Avoid loan apps, a word of advice.

[iBaba]

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.

Honestly, for me, everyone has a share of their issues. The loan companies and the people who embark on taking loans with the intention of reaping off the companies of their resources. First of all, it's a very bad character to think of taking loans without plans of repayment. It is an act of theft of its own kind to have that kind of thinking and to equally carry out such act. Before I embark on taking any loan, the first thing I usually do is to read their terms and conditions and to see if I can meet up with their demands. For companies who are offering unrealistic loan terms, I do not subscribe to them. I rather go for loans that I can afford to repay back.

As for the companies, asking for one's credit card for instance is not a good idea from beginning. It is wrong but then it is also a terms that you can either decide to go for or not. The level some of these companies also reach in terms of requesting for repayments especially for defaulters is uncalled for. You cannot go as far as cropping a debtor's head and placing it on the body of a ritualist. Then sending same photo to his contacts to accuse him of ritualist in the name of taking your money back. That's absolutely wrong and uncalled for and I will never subscribe for such loan apps.

[Alone055]

As for the companies, asking for one's credit card for instance is not a good idea from beginning. It is wrong but then it is also a terms that you can either decide to go for or not. The level some of these companies also reach in terms of requesting for repayments especially for defaulters is uncalled for. You cannot go as far as cropping a debtor's head and placing it on the body of a ritualist. Then sending same photo to his contacts to accuse him of ritualist in the name of taking your money back. That's absolutely wrong and uncalled for and I will never subscribe for such loan apps.

Who shares their credit card information with a loan company? I don't find that regular, either. A company giving out loans can ask for some ID to verify the authenticity of the borrower, but going to an extent like asking for credit card or debit card details, or anything of that sort, is excessive. We have loan apps in our country as well, but they only ask for your ID to give you a loan; however, the biggest downside of these loans is that the interest rates are extremely high.

Suppose you don't repay the loan on time. In that case, the interest keeps going higher every day, and the percentage that increases every day is more than 5% or something if I remember correctly, which means that your repayment amount keeps increasing by 5% or something every day if you fail to repay the loan on the specified date.

Despite all that, some people still go for them; this is also because they actively promote their services on social media platforms to lure borrowers into taking loans from them.

[JiiBs]

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.

The better question to get to the root of whom is at fault is;
Should your friend that this case to the caught, would she win?

If she could actually win, then it’s okay to say she isn’t at fault and can sue for all she stands or had to lose due to that action.
In either case, I think your friend wouldn’t win. She contented for such action in her loan offer else, no one gets the right to deduct money from your account without having to contact you as the account holder.

I guess she learns her lesson now and would be mindful of her financial dealings next time.

[Jaycoinz]

A lot of loan apps are now coming out to scam people but a lot don't this yet. Uploading your id can give them access to a whole of informations that they are not supposed to have. Most people get debit alerts that they don't understand, these apps are now used to swipe people's bank account. Another down side to loan apps is the embarrassment that comes with it when you can't meet up your loan payments, they can go as far as posting your pictures on social media and also send messages to your contact list. All these stress for average amount of money isn't worth it.

[wheelz1200]

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.

Id even go further and say to avoid loans all together.  Unless its for a house, car or school im not taking a loan for anything.  These are things that can alter and chamge ypur life for the better so it migjt be worth it.  Otherwise work hard and save until you can afford what you are taking loans oit for.  True freedom is when you dont anyone literally anything.

[Samlucky O]

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.

Well if you ask me I will say the fault is from your friend for have delayed the payment on till that time the loan app deducting it from h/her  app. It could be that the loan app may have tried several times to let her pat off her outstanding Dept but all to no avail. One thing I know for sure, is that loan app don't just remove money from app anyhow. Maybe your friend should be properly asked because for loan app to have deducted that money, it means that the money has been overdued and perhaps many warning signal has been given to her before that.

In all, I advice that we should try to avoid any business with loan apps as they seem to be very numerous these days and are easily accessible. Most importantly, You should know that you are at the danger of developing a habit of borrowing from them if you patronise loan apps even for the smallest amount.

Actually loan app was meant to serve as a rescue resources when we are out of emergency fund, but it's obvious that some people misused the opportunity. But I will like to say that anyone taking loan should take loan for a more reasonable thing and pay on time and avoid being embarrassed by loan app and blaming them for ones misfortune.

[HelliumZ]

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.

Various private institutions make tempting offers on loans, which attract people to take out loans. Moreover, nowadays, we are made interested in loans by advertising them on mobile phones. They lend money at high interest rates under special loan conditions, in which case the victim is forced to repay the loan at higher interest rates. So, stay away from all these loan providing apps as soon as possible and if anyone you know is attracted to these loans, stop them by suggesting them.

[alastantiger]

Actually loan app was meant to serve as a rescue resources when we are out of emergency fund, but it's obvious that some people misused the opportunity. But I will like to say that anyone taking loan should take loan for a more reasonable thing and pay on time and avoid being embarrassed by loan app and blaming them for ones misfortune.

I disagree, I think we shouldn't take loans but learn to manage the resources that we have at our disposal. When the money we earn isn't enough, instead of taking loans, we should work harder by having multiple jobs and reducing our expenses. Taking loans isn't not a good way to live because loans are ways that the banks keeps us in debts as taking loans can get addicted and make us live beyond our income which makes us never to get out of debts but working constantly to payoff the debts and retake another one when that debts has been paid off.

The loans apps knows that people aren't wise hence they can use them to make money by giving loan to them, that's why they're making it very easy to take loans and when we do that, we're now working for them and making them money while you that's taking the loan keep staying broke.

[moneystery]

A lot of loan apps are now coming out to scam people but a lot don't this yet. Uploading your id can give them access to a whole of informations that they are not supposed to have. Most people get debit alerts that they don't understand, these apps are now used to swipe people's bank account. Another down side to loan apps is the embarrassment that comes with it when you can't meet up your loan payments, they can go as far as posting your pictures on social media and also send messages to your contact list. All these stress for average amount of money isn't worth it.

loan apps can take their customers' data and use it for their various purposes. especially for illegal applications, they are even worse, selling their customers' data and even threatening customers who do not pay with many actions, such as using their personal data on illegal applications, posting their pictures on social media, contacting all user contact numbers, threatening their children and wives, and many other immoral things. people should avoid using loan apps because basically these loan apps can strangle people with their high loan interest rates and other despicable actions. being associated with them will only bring bad things.

[Lanatsa]

A lot of loan apps are now coming out to scam people but a lot don't this yet. Uploading your id can give them access to a whole of informations that they are not supposed to have. Most people get debit alerts that they don't understand, these apps are now used to swipe people's bank account. Another down side to loan apps is the embarrassment that comes with it when you can't meet up your loan payments, they can go as far as posting your pictures on social media and also send messages to your contact list. All these stress for average amount of money isn't worth it.

loan apps can take their customers' data and use it for their various purposes. especially for illegal applications, they are even worse, selling their customers' data and even threatening customers who do not pay with many actions, such as using their personal data on illegal applications, posting their pictures on social media, contacting all user contact numbers, threatening their children and wives, and many other immoral things. people should avoid using loan apps because basically these loan apps can strangle people with their high loan interest rates and other despicable actions. being associated with them will only bring bad things.

One of the main problems when you do submit your information online with these loan app companies on which they can make use if on other means but actually they are needing it because of such verification of the said borrower because they cant just that grant someone to have some loan without further verification. In case if there's no repayment then these information will really be that relevant or needed for them to take up some action into those who have defaulted their loan but of course we do know that there's no one getting jailed because of debt as long it doesnt involved any blank checks and deception. You might be ending up on having civil case but its not something that could put you up in prison.

Talking about loan apps then this is something that you do really need up to avoid as much as you could because repayment will really be that hard. Taking up some loan for the purpose of having a business or investment then its considerable but of course it will be depending on what investment you are dealing into. There are those times or moments that you will be that become desperate when you havent been able to meet up your expectation on the things that you are really been doing specially on business or investment.

[bitzizzix]

Actually loan app was meant to serve as a rescue resources when we are out of emergency fund, but it's obvious that some people misused the opportunity. But I will like to say that anyone taking loan should take loan for a more reasonable thing and pay on time and avoid being embarrassed by loan app and blaming them for ones misfortune.

I disagree, I think we shouldn't take loans but learn to manage the resources that we have at our disposal. When the money we earn isn't enough, instead of taking loans, we should work harder by having multiple jobs and reducing our expenses. Taking loans isn't not a good way to live because loans are ways that the banks keeps us in debts as taking loans can get addicted and make us live beyond our income which makes us never to get out of debts but working constantly to payoff the debts and retake another one when that debts has been paid off.

The loans apps knows that people aren't wise hence they can use them to make money by giving loan to them, that's why they're making it very easy to take loans and when we do that, we're now working for them and making them money while you that's taking the loan keep staying broke.

Whatever the reason they should not take a loan, and the main reason why many people borrow from online loans is because of its convenience which only takes a few minutes and the money goes directly into the account and this makes it easy for many people to make decisions to borrow when they are in trouble or in urgent need without thinking about the risks and its convenience makes borrowers not think long and also do not see from their income whether they are able to pay the installments or not and this must be really thought about beforehand whether it can help the problem and must be planned so that unwanted things do not happen that can harm themselves and not a few who end up committing suicide because they are in debt. Online loans can indeed help solve problems but can also cause new problems for you, it will even make you stressed and have to try and work hard to be able to pay installments with full pressure and also threats if you are late in paying.

[Oluwa-btc]

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. 

I think she entered into the wrong hands of loan apps cause usually there's always a notifications sent for remender of payment and mostly if not peud as at when due there will be no deductions of any kind from the loan apps, except you enter into the app and make such payment. This is mostly effective for loan apps that ain't scam meanwhile it isn't right to loan money for a long period cause it results to hindrance when you actually would not expect it. In as much as your friend school fees money got deducted due to the loan then it's advisable to stay far from losn apps.

[Farhan99]

Actually loan app was meant to serve as a rescue resources when we are out of emergency fund, but it's obvious that some people misused the opportunity. But I will like to say that anyone taking loan should take loan for a more reasonable thing and pay on time and avoid being embarrassed by loan app and blaming them for ones misfortune.

This work is very advanced but it becomes very difficult to pay for it because if a poor person does not have money then they cannot forward the date through the app which leads to emergency payments. It should work in a time of need because if money comes out of it in vain, then it will be a problem for us, and we will have to pay more money with interest. I don't think it's better to take a loan from the app because it costs more money, and if we borrow from each other, we have to pay less. Giving money in this app is the most difficult thing and it has to be given on time due to which sometimes there is no money.

[puloweh555]

A lot of loan apps are now coming out to scam people but a lot don't this yet. Uploading your id can give them access to a whole of informations that they are not supposed to have. Most people get debit alerts that they don't understand, these apps are now used to swipe people's bank account. Another down side to loan apps is the embarrassment that comes with it when you can't meet up your loan payments, they can go as far as posting your pictures on social media and also send messages to your contact list. All these stress for average amount of money isn't worth it.

Actually, with that there is a good loan application because it makes it easier for us when we need fast funds. It's just that many people misuse it and besides that there are also many applications that are disguised as loans which turn out to be fraud with high interest and when they are unable to pay they spread threats to spread our personal photos, usually this is an illegal loan application. That is why it is also important before borrowing we must see that the application is legal in the eyes of the state, but it is better not to borrow money other than for productive loans. Because if you borrow for consumption it will not help your life, it will backfire.

In essence, applying for a loan is one of the big problems that needs to be resolved immediately by the government. The reason is, this loan application is a quick way for people when they need money so they get trapped in debt to cover debts again. The government should block and revoke the permits of all these loan application companies, especially illegal ones. Because in my country, this application is also very disturbing, some even commit suicide because they cannot stand the terror caused by being unable to pay.

[Etranger]

This topic has aroused my interest in order to find out what similar applications are present on the Ukrainian market. It is interesting that some of them, according to the description, offer an annual interest rate lower than some official Ukrainian banks. Of course, the description of the application and the contract that you sign directly when applying for a loan are different things. Perhaps the rate will be indicated in the contract differently. But as of now, I have found several loan applications that announce an annual interest rate of up to 64%, while most Ukrainian banks provide installments for a credit limit of al least 97% per annum.

[Unknown Op]

Actually I will blame your friend. Because this loan apps are ment to help you out in times of urgency so why will someone take it for granted. I kw so many people that this loan apps have really saved from certain issues, the only thing we owe them is to pay back on time and you’re entitled to take more too. I believe they are really good platforms

I agree with you because loan apps give loan for the bad time and when you in emergency you can get loan from that . When app will give you loan then they will try to get loan , in fact I saw many people who are taking loan and they are not returning back to the app. OP made thread and he made unique topic and he got merit on that post but I didn't understand why people are giving merit to him . I think OP has big account due to which he is getting merit . I think always avoid of taking loan and try to save money which will help you in emergency situation.There are many countries in which loan apps are successful and their success is due to users because they are giving good response after using these apps. But some app could be fraudy.

[dansus021]

Avoid loan apps, a word of advice.

I know this is an old topic but I came here because of a fact here in Indonesia people have started to take an online loans because it easy to apply you only need an iD card and easy to withdraw with a bigger limit there is also a news that

"Jumlah Pinjol di Indonesia Makin Tinggi, Kini Tembus Rp 66,79 Triliun" selengkapnya https://www.detik.com/sumbagsel/bisnis/d-7475688/jumlah-pinjol-di-indonesia-makin-tinggi-kini-tembus-rp-66-79-triliun.

The Financial Services Authority noted that the amount of money borrowed through online loans (pinjol) in Indonesia is increasing. Loans through peer-to-peer lending (P2P) were recorded to have reached IDR 66.79 trillion in June 2024.

[XPB]

I disagree, I think we shouldn't take loans but learn to manage the resources that we have at our disposal. When the money we earn isn't enough, instead of taking loans, we should work harder by having multiple jobs and reducing our expenses. Taking loans isn't not a good way to live because loans are ways that the banks keeps us in debts as taking loans can get addicted and make us live beyond our income which makes us never to get out of debts but working constantly to payoff the debts and retake another one when that debts has been paid off.

The loans apps knows that people aren't wise hence they can use them to make money by giving loan to them, that's why they're making it very easy to take loans and when we do that, we're now working for them and making them money while you that's taking the loan keep staying broke.

The things you say about loans are correct, but sometimes it is seen that if we have a little money, we can complete our work, and it will not be difficult to repay this loan later. If we can complete our necessary work by taking a small loan for such a small matter, then it is good to do so. You should consider whether there is any guarantee that you will be able to repay the loan you are taking in the future. If you can repay the loan nicely, then you can take a loan.

If taking a loan increases your difficulties in the future and this loan is not the end for you and you have to take a loan again in the future after paying the loan, then it is better to refrain from taking such a loan. Although taking a loan does not sound good, it is seen that sometimes when you are stuck in your daily life, you have to take a loan.

[martinex]

Actually loan app was meant to serve as a rescue resources when we are out of emergency fund, but it's obvious that some people misused the opportunity. But I will like to say that anyone taking loan should take loan for a more reasonable thing and pay on time and avoid being embarrassed by loan app and blaming them for ones misfortune.

If he is a continuous trader, he may be able to work around it and the default may not be as severe as someone whose activities are ordinary whose income from daily business cannot be measured, I take the example of a wholesale fish trader in the market. There is a strong turnover every day because he sells products for basic needs.

[Farhan99]

I think we shouldn't take loans but learn to manage the resources that we have at our disposal. When the money we earn isn't enough, instead of taking loans, we should work harder by having multiple jobs and reducing our expenses. Taking loans isn't not a good way to live because loans are ways that the banks keeps us in debts as taking loans can get addicted and make us live beyond our income which makes us never to get out of debts but working constantly to payoff the debts and retake another one when that debts has been paid off.

The loans apps knows that people aren't wise hence they can use them to make money by giving loan to them, that's why they're making it very easy to take loans and when we do that, we're now working for them and making them money while you that's taking the loan keep staying broke.

According to my opinion, this loan is better for rich people it is better because they do business. If they need money for a day or two, then they can take it. It will not be difficult for them. If a poor person takes it, it will be difficult to give him money because he has no business. It is fun for some people who like to borrow or lend money from everyone because they want more money. You are absolutely right because if we work hard and get money for hard work, it is better. After all, we don't have any problem with it.  Every person has to take a loan at one time or another because, at some point, bad times fall on someone due to which they have to take it.

Their principal aim is to make money because they know that people like to take loans and take more money for their own benefit, and later, people regret doing this. If we take a loan and do something good that will benefit us, the loan is better. Otherwise, I don't think it is much better either. But nowadays people have a lot of desire within themselves to increase their spending habits a little after all this which means we are buying things we don't need. Due to this, we come to the point of borrowing.