Avoid loan apps, a word of advice.

[Agbe]

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 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.  

[1715555663]

1715555663

[1715555663]

1715555663

[1715555663]

1715555663

[bitgov]

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 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

[Oceat]

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 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.

[Dart18]

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.

[Smack That Ace]

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.

[LastKiss]

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.

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.

[Silberman]

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.

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.

[KaliLinux]

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.

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)}

[inanilujimi]

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.

[traderethereum]

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.

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.

[Zilon]

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.

[Flexystar]

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.

[Ucy]

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.

[NotATether]

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).

[Reid]

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.

[arwin100]

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).

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.

[Hispo]

-snip-

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.

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.

[Mauser]

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.

[Fortify]

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.

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.

[TimeTeller]

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.