Avoid loan apps, a word of advice.

[Quidat]

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.

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[Ahli38]

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.

[bitzizzix]

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.

[Marvell1]

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.

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.

[rahmad2nd]

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.

[sayaya17]

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.

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.

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.

[stomachgrowls]

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.

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.

[Finestream]

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.

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.

[Sanitough]

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.

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.

[Hispo]

-snip-

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.

[dunfida]

-snip-

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.

[qwertyup23]

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.

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?

[lienfaye]

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.

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.

[Oasisman]

-snip-

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.

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.

[Questat]

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.

[cheezcarls]

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. 

[salad daging]

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.

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.

[sulendra12]

~snipped~

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.

[Hamphser]

~snipped~

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.

[MCobian]

~snipped~

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.