Avoid loan apps, a word of advice.

[Fredomago]

My clear statement on loans is to avoid all types of loans. It is good to take loans as long as you are taking them only for important reasons and you have the ability to repay them. I will blame your friend here, why did he not repay the loan on time? If you do not have the ability to repay the loan on time, then it is absolutely necessary for you to take a loan. In this case, the ideal step for you would be to take alternative measures, such as selling some unnecessary things or doing extra work or borrowing from your relatives (interest-free). If there is no option to take a loan, then take a loan with a term longer than the time in which you can repay it. In general, I hate taking loans unnecessarily, it is even more hateful to make a habit of it.

Yeah, you can use it for your survival in case that there's emergency or if you need some amount for your business or for your investment, but it's not wise if you'll take loan jsut for your luxury and vices, for sure if you don't have the resources to repay it will hurt your finances, and it also going to hurt your credit lines, loans is for emergency it gives you that opportunity to move forward, as long as you plan things out then it may bring advantages to you.

[SmartCharpa]

In my opinion, your friend should be held responsible because she took the loan and failed to repay it on time. If she had paid back on or before the payback date, I am confident that they would not have withdrawn the funds from her account without notifying her. Some loan apps will take funds from your bank account if you fail to repay your loan within a week of the payback deadline since you provided your BVN before taking out the loan.

However, a friend of mine had the same issue last week and called to inform me an amount had been removed from his account, but after reviewing the record of transactions, I discovered that it was the loan app from which he borrowed money that deducted the money. A loan app might be useful when you don't have somebody to borrow from and there is a decent interest on offer. To avoid this, one should always take out a loan with an amount that they can return before or on the due deadline.

[EarnOnVictor]

Loan Apps is the beginning of difficulties, I suggest not to use the service of loan apps, they provide high interest rates and if we cannot pay then we will be visited by rude officers and will do everything possible so that we pay 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

Indeed, loan applications are usually easier to use and the requirements for getting a loan are usually much easier than conventional loans, such as banks. However, that is what can actually trap people, because the time to make payments is usually short and also with quite high interest.

If the commercial banks are up and doing, no one will patronise the loan app, but banks are not serious about loan disbursement, they always cite one issue or another which I see as frivolous because if the loan business is not lucrative, loan sharks will not be springing up like mushroom as we see now. I've been a victim of this until 2022, and I tell you, it is addictive if you are not careful. The last one I collected was $1000 to pay $500 in 3 months, that's crazy, right? It's not worth it.

[Baofeng]

Actually, last week, our police here raided one of the many loaning apps that we have in the country because of complaints that they are harassing people who can't pay on time. What they do is that they will call everyone on the loaners social media like in Facebook and tell them that this person has a loan to them and not paying.

And we have a law against this kind of harassment but still though, they uses this tactics to force people to pay. Of course, if you borrow money you have to pay them, but this is not the right way as loaners have also their rights.

I only uses two loaning app, actually it's not that, they are local digital wallet (which includes crypto), but they allow people to borrow. But I don't borrow big amount, it's for emergency purposes only and I paid it in terms.

[cryptomaniac_xxx]

Loan app in two ways have both the advantages and disadvantages.because when you you need it they might be there for you advantage.when you don't pay the interest accumulate.but to my view the disadvantages are more.cause if you take a loan from the app cause you see having challenges and you fail to pay you will be blacklisted, and you credit limit to access other loans from othere companies my be a problem to you.

yes, loan app has not only disadvantages, also it has advantages, so that people using it who's need urgent money,
just try to avoid high interest app and other strict rules which can be badly affected to you,
but although i don't like loan app personally, i try to manage money in other way but not interested with loan app.

Yes, it has benefit though, specially if you are in bad need of a money right away and you don't know people that will lend you that money. And so others have no choice but to go to loaning app and even if the terms are high, they don't have a choice.

But still though, you really have to see to it that you are going to pay it in time because the accrued interest are going to increased ten folds. Don't loan if you don't need the money because I have seen people who really do this for the sake of buying material things that they don't need.

[OfficialGratejoy]

This is exactly what I always tell people,to avoid loan apps,even beginners who are knew in the crypto market go as far as borrowing capital from loan apps to start there investment carrier in the crypto market, let me tell you now it we never end well for you,that thought that you have in mind that you we get rich over night in the crypto and pay back the loan go land you in the middle of no where,better be warned.

[boyptc]

Financial literacy is key—understanding loan terms before borrowing can prevent a lot of stress down the line

The problem with borrowers is they do that in times of need and they don't give that much time in reviewing what's in it in the contract.

That's why they become surprise with surcharges, hidden charges and the interest rates that they agree to pay after taking the loan. This is a big problem for them when they don't due diligence.

Whilst for the side of the loaners or loan sharks, they take advantage of those moments because they know borrowers who are in need of money are desperate to get it.

Unfortunately, most of the borrowers find themselves in a very awful position because they make their choices without going through the key provisions of the contract. Sudden pressures reduce their concern with the other factors such as the additional charges that may accrue later or even the rates of interest. However, based on this opportunity, lenders seek to avail quick cash with bearing rigid terms for the borrowers most of the time. Consequently, there is need to be more careful anytime we are getting a loan to ensure that other details are adjusted well without finding our selves in a worse off situation since some of them are hidden in the hidden print. Considering all these things properly in advance can help us prevent certain problems in the future.

Those that have experienced bad turn of events and became short in money will avoid borrowing and even going with the loan apps.

It's because the terms are way too crazy and instead of them providing help to the needy ones, they're there for business for which makes sense and they need to get most of the money that they release to the borrowers.

We deal with tough situations and it's the last thing that I'll probably go but as long as I can deal things with my own savings, crypto holdings and cash, I'll rely on them and not with loans.

[LogitechMouse]

Here the economy is so bad that whenever cheap credit is available, everyone wants to take advantage of it. But as a principle, I never take out loans. I've never borrowed from a bank. You should always spend according to your income. Yes, sometimes unexpected expenses arise and our spending increases. But that's why it's important to save in advance and set money aside for tough times. Aside from regular investments, an emergency fund should always be kept on hand.

I'm the type of guy who really hates debts, but there really are times where you need to borrow money from other people or bank or in my case, our cooperative for some reasons, and that's what happened to us. We took a loan and currently paying it. I really hate loan that I've decided to sell all of my crypto assets then allotting a portion of my profits to pay that loan.

Of course, it would be a different thing if I will use that debt to invest, but nevertheless, having an emergency fund like what you said is a necessity nowadays especially now that we don't know what can happen a few years from now. We all urge the people here to invest, invest and invest, but also take note that if you have some spare money, at least save some for-emergency funds just in case something bad happens.

Well, after we pay that huge loan of ours, I will never take out a loan again... or at least a bad debt.

[Bazzu]

I'm the type of guy who really hates debts, but there really are times where you need to borrow money from other people or bank or in my case, our cooperative for some reasons, and that's what happened to us. We took a loan and currently paying it. I really hate loan that I've decided to sell all of my crypto assets then allotting a portion of my profits to pay that loan.

Of course, it would be a different thing if I will use that debt to invest, but nevertheless, having an emergency fund like what you said is a necessity nowadays especially now that we don't know what can happen a few years from now. We all urge the people here to invest, invest and invest, but also take note that if you have some spare money, at least save some for-emergency funds just in case something bad happens.

Well, after we pay that huge loan of ours, I will never take out a loan again... or at least a bad debt.

Yes, that's much better, although there's nothing wrong with borrowing if it's to cover something that's useful, of course it will really help you, even so, avoiding loans is much better because it can be a burden on the mind and it's not comfortable for the future, and having an emergency fund is necessary because it's very helpful if needed one day.

[benalexis12]

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.

Until now, online loan apps are still rampant. Especially here in our country, and many online loan apps here in our country have also been raided because they are unregulated and even threaten those who lend money if they cannot pay the installments on the loan.

So to avoid such loan apps, do not really enjoy online loan apps because the interest they charge is really high.

[Mahanton]

I'm the type of guy who really hates debts, but there really are times where you need to borrow money from other people or bank or in my case, our cooperative for some reasons, and that's what happened to us. We took a loan and currently paying it. I really hate loan that I've decided to sell all of my crypto assets then allotting a portion of my profits to pay that loan.

Of course, it would be a different thing if I will use that debt to invest, but nevertheless, having an emergency fund like what you said is a necessity nowadays especially now that we don't know what can happen a few years from now. We all urge the people here to invest, invest and invest, but also take note that if you have some spare money, at least save some for-emergency funds just in case something bad happens.

Well, after we pay that huge loan of ours, I will never take out a loan again... or at least a bad debt.

Yes, that's much better, although there's nothing wrong with borrowing if it's to cover something that's useful, of course it will really help you, even so, avoiding loans is much better because it can be a burden on the mind and it's not comfortable for the future, and having an emergency fund is necessary because it's very helpful if needed one day.

One of the main principles into my mind is about on things that you cant afford then better not to buy it or taking up some loan, and having this kind of mindset or mentality will really be able to lead into a life which doesnt have financial problems because of debt. Usually or most people do really ends up on having debts because of overspending or buying up something which arent supposed to be bought. The worst thing is about taking up some loan but ending up on spending on useless things on which arent supposed to be done. This is why as much as possible avoid loans while you can and just live up into a life on which will really be that getting in line with your income source. Going beyond with those limits will be that resulting into potential problems or guaranteed profits specially when emergency comes. We do know that on this life there's no guarantee that everything will be all right on which there are times or moments that emergencies and unexpected events could occur specially if it does need up that huge amount of money then this is where you will be realizing that you have wasted up too much money into something which isnt important, but actually you have could avoided this if you have been just that sensible into the actions that you are taking earlier.

[Judith87403]

Actually I don't see anything wrong in taken a loan, the only mistake she made was using that same app she took the loan from to receive the money, had it been she used a different bank or app this wouldn't have happened. The girl in question, what was she even  thinking that made her not to pay back the loan she took long ago? There are some challenges we face most times that is not meant to be, had it been she pay back the loan before the due date did you think she would've gone through that mess?

This is just irresponsibility to me. I mean the loan app could not have deducted that money from her wallet had she not consented to it. She probably allowed automatic payment which is why it was deducted even if that was not the money she was going to pay with yet.

I always advice people never to take loan from those loan app if they know they can't pay back before the due date, because if they wait till the due date and you didn't bother to pay back the loan you took from them. probably they can decide to give you some time to see if you can get back to them, maybe after waiting for some time and you didn't respond to them. You know at this point they can decide to take any action, in a situation like this one don't need to feel bad because that's the agreement before taken the loan.

Borrowers often try their luck and see if they can get an extension by not even giving an alert until the very due date. Very dangerous though because you never know what can lenders do to you. They might add more to your borrowed money or worse threaten you violently.

You know most  of this loan apps will not even seek permission from you before setting automatic payment I have seen so many loan apps that works like that, immediately you just take a loan from them the automatic payment will be turn on immediately. I think the reason why most of the loan app choose to turn it on immediately after granting the loan is because most people can have the money to pay back the loan but they will find it very difficult to pay back.

Which is why they always turn on the automatic payment so that whenever time you have money in that loan app if it is not enough to clear the debt, probably they can still decide to use it to settle half of it. However, every loan app will always alert you once the due date is fast approaching they will inform you very early before the due date so that you can be able to look for a way to pay back the loan.

[Fredomago]

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.

Until now, online loan apps are still rampant. Especially here in our country, and many online loan apps here in our country have also been raided because they are unregulated and even threaten those who lend money if they cannot pay the installments on the loan.

So to avoid such loan apps, do not really enjoy online loan apps because the interest they charge is really high.

Yup, with those kind of action from those online app they are being raided and some them are being link to another kind of online services, those who are not under the regulation are being persecuted as there are reports that those who use the service are being harass and been exposed with their loans, it's really something that those online apps owners did to force the person who owe to pay their bills, to the point that they are really threatining the person.

It's better not to deal with it if it's not really important or if there's no business or investment that you'll going to use the money, just deal with what you have and be contented.

[Hatchy]

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 can't say much as I don't really know the reasons your friends decided to take the loans.. but she has to know that sometimes it's best to avoid just any loans. If you have no way of paying back, then avoid loans or rather don't!eave any important funds in your bank account at such period. I don't want to blame your friend here as though the bank should have given her some kind of notification that they were about taking the loan money from her account at least... It's better to avoid such loans..

[Obari]

Everything has its advantages and as well it’s disadvantages and the loan apps and services are included as well and personally, I think every loan service has their terms and conditions of services and for you to take out loan from them, you already agree with their terms and services which in this case might include access to your bank account and also deducting their money from your account when you fail to repay your loan on time.

Loan apps are helpful and we shouldn’t talk them really down but that doesn’t mean that, we should abuse their services or try to live our lives dependent on them, as their main purpose is to help us in crucial times and not sustaining our lives.

On this note, I think I will have to blame the girl for failing to pay back her loan and also not communicating with them on time .

~snip~

Until now, online loan apps are still rampant. Especially here in our country, and many online loan apps here in our country have also been raided because they are unregulated and even threaten those who lend money if they cannot pay the installments on the loan.

So to avoid such loan apps, do not really enjoy online loan apps because the interest they charge is really high.

These still drives down to the fact that, most people who borrow don’t take out their time to read their teams and conditions before heading to borrow from these loan apps because I could remember reading the terms from one of these loan apps which included some threats and using every possible ways to recover their money when the lender fails to repay on the due date.

I don’t think their rates are high as compared to physical lenders that might want some sort of collateral while even charging you so high for interest.

[Fara Chan]

This is exactly what I always tell people,to avoid loan apps,even beginners who are knew in the crypto market go as far as borrowing capital from loan apps to start there investment carrier in the crypto market, let me tell you now it we never end well for you,that thought that you have in mind that you we get rich over night in the crypto and pay back the loan go land you in the middle of no where,better be warned.

Borrowing capital from any party for investment purposes will have a very heavy burden even though the borrower has the determination to repay the loan on time. Because those who want to become investors do not have to be in debt like that at first, because all investors can start their investment with a small capital without having to have a burden at the beginning.

But if someone makes a loan to open a business that can circulate their money more easily through goods that are often needed by many people every day, of course it is still quite logical because it is not a wrong action. However, if the loan capital is circulated into trading in the crypto market, I think the level of risk itself is still very large because in terms of trading there is also no guarantee always for any trader.

[Etranger]

One simple question, just please answer it exactly, and honestly !
Who forces people to take unfavorable loans? Who forbids them to earn better, spend less, but forces them to take loans to cover the difference between low income and high expenses ?

And an additional question - have you ever wondered for what purposes, most often take such loans ?  I have information that the majority of such loans are taken by rather poor residents, you know for what ? To buy elements of “rich life”, like new iPhones, expensive branded clothes, etc. absolutely not critical needs ... Are they really VICTIMS ?

DrBeer, I definitely see what you mean. Consumer loans are indeed most often taken out to buy something that a person cannot afford at the moment. And it is on such loans that organizations earn the most, since they have the highest rates.

But there is another side to this issue, because of which I cannot so categorically assert that those people who take such loans are to blame for everything themselves. You are from Ukraine, so you should understand me. The situation in the country is extremely bad now. Banks do not issue either credit limits or loans themselves, especially in foreign currency. The majority of the country's population has a negative credit history, since due to the war and the depressive economy, they simply do not have the opportunity to repay loans on time and in full.

And if the population does not have the opportunity to turn to banks, where the conditions, although extortionate, are still better than in microcredit organizations (interest 3.5% per month is terrible, but still better than 0.99% per day), then they have no choice but to turn to places where they at least they will be given a loan, albeit at terribly unfavorable interest rates.

Today I was at the subway and saw an ad for another organization that offered to issue a loan of up to 20,000 UAH (and this is just pennies, so that residents of other countries understand, this is 482 dollars) for a maximum of 365 days at a real annual rate of 2161%. That is, a person will have to return 452,200 UAH in a year, that is 10,904 dollars. This is simply beyond my understanding.

And yes, you might think, who is so stupid as to agree to such conditions. It is easy to think so when you have some kind of job and you are given a credit limit in a normal bank. But not everyone is so lucky. And now it is especially noticeable. And when a person has a close relative who is sick, and then it is necessary to find money by any means, then people will do anything. What I mean is that many people take out loans not because they have a good life. Even though they understand how harmful it is. But the conditions in the country in which they live, and which simply doesn’t care about them, don’t allow them to earn more and spend less.

[ndutndut]

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.

In an era that is increasingly developing, especially in terms of technology, it can actually be good or bad, it all depends on our mindset in seeing it. In the past, we had to borrow from banks but now there are many loan applications that have emerged and borrowing from them is also easier than borrowing from banks. However, it turns out that many people misuse it so that they are trapped in continuous debt and this also happens a lot in my environment, as OP said. There needs to be education about applying for this debt to avoid unproductive debt.

Must stop going into debt because debt is a habit. It traps us into having a mindset of spending more than we can afford. In addition, debt for consumption purposes such as buying goods that are not actually needed by applying for credit using a loan application, should be avoided. Even if you have to go into debt, make sure the debt is used for something productive or has long-term benefits, such as business and always pay attention to your ability to pay installments.

[Victorybit1]

Lots of Nigerians see loan apps as platforms to collect free money because they feel that the agents can't track them. But they tend to forget that before that loan is giving to them they submitted vital informations like their nin and   bvn. If you don't pay those loans you collected you might not be able to have access to some certain things like travelling out of the country. Another down side to loan apps is that most of them are currently defrauding people, especially the ones that ask for your card details. People need to stop dealing with these apps it's very risky.

[Fiatless]

Lots of Nigerians see loan apps as platforms to collect free money because they feel that the agents can't track them. But they tend to forget that before that loan is giving to them they submitted vital informations like their nin and   bvn. If you don't pay those loans you collected you might not be able to have access to some certain things like travelling out of the country. Another down side to loan apps is that most of them are currently defrauding people, especially the ones that ask for your card details. People need to stop dealing with these apps it's very risky.

It is fraudulent to collect a loan with no intention of paying back. These credit or loan firms are owned by people like you, so you shouldn't have the intention of defrauding them. I have seen people who have been arrested for trying to avoid paying back their debt and some of them have been sent to prison.

Why would a loan company ask me for my card details? That information is personal and shouldn't be given to any third party. I don't like taking loans because sometimes the interest are too much.