Avoid loan apps, a word of advice.

[Silberman]

~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.

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

[Strongkored]

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.

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

[el kaka22]

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

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

[Frankolala]

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

[teosanru]

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.

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

[Renampun]

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.

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

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

[Mahanton]

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.

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

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

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

[Viscore]

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.

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

[Furious 7]

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

[HeavensPro]

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

[Tony116]

~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.

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

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

[Gyfts]

...

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

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

[FanEagle]

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

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

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

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

[Mr.right85]

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

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

[bitgov]

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

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

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

[CryptoHeadlineNews]

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.

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

[stomachgrowls]

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.

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

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

[sovie]

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

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

[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.

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.

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

[AmoreJaz]

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

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

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