you get it, you should remind yourself about your due dates.

It is really your responsibility since you have borrowed then it is really just right that you would pay them in due time or else you would really be
having some headaches when the time comes that they would really be making some legal actions towards you.As far as i know on where someone could
take up some loan whether its an app or program then you would really be that identified or had passed up verifications on to those apps which simply
means  that they do have the information about you and its just dumb that you do have plans on running away and not paying up the loan knowing that they do know
you unless on using other identity but its none ethical and totally illegal. Loan should be repaid out but of course it would really be ideal if you do make out this option as your
last resort.

What's more dangerous is that usually a money loan application before giving a loan will always ask for complete personal data along with selfie photos and also important documents such as a citizenship identity card or passport. I understand that it is for some kind of guarantee. but still I'm more afraid of it being misused.
and I have found many cases of people who are in arrears on loans, their data will be leaked and even made viral. maybe if you live in my country you've also read the news.

but I also understand that those who borrow money through a money loan application are out of necessity and because of an urgent need. and indeed sometimes the fastest way is to borrow from such an application. even now there are many types of applications and many choices in the playstore. from those who ask for collateral to those who offer unsecured loans.

so still we can't blame the borrower because sometimes they are forced to do it. but at least we need to give them attention that they should be careful.
because sometimes because of its ease in providing loans, it makes customers addicted to continue to borrow. so that the loan becomes bigger every time you finish one period and borrows again in another period with a larger amount. I am worried about the addictive effects of loan applications like this. although there are also positives from loan applications like this, namely helping make it easier for people who are in need of fast funds. but sometimes people have to realize that it should not be made a habit. so borrowing became commonplace. unless the person has a stable income to cover the bills. but of course people who have a stable income will be very few who use this kind of application.

The principle of borrowing funds is only one, are you able to pay off the debt in the future?
if you are able to by reason of having income or salary that exceeds the debt that must be paid every month why not, at least there is still 75% of your salary or income after paying it. And if it's below 50% you shouldn't do it, because it will annoy you later.
do a loan for urgent reasons, because of hospital fees or other reasons I think it will help but have to look at our situation, if in doubt because of mediocre income or salary it is better not to and look for other solutions.
study and read carefully the loan terms are very important and also always a problem and confusing when payments are delayed which is a problem because you don't do thorough research first, online loans are very easy and disbursement is fast but we also have to be smart and firm before doing it.
and my advice is to avoid borrowing money from anywhere if it's not really important or urgent, and also look at the situation and have to think a thousand times before doing it even if you feel you can pay it off.

It is a common practice that causes harm to borrowers. There have been many cases of selling borrower information to advertising agencies and borrowers have been bothered by strange calls to madness.

In some cases, the companies behind these loan applications take advantage of customers' information to borrow money from other loan sharks. Many people are surprised when a strange company informs them that they have borrowed a sum of money and now have to pay or they will be threatened. This is also happening a lot in my country.

In this age of technology, everything seems so easy.  Likewise with capital, in the past people were very difficult to get a loan for one reason or another now to get a loan of money is so easy.

However, the rise of online loans has resulted in many complaints from many users, high interest rates and very short payment times, as a result, many people have difficulty even being able to pay them. Most online loans go beyond loan sharks, sucking in deep. 

cases like this went viral in my country a few years ago until the government intervened and eradicated all illegal lending activities.  I have to agree with you, don't ever try to borrow money online even if the company is legal, they will suck someone down to their roots.

I also experienced it when my cellphone was suddenly contacted by an online loan company offering their product. Though I'm pretty sure I never
gave my phone number to that company. This means that there are people who sell/share my data, and such practices are very detrimental to me.
Therefore, if we are going to borrow money through a loan application, we definitely have to do the KYC procedure, the problem is the possibility of
our data being traded is very high. Because we will definitely be contacted by several different loan applications. The disadvantage is when we borrow
from all of these loan applications, then we will be in debt and will have difficulty in making payments. This happens a lot to the people around
where I live.

The conclusion is that we ourselves must discipline ourselves by not borrowing money from loan applications, because the interest on the loan is
very large. So this is what will ultimately make our lives fall apart. We must realize that if our needs are not urgent, don't even think about
borrowing money. Moreover, we take loans whose interest rates are very high, it must be avoided. If possible find a solution to solve financial
problems without having to borrow money, because borrowing money only makes our life burden heavier.

But in the end of the day, you are still the ones who needs to be blamed because you wont really be ending up on having a loan if you havent borrowed in the first place.Innovation and changes cant really

be stopped as this era becomes even more easy access on things which cant really be seen before and now it is made possible.You could really expect that interest rates out of these offered loans
are high which is understandable and if you are considering on taking a loan then its impossible that you wont see these interest which neither you would be taking it or not.

Avoid if you cant able to pay up those loans but why would need loan in the first place? If you dont need that then its no sense on getting one.

Whether its loan apps online or offline, its not really advisable to take loans especially if your purpose is not valid, like investing or or used for gambling. If you have plans to engage in it, then you should save money first, and if you reach your target, that's the time to work out on your plan. However, you should only spend a part of your hard-earned money, not totally the whole funds.

To avoid future problems, you can turn off your loan-apps notification so that it will stop appearing it on your screen. Otherwise, you'll keep seeing them and has more chances that you'll get tempted with their offers in the future.

That's how those credit apps can ruin the personal finances of the people. Once the people embrace it, then it's hard to stop it anymore as they find it difficult to find means just to pay their debt. For some beginners, better stay away from these loan apps or lending companies because they are not helping you, they are already taking advantage on your finances with their high interest. Although we can rely from them in times of emergency, but their high interest also kills us day by day.

I would also like to add, I have read credit companies are indirectely pushing people to adquire debt and have a good credit score, because there are things that one can't adquire with cash easily, like a home or a car, in those cases credit is likely necessary.
The problem is that if one do not have a credit history behind, banks will be reluctant to approve loans. It seems banks have quite a good plan set up for all of us.

In todays era on which credit score matters and we know that not all does have good standing or numbers when it comes to their credit scores which do results on having a hard time on taking up some loan nor even getting approved via those home or car loans or even business loans even into those online payment processors here on my country does really made out some check on someones credit score before proceeding
on how much money that they could able to borrow on a certain app which means that they are all interconnected to each other where they really have that intent on utilizing these things for the benefit and
a typical thing for a business for them to do so but in overall its not really that always recommended on taking up some loan if it wasnt really that necessary at all.

Like someone mentioned in the comments, I think you are talking about payday loans.

I remember a toxic experience back then when my uncle used my name and contact information, without my consent, and put me as his referral and as a guarantor. Obviously, when these people called me in order to settle the loan, I declined and told them that this was taken without any of my consent. Unfortunately, they proceeded to call the other referrals (which was my family members) in order to settle the loan that my uncle got.

These people would take measures in order for the debtor to pay. They will non-stop call you for like 3-5 times/day just for you to be annoyed but who would blame them?

I have the same experience when one of my friend take a loan and unable to pay because she lost her job. All of her contacts received a message informing us that my friend didnt pay her loan and as one of the guarantor I need to convince my friend to pay or else I will shoulder the payment. Well, I didnt mind it since I didnt sign and give permission to become a guarantor plus its not something new here.

Loan apps are one of the easy ways to take a loan but it has a high interest and you should know the consequences for borrowing money. Be a responsible debtor and pay on time if you dont want to have headaches, or much better not to take loan especially if its not an urgent matter.

That's actually a low key debt trap. It's been happening since finance companies and other micro loan companies became rampant. Including banks. You cannot easily make a loan  without those credit scores or debt histories. So, this is the reason why some people are forced to make a debt for them to have a record and approval won't be a hindrance once you need a loan.

perhaps, these kinds of platforms are quite growing for they know that many people are in need of money and so they use these services. It was found to be useful for some reason but there is one thing I'd notice that this will also ruin some lives as it leads to some abusive penalties when they fail to make payments and even got threatened.

If we only have some option not to take loans online, that is what we are supposed to do and it was not highly recommended.

The last time I have ever used a loan app was sometime in 2015 or 2016. However, their customer service was very terrible and one of the worst that I have ever experienced. Although I have paid my dues in full, I don’t want to experience  with that loan app again. And I don’t need to loan anyway for something since I am in good hands and doesn’t spend more on useless expenses. 

They use an online loan application to get fast funds, even a 10-minute process immediately disburses them, they can get it, but without realizing that the interest is so big, especially if the maturity is late it will be 10x in arrears as we know, but the data will definitely leak if they don't pay it means that online application loans don't guarantee our data is safe even they really want to spread it quickly on social media.

It can't be denied that people are used to online loans but don't know how the risks occur, so this really shouldn't become a habit later on, they will be addicted and always ignore our own data being leaked by them.
However, online loans must be avoided as long as we still have income for that, it is sufficient and should not be exaggerated with other loans.
But must always live safely without a loan.

The best we can do is to avoid whatever kind of loan app out there, even if you need loan just ask your friends or your close relative instead of those scummy bastards who advertised their stuff really "well" so people will use their app but in the end once it's on payday, they will like an animal and treat you like some sort of terrorists. Those kind of thing is really baffled me because I've seen lot of people fell for this.

Some people do end up with this kind of option since even their loved ones or relatives doesnt really give them or grant some loan which is the reality or simply they dont really like for them to know that he's really

involved on some loans or debts.You cant really know on someones mind thats why they do really end up on that kind of option where they do take up loans from these apps or any platforms as long it could possibly grant it out without minding themselves on putting into debt well.

Sometimes we dont really have that choice specially if we do see some opportunity but dont have money in our pocket or funds reserves for us to make some act or decision.

It's true that we can't really blame people who end up being stuck in debt on various loan apps. Because I'm sure before they decide to borrow
money on loan apps, I think they must try to borrow from people closest to them. And the reality is that sometimes it is not easy to borrow money
from our family or friends, especially if we have low incomes. Most people will lend someone if they see their income and ability to pay well.
While loan apps usually have easy requirements and the process is also very fast, so it's not surprising that many people end up stuck in loan apps.
That is why it is important that we manage our finances well, so that the income we earn can be sufficient to meet our daily needs. And also make it
a habit to have savings to anticipate if there is a very urgent need, so we don't have to borrow money from anyone. The conclusion is there are
many ways we can do so that we don't experience financial problems, and don't need to borrow money from loan apps.

While getting a loan from a friend or a close relative is a good idea as you are going to avoid the huge interest rates that you will need to pay to the owners of those loan apps, at the same time we need to take into account that most of the people that make use of those apps are completely desperate, which most likely means that they tried to get a loan from their friends or relatives and they failed to secure it, so they did not really had any other choice but to rely on those apps.

They offer convenience in getting funds but unfortunately interest and other conditions that are very detrimental to users do not become the concern of borrowers to pay attention to everything that can trap them in more difficult things, usually those who use this loan application because they are facing financial difficulties without realizing that this app will get them into even bigger trouble.

In this case, I wouldn’t say that the loan app is at fault here, because your friend was the one who went to borrow from them, and it is expected that after the period that they have agreed upon, that they would deduct the said amount from her account. So, I don’t really see why we are going to be blaming the company, it’s the normal thing that they would deduct it and I believe that your friend was aware of that before signing up for it and borrowing that money.

So, the best thing for her now would be to just avoid it, and stop taking loans completely, just look for other ways to raise money and do whatever she’s doing instead of taking loans from these apps, because at the time when they would take it, might be when she’s not ready to pay up yet. Let it be a lesson learnt.

   I was a victim to this app loan company, in fact they are more than scammers and they suck.
   I borrowed some money, when the date to payback reached I paid half of my loan,to my greatest surprise this loan company started calling all my family members and friends telling them to warn me in paying up.
   They even went to the extent of treating to sue me to court for bridge of agreement. It was like hell getting all the embarrassment about telling my phone contact that I owe them. After paying them back did they tell all my contact that I have paid back NO. This was not all every week they keep on adding huge interest just to frustrate and extort me.
  These app loan companies will end up in a miserable state because they don't treat their customers right. Please noatter the emergency don't borrow from them,if nobody borrows from them anymore they will know that they are full of shit and might change their way of operation.

Yes if you are wise enough to understand the concept of personal finance then obviously these schemes are heavenly for you. But this generation has increased their spending habits marginally after all this. Which means we are buying things we don't need just because we have the facility to pay for it later which might sound good to you but actually is really bad for any one's personal finances.

from the much news about online loans, I conclude that only use it when you really need it (emergency cases that cannot be postponed)...

Many of my neighbors also do online loans but they haven't had any problems until now, that's because they are on time in their obligations (paying debts). the point is never to use online loans for less useful things such as buying cellphones, bags or other luxury items. because when it is due, you will be confused about paying it off and finally the people from the online lending company will make it difficult for you with your personal data.

Not that a really good mindset because if we do talk about emergency funds then it should really be pulled out into your savings but somehow we do know that not all does have that savings since they are just earning
enough for their daily living needs and expenses which someone cant really able to save up thats why whenever they are experiencing some emergencies then they would really need to take up some loan which is understandable since not all are really that been blessed nor have good opportunities on earning decent or big enough for them to save but its true that as long you wont able to take some loan then its better not.
Stick into something if you could still able to avoid that and spent or invest into something on the money that you do have on your pocket.

Loans are only helpful if you want rush money for emergencies and you have no other resources that can generate money. However, in situations where there is no necessary to take loans, then it’s better to avoid loans at all cost even through online or in physical lending companies. That way, you will not develop the habit of borrowing money knowing it’s yourself that is taken advantage, and that what you are doing is for them to make progress and become rich companies. In general, do not start taking loans if you think you will find it hard to leave that habit.

Looks lightening but once you get entangled then you will be miserable, this is a daily loan that is quite unsettling.
Where I live now a lot of people still make daily loans like this with a nominal fee that is free in payment but with very unreasonable initial deductions.
Many people in my environment are stuck with this so that instead of benefiting from the loan, they feel very disadvantaged because they too, before making the money they borrow, have to be busy paying daily demands for loans like this.

I thought tha avoiding of loaning, especially through apps, websites and etc. is an eviden fact, isn't it?

On the other hand, not everyone can afford to lend you money and borrowing money from friends and relatives will sometimes cause a lot of problems affecting our relationships. Ideally, when you need money, you should go directly to the banks, where it will be safer for your loan with a moderate interest rate. Stay away from app loans and loan sharks, it will make your life worse if you can't pay interest on time.

It's the loan recipient's responsibility but these predatory loan companies will offer you low interest if you pay back in a short period. The interest rate outside this window is absurd. It'll be low income folks that'll accept the terms out of desperation.

I'm generally on the side of businesses conducting commerce free from regulation, but at some point price gouging the lower class into interest payments in perpetuity probably requires some government intervention. The issue is, the government likes to go overboard.

There could be some changes in the life situation and that is why we are seeing all these people complaining about it. I mean if the loan doesn't go as you planned, then you are going to be quite upset about the result in the long run. If you buy for X reason and you fail to do the X then you are going to be upset about it.

I personally feel like the best thing to do right now would be not taking any loans at these insane high rates. Sure there are some inflation related ways where you could make money, anything you buy right now would be higher in the future if the inflation goes higher, but what if it doesn't? Then you are holding a thing that is same in price, but the interest rate of your loan is high.

It's always annoying as to how these guys, these loan apps have made loan an easy to get and just to ensure they rope more victims to extort from in the name of interest. Some times, they get critical details and permits that eV authorises them to be a third party in working your account. Such rubbish and those who go through with this, I doubt they really understand that privacy could go ahead of most things. Am not going to jeopardise that for some petty cash!

Am not a big fan of loans, never have although I borrow a few times but each time I do, I ensure I already have a feasible plan of paying back and my reasons for borrowing must be definite/important for which, time can't wait until the funds to execute whatever would be ready. And again, I can't can't long term, can't go about paying up some interest for at most more tha 2 months and as a debtor, your never free. I need no agent to tell me that but I find a way to tell myself which pushes me to pay up.

I am not sure about the interest rate in the other countries but in my country it has reached to 33% and the inflation rate is very high too.
We are all very upset and in extreme trouble - and really living below our standards.

First of all, I blame your friend for not sticking to the terms and conditions of the loan company of paying back her debt at due date irrespective of what the case may have been, because loan apps has actually helped a lot of persons in need of financial help to settle bills at one moment or the other, because it has always been easy to take loan, but paying back has always been the biggest challenge most people face at times, and that's why I personally will love to say if can't afford to pay back a loan, please it's better not to collect loan from online apps

Here on my country where these loan apps becomes even more strict due to the rise of issues in regarding of debtors arent paying back on what they had loaned thats why KYC is now needed
because if someone doesnt tend to repay any loan then they would be really be experiencing some legal issues later on but it does depend on the company.
In general advise then its really true that taking up some loan should really be having that consideration and check for yourself if you would able to pay it back or not.
Dont take a loan if you arent that responsible on paying it back and its understandable that these things does have high interest but on times when you are in need or emergency
then you would really be having not choice or option but to deal with it.

you are correct not to take the loan - - when the interest rate is so high but sometime people are so helpless that they have no other choice but to jump in fire.
Most of the time banks suck every drop of blood in the body and leave the person to die in the heat.

Kind if ridiculous if you ask me, if someone asks for credit and does nor have a history it means that person has only used debit and cash, which should not be a red flag for banks or credit providers at all, I'd personally take it as a neutral thing, but I suppose banks must have a good reason to always need a credit history on hand, I am not an expert at banking at all , after all.

take it as the last resort of getting funds. but if you will just take a loan because of personal things that you want to buy, then don't. take a loan if you badly need it, and if you have other resources that you think you can use if other options are not available. also, you need to look for loan options, where you can compare the interest rates and their terms. for sure, there will be more than one lending company that you can go to.

Sometimes one is in so much trouble that one cannot avoid taking loan whatsoever is the situation...
And then comes the hefty installment and payback time which almost takes all the freshness on the face of the person.

In my place itself ? there are so much advertising happening about this kind of APPs that lets you loan a money with a promise of small fee , but if you take a look deeper then you'll see that they are not really giving you advantage because the term is longer that what is normal.
and also most of them will even bother  your family and friends if did not pay the amount promised per month or weeks.
avoiding those apps will also save you from deep of loan than your normal living .

In fact, I've even experienced sometimes they call me and encouraged me to take a long offering a low percent interest rate. I decline as I don't find it very reasonable to commit a loan online which I really don't know them. So many issues with these APPs and the people behind this as they are somehow rude, they'll talk to you nicely at first but at the time you can't repay them (just late) you can really hear threatening words which is not an appropriate action to be made.

Probably the reason why they are offering a longer term of loan is mainly because they'll be able to receive more interest from you. Being nice upfront is one of their tactics for you to be encouraged of what they offer such as terms of your loan but once you've reached an agreement, it'll instantly change into intimidation and will try to harass you into paying especially when you're late. Again, it is best to avoid these loan apps, if possible try to look for alternatives such as bank loans to avoid these kind of experience.

Yeah, that kind of hardcore mafia like loans are not the way out to be first. I get that some people do not have any other option, it is either homelessness or getting some loan and "hope" that things will turn around and you will do better.

We even have that in the lending sections here, people who get something between 100 bucks to 1k dollars, maybe that looks like a small amount to you but the world is filled with nations who have 100-1k per month living average, so you could get like 5 months out of the way with 1k dollars if you could get it, and during that 5 months they hope that they could find a way to make money and repay that back. This is the "last resort" type of thing for these people, not for everyday normal people.

This also happens in my area but indeed sometimes in this case advertising applications about online loans like this are more Illegal and not officially recognized by the government which indeed a lot of people take advantage of this for personal gain by borrowing and not paying. terror perpetrated by their employees.
Actually, things like this can't be said to be true, but on the other hand, things like this need to be used as one of the things that really needs to be learned that sweet things when offered do not always work well in the original process.

Would be totally not relevant or useful in todays system where credit history would always matter specially on banks where these things are the primary information that they would really be requiring
unless if you do have some assets or some good standing in terms of finances or having big savings or something like that then they might be having some reconsideration but its true that
having no history should really be taken as a neutral thing because you cant really be sure if that person does really have that capability on paying up things on the time that he would take
up some loan.For loan apps then its not bad to borrow as long you are that responsible on paying it back.

The problem with these online loan apps is that they keep on popping into your wall until you decide you'll start to apply. But upon application, they are asking your personal details which i think is very risky once they start taking advantage on it and using all your information for their other purposes. The fact that they are total strangers makes it more risky to think. I suggest there's no wrong on taking loans as long as you are capable enough to pay, but always make sure that you are doing it from those legit and established lending companies because their interest are not so high, aside from knowing your personal information will be not disclosed to others.

In my country, many online loan applications appear, and they are divided by legal and illegal activities, usually what the community complains about is the fantastic loan interest, especially if we are late in paying, we will be subject to fines that seem irrational, until finally there are many stories that have committed suicide because of shame due to the terror directed at their relatives and even their friends, as a result of giving permission in the first place to be accessible to all the contacts they have on their cell phones. so be careful, and if you really need it, then use it wisely on online loans that have received permission from the government

I really don't advise to make a loan without source of funds even if it is online or actual process. It can help someone with delayed funds or income because it will help them for their immediate needs. As what I've seen, the interest of online loans are justifiable and it's up to you if you'll take that offer as long as you're responsible for your actions.

What more worse there is they give threats or other disturbance to their clients who cannot repay their loans and if you go on this situation for sure will get disturbing phone calls as well as emails from time to time so if you don't have capabilities to pay better not to take this option because for sure we will be in bad shape. Better to avoid taking loans since life is so good without anything bad things comes in our minds.

Illegal loan applications do not have appropriate loan billing procedures other than stressing the client in any way, the worst possibility awaits you when you are out of the house. I recommend avoiding illegal loan applications because they increase high interest rates after passing the payment period, many hidden rules are decided unilaterally by loan management.

It is really just normal for them to make out barrage of calls and spam out emails whenever they do really need that repayment of yours which they do actually have the rights since you are owed
something from them which its normal that they would really be having those kind of approach if you do show no interest on paying it back or simply you are already in delay.
Avoid loans and borrowing money at all cost if its not really needed because it would really fuck you up if you arent really that responsible on paying back those loans on the right time.
It is really just normal to have those kind of approach whenever you do make out some foolish actions.

 
this sounds funny abit but i can tell you vividly that both of you are wrong in this regard, the bank should have a policy ethics that guide their loan shark of a thing, some of them will not tell you the conditions attached while some will but things might go wrong along the line that nee stuffs begin to showcase unexpected, you can also be wrong as well without asking enough questions or make a research about them before having a deal.

the worst that now happens with taking loans from banks is that they will pop into your account without your access and manipulate your funds to their wish, but the fault is from the user end because he had granted them full access right from the first day he sign a loan deal with them, nothing good with banks than fulfilling their selfish interests.

They can't urge debtors to pay their loan as they are illegally running a business but somehow, they are more serious about dealing with you if you can't pay and even make your friends and family members get informed as they call them to make know about the default loan. Actually, this is have been called out by the authorities in my country due to their wrong approach. Maybe, the best thing to deal with them as well is to report them in order to stop their illegal operation and let the authorities punished and imposed penalities.

Is this some kind of crypto or fiat based online loan? If it's fiat, I really think it's a bad thing to do, but otherwise crypto lending is more advisable if you have some sort of collateral.

To be honest, so far I have never been tempted to make a loan through any online application. Even if I am in a very bad financial situation, I think it is still good to think about making a loan from close friends or family. So far I have tried to stay away from any loan because I don't really like to burden my salary or income to pay off loans, especially for loans that have high interest rates.

That’s true as I have come to take a loan before online and experienced the worst. Though it’s seemed so easy for us to make our loans approved, but in times that we can’t pay our loan in due time, they surely put an interest that I think is very high and I’ve got no choice but to pay for it. I swear I won’t be attracted to any loan apps again. In general, it’s always not ideal taking loans because you are giving them chances to take advantage on you. If you want to invest, then save for it. If you want to own something, then you should strive hard to prepare your funds so you won’t be taking a loan as a last resort.

I did not patronize loans because i know that the company that give you a loan is a business and if we are going to have that loan they will earn from the interest and  in it is very easy to understand that we the loaners make them very rich and make our self very poor, i will only get a loan in case of emergency and no other option or choices than getting that loan.

Let's say that they were getting rich because of us loaners but we think also that somehow they save us in times of financial difficulties. Of course, this is business, and it designs to make a profit. So, it doesn't matter how much they get from us loaners as long as it helps us, in fact, they are also risking their money to do this. as in some cases, some people don't repay their loan which is also a big loss for them.

Its a mutual benefit i would say which is definitely true that loaners do get some benefits and advantage and same goes to those who do give out loans and if you do have
that kind of mindset that you dont really like for them to make some income or profits then dont take some loan.You arent forced on doing so and its optional but
if you are on a condition where you are really badly in need or emergency then for sure you wouldnt really be minding those issues that you do have in mind.
This is indeed a business and they are doing this for profits but of course it would be always accompanied with risk.

The trend of online loans is indeed very vulnerable. in my country, almost many are tempted because of the ease and closure when submitting, including TOS that is not appropriate in the field. Both interest rates, billing and maturity are on one side.
if the goal for this investment will be heavy because it must continue in the specified date.
If there is compulsion for an action, I think this is neither an excuse nor a solution.
loans will continue to make people addicted if they are smooth in installments but sometimes there are times when there is no money for non-principal needs. and they can be brutal beyond banks or conventional offline services

Online loans or loan apps are quite massive in our countries. People are interested to use them because they offer easiness and effectiveness for modern loans. However, online loans, loan apps, and non-online loans are all the same. They have the same risks and probably make use be addicted to adding more loans. Finally, we don't realize that we are out of the capability to pay the loans, then we must give them our lands, homes, or vehicles. Even worse, if we use the loan money for crypto investment, we may end up losing everything. I don't claim all will experience this, but it has a high chance to experience it. So, it is better to avoid any kind or type of loan (borrow money), both online or non-online.

Yes, that is true. I often come across various types of advertisements about loans. They package the advertisement very promising, reliable, and also attractive full of various conveniences. But in fact, it does not match the reality. They seem to provide various conveniences for customers, but in fact they are trying to attract customers and do not want to let them go.
This is very risky, especially if we want to do it by using loan funds. So, it's better not to follow it.

The easier it is to get a loan but certainly the interest will be higher, in my country online loan cases often make borrowers very disadvantaged, if they don't want to pay then they spread all data to the public even in inappropriate ways, this is a lesson that we should never rely on online loans via applications even in difficult conditions.

Loan is a cure - most importantly when you take it from a bank. It never ends.
We have never taken a bank loan because once my father took it and it took him ages to pay off the loan.
So better be very careful with money dealing - better live within your means.

I have read a lot of news about the victims of online loans, moreover the illegal ones. they only ask for small loans, but they must turn back the money with very high interest until they cannot pay for the debts and the interests. then, the provider of the online loans will tell and contact all names or contacts on the phone books automatically. this is so weird because not only the person who gets loans is disturbed but also all contacts in the phonebook.
I know that the problem or mistake is not only on the illegal online loan itself, the person who takes the loans also made mistakes. because commonly, they will ask for online loans without even reading or understanding the T&C because mostly they need the money very soon.
Well, if we have known about the mechanism, we will not fall into the trap of online loans, moreover illegallly. But if it is another person, well, we may be able only to give them the infomration.

I can't blame anyone, because when two subjects meet and offer each other a loan out of urgency, it's someone's action when they have no way out of paying when it's due.

Actually, not all charge more than 100% interest. If your friend has an alternative loan with a lower interest rate then he or she will think twice and weigh the risks. The problem here is that we don't know when urgent need will drive someone to take a dangerous risk. Believe me, we have been in a phase where the urge to fulfill our needs requires us to make difficult choices.

Your friend is the one to blame if you will ask me.
It's his/her responsibility to pay the loan in due date and the company behind the loan app doesn't need to notify the borrower. I've seen numerous advertisements on Facebook and Youtube regarding these loan apps and I don't like it and I don't want to use it. The way they are asking the borrowers to pay is very unprofessional base on the videos I watched on Youtube.

I'd rather get a loan here in the forum than installing an android app and will get a loan there. I have no experience in using loan apps but I have watched some videos with regards on how brutal these people behind these apps are.

There are some who are cursing the borrower if they will not pay in due time, there are some who will say some bad words to the borrower etc. etc. In short, I don't recommend using them or just avoid getting a loan at all if you don't have some money to pay into it in the future.

People that is making use of loan app. Is people that from this countries that's full of scammers. I believe that does loan application is not good to use because the developers of the app have advantages over to the people that is making use of the app by having access of penetrating into their account and the percentage of the account and the loan collected from the app we are higher than the money collected from them and only disadvantages I found that when you are unable to refund then they have access to withdraw any money that comes to your account so in final conclusion that app is not good for someone to use because it will cause a continuous debit alert from your account

.Loan is a curse whatever form it is .. it is a slow poison and they are going to kill you sooner and later.
I made a loan a few years ago and that was my worse mistake I ever did. Do live with in your means and stay happy

When financial problems occur, the easy and instant thing to do by anyone is to make online loans, they do not care about high interest, when the loan is approved then what they get is not full as proposed for reasons for administrative costs, and other costs, in my opinion this is Mistakes that will make us miserable because we have to pay a bunga that can reach 15% per month.

THere is another solution - where one can take loan and check the terms and conditions and pay a few installment and payoff all the loan in one go.
But - one should try to avoid taking loans as much they could and bet on the money they have in their pocket. It easy to lose the money you have rather than losing others money and then paying off the other loans.

Not really that worth on losing money which isnt yours and on the time you do lose it then you do still need to repay those and that would really be adding up more problem.If you dont like
to have that kind of problem then better to avoid to take up some loans and spend on the money which you do only have that money in your pocket.Once you do lost it all then stop
and wont tend to go further but if you do really insist then go ahead and take a loan but dont regret when things turns out to be negative later on.
Avoid loan as much as you could and you would really be freeing yourself into those possible problems.

That's the whole thing, just completely avoid getting loans whether it be from loan apps, banks, a person or anywhere you can take a loan. If you can see yourself that you don't really need that loan, just don't.
Don't add another burden to yourself and make yourself a loan-free person as much as you can. There are many reasons why people can't get out of debt for some reasons so to start with, just don't.

I am not personally aware of these loan apps but, a lot of people have newly heard about these issues. There are other legal and genuine loan apps that are available despite the fact that many pop up without any legal backing. They breach our privacy and cause chaos, so be aware of these traps before taking any loan.

I never believe in taking loan .It is easy to collect a loan but sometimes very difficult to pay back even if it is from a bank. Loans can easily land one in to serious problem causing them to forcefully lose their assets some time have never use a loan app and will not cause of the dangers associated with it.

that is indeed a bad thing. borrow money on a loan application. I've also experienced that, when the money I have is deducted without notice. on the other hand, there is someone I know who is late paying the money, and the app sends an automatic message to all the contacts it has that the person I know still has some debt on the app. it's really embarrassing. besides the interest that is too big, it is a loan shark that will suck all the money you have. it's highly not recommended. However, the advice I have is try not to get into debt, or if you really need money, you can still find someone you trust to lend you money, if not, try to find a trusted loan place.

in our religion we are forbidden to take loan which has interest on it.
but then again people make the mistake of doing that. sometime people learn it hard way. Better be careful and dont indulge in loan

Loan application are a very popular thing today, even according to the data of online loan providers companies provide a large salary for their employees, and I must say that this technique is forbidden because they provide an unreal interest, even the borrower must pay more than more than 10x because it does not pay for 6 months.

Interest out of these online loans are on the roof if you do compared into those physical lending firms or companies that why its a tough choice but if you dont really have any choice for someone who are

in badly in need of money then they would really be dealing with these high interest rates and its up to them on taking such loan despite of the high interest but if its for emergency or really that needed

then go ahead but be sure that you would really be that responsible on repaying back loans so that you wont really be having any problems ahead.

Online loans with a high level of risk, namely the number of borrowers who do not pay, of course, must be closed with high interest rates, for us, financial management is the most important thing, if we cannot manage finances then we can be sure to be included in online loans and this is the beginning of suffering.

I do not understand why people must be willing to pay interest more than 100% in a year or even less, really this is a serious and feasible violation for the country to make the owner of an online loan as a crime, in my country the bank interest is only 5% means that online loans give 20x higher than banks.

You live in a great country
My country loan interest in 33% these days. Can you believe it or not - the economy is crashing and there is no stability coming anytime sooner.

Could you say on which country you do live in? 33% is totally blown out and i dont know if there are people who do still consider on taking up a loan with that very high interest.

This does signify that you should really do your very best not to take any loan or borrow money if you do see that you would really be putting yourself in much more bigger trouble due to interest.

It isnt really worth but if you dont really have any choice or this is some sort of last resort then go ahead but be responsible on repaying it back.

Hard to believe if bank interest can reach 33%, with a high bank interest then the easiest thing and safe is to save money in the bank, I'm sure 33% is from online loans or loans without collateral that is high in risk, in my country the bank interest is also very very Low is no more than 8% per year, low bank interest to help the economy can grow well.

This is crazy, 33 percent for interest? Which country do you live in now?
when something like this happens then we really have to manage money properly so that when things happen that we don't want we still have some reserve funds to support life because if you look at the 33 percent interest, it's clear it's not a loan and you have to think several times to make loans there.

Lol why does the Loan APP needs to notify before the deduction when the borrower should Maintain a constant checking about His due?

sometimes people are just looking for reason to blame others when the truth is it was their own mistakes and failure.

If you know how to Loan then you must Know how to pay.


I never Borrowed any amount from Loan APPs and Even in our local exchange that i am qualify to take a loan is being denied from my side because I know that this is an obligation that I must be committed .

They must pay if they agree on this term and then took the loan because if not then I don't know what can happen to them. The reason why a loan company can make a rule like that is because they know that there are still people that will take it because they are also in need of money.

I think this is not a violation because no one is forced to take a loan. It's like the same with other business like for example grocery. They can also increase their pricing because know that it was in demand. Good for you if banks in your country has that nice offer but not all countries are the same bro. Some are worse than that but people have no choice. They already used to it.

Bolded part.

This is where should people do really mind off because if they do know on how to take a loan then they should really know on how to pay so that you would really be putting yourself off with possible trouble specially with
high interest rates where these loan companies do really make money on.

As much as you could then it would be better if you do avoid taking up some loans.Try to borrow first from your loved ones or relatives before taking last step or last resort because
if you do really tend to calculate the interest then it would really be just worsen up your financial situation.

If you can find other alternatives or choices to borrow funds, avoid loaning apps as much as possible. They usually let you borrow easily but will put up high charges and interest. They will just take advantage of your situation but will put you in trouble later on. Yes, borrowing from your friend and family will be better because loan apps are not really there to help but to take advantage.

Loan apps are just the absolute worst. They would constantly notify you of your balance and would even send a message to your family and friends for you to get ashamed and hopefully pay back your loans immediately. Plus the interest rates are also higher. If that isn't enough, some of them are even selling your information to advertising agencies, and this is confided to me by my friend who's working on advertisements for years and had the chance to talk to this client, a director of some sort from a local loan app.

Also, I don't see the reason why people need to have credit cards or take a loan. Do not spend what you don't have, and never go beyond where your pockets can take you. It's a simple rule that a lot of people cannot follow because they want to impress other people. It won't take you anywhere, and would only cause a lot of problems for you in the long run.

They will make every effort to pressure borrowers to repay loans on time, but illegal loan applications do not have good collection procedures for borrowers. However, suppression in any way against borrowers is not accepted, including publishing/selling loan data to others, threats against borrowers, physical contact and confiscation of goods, but all the worst collection procedures are never written in advance in the loan terms, so you must avoid loan applications and alternative solutions to borrow from family, friends and relatives.

sometime people make a mistake of taking the loan from bank and apps . . and they never get out of it for the rest of their lives and they don't make another attempt of doing that ever again. .My dad made a mistake and he suggested us not to jump into the whirlpool of debt. But I did make a mistake and ended up in a misry.

I have getting loans not too long ago and event if you did pay on time or much earlier then the interest is not small (depending on the amount you loan) and if you didn't pay on time then the interest will increase from time to time. If you plan to loan then you should or your friend should pay on time to avoid paying more than the amount that is said to be paid. In Bitcoin, there are some lenders too but I think the lender is exposed to more risk compared to the loaner since that person may pay or won't pay at all and if it is a loan from government then you will surely go to jail if you don't pay (which is why you will be pressured about going to jail).

First I would love to ask a simple question;
Does she really read T&Cs?
Did she revealed her ATM pin to the load app?
And when borrowing why didn't she meet up to pay her loan back at elapsed time?

Then furthermore, I have also associated myself with one of the loaning app if permitted I can mention it here for those who have used to testify as well, from my country and I wasn't deducted after my loan elapses just a day or two days after I paid.

NB: Those loaning app can only deduct money from you when you refused to payback after the due date have elapsed, and I believe they have been trying to reach her out but her contact weren't connecting so this could be as a result of their deductions. So I will tell you is a business money she's holding down without paying back so you and I have to blame her for not paying her loan (it's known as 'Loan violation') and there's every consequences for violating a loan both in forum here and most at times there's always a collateral but those app doesn't have so you can't blame the app but blame your friends for not being faithful keeping to her terms of loan.

If we compare borrowing from apps and borrowing from relatives/friends, it is clear that borrowing from relatives/friends is much better. It is recommended to borrow from someone we know well since it will make us easier in negotiating the time for returning the loan. If there is a guarantee of debt, it will also be much safer if it is entrusted to someone who we know very well. It is very different once we borrow from online apps, we don't even know any person who works or owns the loan apps. I'm not really sure whether it is a safe place or not.

Having read most of the comments people made on loan and loans app I fine out that many of the people borrowed from loan app don't read terms and conditions of the app. We should know that the owners of the app borrow out the money to make profits and at that they most used all means to get their money back as fast as possible.

I have once borrowed money from loan apps, and from my experience I won't advise anybody to do that if they have an alternative, but if you don't, then you can borrow from a loan app, but never forget to always ensure you read terms and conditions, to see if it's favourable or not before accepting such loan. Because one thing I have observed about loans is that it is very easy to take but very difficult to pay back on due time if you are not discipline enough, and what most company does is to add a late payment fee which accommolates daily. So it's advisable to apply for a loan you can repay back at a certain period of time or not apply at all

They're not just high but they're also predatory, from what I've heard they even want your address for collection purposes which is pretty crazy but understandable and they won't stop reminding you even if you are not yet on the due date yet. I myself avoid doing loan altogether because it's expensive and nothing good can come out of it unless you are the one loaning money with agree upon interests.

Loan Apps is very massive advertising on YouTube or other social media, they offer a pinch with very easy conditions, only send data then selfi while holding the data then fill in the form and not up to 3 hours the amount of loan will be received, unfortunately the borrower does not pay attention to interest that must be paid so that it has difficulty when paying.

From the start i never use loan apps, because loan apps is a business and we the user of that apps makes a creator of the apps a millionaire,loan apps is so very easy to access and very simple to use for just one click away and then we can get a loan without knowing that everytime we get a loan there is always a big interest and it will bring us down slowly.

Was your friend expecting the loan app to notify her before taking their money? You can't just take money from a loan app and expect them to first notify you before any deduction is made. Your friend should have known this at the initial before borrowing money from loan apps. Was she expecting them to come to her house to ask for the money they loaned her?

urgent need often makes someone ignore the security of personal data. In fact, online loan applications are quite risky, both for the security of our personal data and very high interest rates with a very short payment duration. especially for online loan applications that do not have official legality from the country.
In my country, online loan cases have become mass media news that is quite disturbing to the public. Many debtors cannot pay the loan installments as agreed from the beginning of the loan application. until finally, this case became a hot topic of discussion nationally.
I agree with the OP thread, avoid loan applications if the situation is not urgent, and also like you said, if we can borrow from relatives/friends, that's even better.

Just what I was about to ask, in this case, I don't blame the loan company for deducting the money from the account as soon as there was a deposit, the friend account is already on debit from the company before the credits arrived and according to the terms and conditions of the loan to be deducted from the account on the due date and if the loan defaults like the friend did ten some other charges will even be added. In as much as being against loan defaulting, the friend should avoid taking a loan because there are several loan sharks around that are violating their client's rights to this day even to the point of them hacking into customers' phonebook contact and sending them SMS messages so many characters assassinating statement.

If you dont like on being into that situation then you should really had made yourself to be responsible on repaying those loans back so that you wont really be experiencing those assassinating statement which we could really say that it is really bit too much but you cant really blame out people on not to say up things specially when they do keep on chasing you just to remind about the loan that you should need to be paid.
Avoid loans as much as you could and its better to live off a life which is loan free which means you are really having no stress at all when it comes into that matter.If its really needed or
with some emergency then it would be considerable but if you do take up some loan for some useless intent then better skip out.

A loan is the worst way to finance yourself or any project, as you have rightly said one need to avoid loan as much as possible and stay free from them. I have experienced people losing their value to either banks or individuals they enter into loan agreements with but could not meet up with payment. But one of the cases I heard in my country is about a loan firm that steals their client information by hacking into their phonebook without their knowledge and contacting everyone on the contact list which is against the privacy law and punishable under the law.

In today's digital world, loan advertisements dominate when accessing online media. so that it gives someone easy access to borrow without seeing the risk in the future and not considering the value of an urgent need but rather an economic naivety, in any case borrowing is not a good thing to do unless something urgent and even then must look at the capacity to pay it is not written down wishful thinking and uncertain predictions, so as not to fall into an imbalance in the needs of life in the future

I can see them by the time I access an app or a website but they don't stay. Online ads are circulating to give way to the other companies but no doubt that loaning apps are very popular now, I think that is because the life have became tougher lately due to some crisis. Ads are created to spread awareness but it doesn't mean for easy access.

Sure, you can click on the ad and get redirected to that app or website directly but not all are easy to sign up and not all will let you borrow money easily but that is better because that will discourage the person to borrow money. If there are dedicated to complete the process, I think they are sincere and has the ability to pay the loan.

Banks are not assisting clients, which is why Microfinance is attempting to assist individuals in need of a few dollars. If you go to a bank and ask for a loan, they will waste your time, they will also ask for a guarantor, collateral, and other paperwork only for a few loans that they would not offer you at the end of the day. I enjoy how microfinance lending apps are assisting, however the clients are not assisting the system because they do not generally pay back on time or some run away after receiving what they seek.

Banks are only trapping people. They just want to trap people in loans and then telling them they can't help them with interest and penalties.
I have recently been scammed and I took a big loan from the bank - so he ran away and I am in debt - what a horrible mistake I have made.

You could easily get ripped these days by collecting loans from all these loans firm. A couple of months ago I did take a loan from one of them and the next that keeps popping up on my phone screen is tons of messages both on Whatsapp and SMS, and I kept wondering how my number easily got leaked, not knowing this same calibre of people intentionally leaked out my details. I called but they denied it. That was the first and last time I took loans.

I think that there is no application that works in the field of borrowing that works reliably except for the applications launched by banks that operate in a local framework. Even if these applications require a collateral to make them appear reliable, there is no guarantee that the collateral will return if you pay off the loan. It is noteworthy that there are currencies launched from projects claiming to be working in the field of loans. These are projects that still exist over time, and I don't know if anyone uses them.

Talking about loan applications, sometimes this is very dangerous, even if you see currently in my country, there are a lot of loan applications that have been introduced, even a lot of them are illegal.
Actually from there it looks tempting at first because you can borrow easily but after that you have to be prepared with unreasonable calculations with the same unreasonable interest.

It's not good to borrow money through apps that can be found in the mobile phone play store that can be downloaded, it's almost gone and other loan apps have even paid influencers just to promote their app loan programs. It's like a trap that when you bite it is the beginning of the ordeal of your life for sure, if you don't pay at the right time they gave you, they add too much interest to what you owe, and then every day that you don't pay will be able to pay them your debt, apart from the daily interest which is too big and unfair they will call you constantly and even lead to threats if you don't pay, and they will make up a story and see you at the end that's the style of loan apps, so be careful there and avoid it as much as possible and it's even better to just borrow from someone you know who can lend you a loan.

How about a situation where you need the loan as capital for a business you're sure will yield profit and you pay up even before due date, can you encourage someone to consider the loan app, since friends and relatives are waiting for you to kick the bucket or officially turn to a begger before giving you a hand?

Loan apps really gives you a headache because of very high interest for just a short period of time. It can't help in times of need instead it will bring you to more debt. This loan apps are illegal  and if you can't pay your loan in the due date they will never stop calling you and even threaten you. So, OP is rigjt, better to avoid such loan apps .

There are many incidents of people who are stressed because of online loans, some even experience suicide because they are under pressure and terror from debt collectors. but we also should not be tempted by their sweet words. most of us who want fast and easy funds, without taking into account the risk behind it, and this is what they use to find prey. because of the many victims, in my country there have been raids for illegal online loans, and now they tend to be safer

Things like that of course violate existing rules, therefore loan applications like that are starting to be eradicated,
think before making a loan on such an application because the risk is big,
much better to avoid it than dealing with such a thing

Personally, loan applications are tolerable as long as you are able to pay the stipulated amount within the timeframe you provided.

As a general rule, only take loan applications if you have the necessary funds to pay them on the given timeframe. If not, avoid it at all costs due to the high interest rates and returns that they offer. The purpose of these loan applications is that they offer you some loan with minor requirements (as compared to banks) but they charge you with absurdly high interest rates. Not to mention, you are also bound to put names of people who must guarantee the loan in case you default.
 
From my experience, these loan apps will non-stop call you on your cellphone number demanding and asking for the loan payment. Again, there is no problem with loan applications for as long as you pay them on the agreed date.

I agree - they give you strong headache - and particularly when you have been scammed and  you are paying other person loan.
The interest and loan pulls the last drop of blood from your body as well. So it's good if you don't put yourself in the curse of loans and interests. Better safe than sorry!

The difficulty of borrowers who borrow on loan applications is the short maturities and high interest rates. But this condition is only carried out by fake applications, if it is a legal application, the state regulates the interest rate on the loan, and the repayment period is longer, or it can be paid in installments in several times.
Even so, it's like we've dug a hole, and that hole is hard to cover. If you have difficulty with money, or you need money urgently, such as paying school fees or hospital fees, it would be better to borrow from a friend.

As a borrower then you shouldnt really make these things to be an excuse for why you dont able to repay those loans because its just a lie that you arent aware of these high interest and the due dates or maturity dates are short and you've able to deal up with that and agree and took the loan and now you've been complaining out of these things? You are just simply trying out to avoid and make out some reasoning.

Dont take a loan if it isnt necessary but if you do see up some opportunity specially with investment and you have some shortage of funds then this one is considerable but
if you arent having any some problems then its better to avoid on getting loan as much as you could.

I'm so sorry that your buddy had to go through this as a result of the loan that she obtained from the loan app. It is best to avoid taking out any loans at all if the situation is not dire enough to warrant it. It's best if I borrow money from a trustworthy friend who will be understanding of my situation and patiently wait for me to repay the loan. Sometimes people borrow money for investments, promising to pay it back once they start to benefit. It's risk taking in their eyes. People frequently claim that taking risks is a necessary part of life, but you should exercise caution when choosing your risks because the wrong ones might result in lifetime regret.

I actually just had a loan advertisement show up on my social media and decided to check it out. This is the website - https://www.lendtable.com/.  They promote the “get all of our 401k match” deal, and upon digging in to it I found the terms to be a bit unreasonable and their reviews to be super fake/shady. As the OP points out, avoid this kind of stuff at all costs.

Your father's advice is true, having a loan is not a good thing, it can make us stressed and feels hard to live. Especially borrowing money
to buy consumer goods should not be done, because usually the consumer goods that we buy will keep dropping in price. While we usually
borrow money with high interest, it means that too much debt will make our life problematic in the future. We must learn to be grateful for
what we have and it's best to only buy something that suits each of our financial capabilities. Do not let us force to buy luxury goods
by borrowing money, which is just because we want to follow the lifestyle of other people whose finances are better than ours. Sometimes
looking at social media now is really disturbing, many people show off their luxury items to each other, to get people's attention. The problem is
that most people buy these luxury goods with debt, it makes our life unhealthy.

In my Opinion, Using loan applications is an effective mode of transportation to lend a loan and sometimes all these companies promise you lower interest rates, but none of them actually deliver what they promise. related to the cost of cutting maybe before doing, of course there are terms and conditions that apply for sure.

If the loan apps are illegal then how they are operating in a country so its the responsibility of banking and finance ministry to take care of the issue in the beginning stage itself to avoid more people falling for their traps. Defaulting loan is not really a good habit but nowadays people who are in need of money just take the money with whatever terms the loan apps are giving and they realize it only when paying it back along with the interest amount.

Loan, lending companies, and anything like this is a money trap and should be avoided if all possible. Regardless if it's legit or shady.
There are a lot of lending companies in my country and they are extremely greedy. The word "lend" does not apply lol.
Lending is like helping others by let them borrow money and are also expected to be returned in a given time, but not with huge interests lol.

If you are that aware on how much interest that they do have in the first place and it is something out of your preference then you would simply just skip out and ignore and find another one which does have less because if they do charge out even more on what they have said into you then it is really indeed shady but if not then its impossible that you would take a deal even it does charge out big interest.

I dont see any problems with lending companies because you arent forced to borrow in the first place and if you are a type who doesnt really love to
pay up interest or those loans then you would really be facing big problems.

It's really hard to make a loan that you are uncertain of if you can pay on time. Loaning and lending apps that offer small interest over time can be enticing, but it is tricky. It gets your personal information and even the personal information of those people around you which will serve as your reference. They are really polite and kind during the beginning when they are still asking you to take a loan or borrow money. But the moment you failed to pay on time, you will experience so many hassles such as receiving spam or threatening emails or text messages. They even target your reference person to pay for what you borrowed and even resort to messaging other people you know of and telling them about the loan you took. By then, it becomes stressful to the debtor.

If you can avoid to borrow money from banks or lending corporations and loaning apps, please do so. Refrain yourself from borrowing money most especially if it is intended for luxurious items or activities only and not for necessities. Practice right budget allocations if you really are on a tight budget. Cut off unnecessary expenditures and prioritize your needs first before wants. If possible, save and invest as much as you can so that when hard times strike, you have something to run to as your back up.

If ever you decide to really borrow money because of delayed paycheck for your necessities or for emergencies, always make sure to pay on time so that the interest of your debt won't accumulate to the point that the interest is greater than what you initially owed. Always pay your debt before investing. Make sure you don't have liabilities waiting to eat you up because you can't really attain financial freedom if you have loans and debts knocking at your doorstep. I believe that is the wrong thing your friend had done - not paying up on time. Because these lending companies state their policies ahead of time and let you know your responsibilities. Now, the moment you take a loan, it's already your responsibility to monitor when is your due date. Although it's also ideal that the company you owe something too or have a bill to pay to remind you as well and make a notice before actually making a move. But it's already done, and perhaps the lending app your friend borrowed money to don't really send such alerts. Just suggest to her next time to always set a reminder to monitor her responsibilities because no one will look after her except herself.

Dont put yourself into big trouble if you are that someone who doesnt really like to pay up some loans or paying up some dues.There are people who are
like this on when on the time that they do tend to borrow money they are in a rush and excited or too impatient but on the time where it time to pay
up on due time then this is where they are too evasive and trying to avoid as much as they could but since your information had been exposed on them
then you are really putting yourself on risk on getting in prison considering that these loan apps or companies are centralized and regulated.

Lending is very important in an economy to create growth and competition for start-ups. So loans are unavoidable and loan applications are cutting-edge technology, saving us time. In all areas there is fraud so it is not an exception, but, we are conscious of this and avoid being fooled. Depend on reliable applications, which is legally supported by government.

In my country Indonesia, there is not a day that does not report complaints and problems from online loans (Pinjol), many people feel cheated by the agreement made before making a loan from the application, the sudden increase in loan interest and not according to the agreement is actually a problem that are often faced by victims, and even many victims feel threatened as a result of being constantly terrorized by collectors because of the urge to pay the loan, that's why I personally really avoid online loans that exist today, ATENTTION, never give your personal data including ID card or sim to other people, because they can be used to make loans by other people without our knowledge and ultimately we have to pay for the loan.

That's why I think things like that are really worth avoiding and what's clear is never try to make a loan in the application,
the risk is very big and sometimes our data will be leaked,
how dangerous an application loan is and hopefully everyone is aware of it

In my country the RBI have revealed a big list of loan applications banned within the country. This counts a big number. The ban is made by GOOGLE and the banned list include services that is on specific focus over the Indian Market. These loan applications have our data and they were also into the Google's policy violation.

Google banned over 2,000 instant loan apps from Play Store (https://www.livemint.com/technology/tech-news/google-banned-over-2-000-instant-loan-apps-from-play-store-in-h1-2022-11661434391068.html)

Regret do always come in the end and whenever people do end up on experiencing unfortunate events or condition then this is where they do really starts to regret.

Whenever you do took up some loan then it is really impossible that you wouldnt be aware of the interest rate on the said agreement which you had been willingly agreed then it would
really be just normal that you would be definitely needing to pay those on due time.

You cant really just borrowed up something and seems like there's nothing happened.You should obliged yourself on repaying those with interest.

It is indeed a curse but only into those people who doesnt really repay those loans.You havent been forced ou taking a loan and they didnt reach up into you and saying that take a loan
and will provide it on which you would really be deciding on taking but on the time you would really be repaying then this is where problem begins because you do need to pay up on the exact date.
If you arent that a good payor then its better not to take up some loan and just better to spend your extra money on whatever things you are tending to buy or invest on.
Avoid loan as much as you could or possible.