Avoid loan apps, a word of advice.

[Husires]

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

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[Bttzed03]

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.

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.

 

[teosanru]

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.

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. 

[glendall]

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

[Mometaskers]

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).

[Jemzx00]

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

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.

[Cling18]

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.

[kryptqnick]

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.

[yhiaali3]

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.

[DrBeer]

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.

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.

[Captain Corporate]

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.

[darewaller]

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. 

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.

[ChrisPop]

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...

[virasisog]

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.

[n0ne]

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.

[stomachgrowls]

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.

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.

[Russlenat]

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.

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.

[Ebede]

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

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

[sovie]

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.

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 .

[Hamphser]

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

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

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.