Avoid loan apps, a word of advice.

[Mame89]

Over the week, a friend and I had a conversation about loans and loan apps and she shared a bitter experience of how she was unable to write a very important exam because the money meant for payment of fees to qualify for that exam was deducted by a certain loan app that she collected money from a while ago.  Who will you really blame? My friend for not paying up as at when due or the loan app for not notifying her before the deduction.
In all, I advice that we should try to avoid any business with loan apps as they seem to be very numerous these days and are easily accessible. Most importantly, You should know that you are at the danger of developing a habit of borrowing from them if you patronise loan apps even for the smallest amount.

I don't see any fault in the loan company, as your friend must have taken the loan knowing the terms and conditions before taking the loan. The loan company will choose any method of loan repayment and in this case, if a bank account or mobile phone app is connected, it will definitely deduct the loan. This is mentioned in the terms and conditions before taking the loan.

Yes, that's right. There's nothing wrong with loan applications, in fact loan applications are very helpful for people who really need money in urgent times because usually loan applications do not complicate things with existing conditions. It must be admitted that the interest given by loan applications is indeed large but that's reasonable because they want to profit. It's just that many people get trapped in this application because they don't have an understanding of real debt, they only owe for unnecessary things so they blame the application.

I also have several friends who use loan applications and they say that the application really helps them when they need it. For me personally, no matter how difficult my condition is, I never try to borrow money through a loan application, unless there is no other choice but still one that already has a good reputation and is registered with the relevant agency. The point is this application is good, but each individual must also be controlled. Don't get into debt often because it will become a habit.

[Xcode7]

I agree with this, we must be able to think clearly not to take out loans from online applications that are currently operating a lot, I have a neighbor who works in a modern shop, he actually has enough income, it's just that because of his high lifestyle standards, he always wants to appear luxurious, so the income he has is often not enough to survive and one time he borrowed from an online application to make it easier for him but something unexpected happened to him and made him now in serious trouble to the point that the borrower from the application came and was going to seize his house.

Although this might help at the beginning, we must be able to think to stay away from it, I myself will not take out a loan in a situation that is not too important, such as wanting to fulfill what I want, except maybe when I experience a disaster and my savings are not enough to overcome it, I will borrow from someone else.

Not only loans from online applications but indeed loans from anywhere must be avoided if they cannot be used properly, especially if they are only to fulfill a lifestyle, of course it will be a disaster.
However, there are exceptions to these loans, namely if they are used properly to develop a business, I think it is reasonable for some entrepreneurs to advance their business and get much greater profits if they get large capital.
So the point is that any loan is okay if it can be used properly.

[libert19]

This is why I hesitate to give permission to loan apps to deduct money from my bank account automatically. You never know what they would do with the permission, or even if it's merely timely payment reduction as in case of story shared by op it could backfire if you were to use the money elsewhere.

[Fredomago]

As much as possible, if you need to take a loan, better go to legit routes like banks. Because most online lending apps are scammers. As most of them don't have necessary legit business docs, they can anonymously operate and screw people.

Most loan applications are illegitimate or illegal, because they operate without valid business documents, you need to be careful when borrowing from this application because it can harm the borrower himself, such as high installment payments and that will be burdensome of course, because they violate the rules in force in the country because it is a detrimental action.

The reason why they are willing to do everything just to attract people to borrow with them as they can force those people who are unaware of thier tactics, I've heard some of this onlne loan app extend their way to seek for repayment to the point that they'll going to message those people who are in your friends list and they'll make it such an embarassment for you to do everything to repay them, even the additional charges is quite high when you missed your duedate to repay.

[dimonstration]

This is why I hesitate to give permission to loan apps to deduct money from my bank account automatically. You never know what they would do with the permission, or even if it's merely timely payment reduction as in case of story shared by op it could backfire if you were to use the money elsewhere.

Definitely, I didn’t know what’s their mechanics of payment but allowing them to have an auto deduction is a risky move since they usually offer high interest rate especially on default loan so in case you forgot about this loan while you didn’t check regularly your card balance then you might suffer a big loss from this loan app.

The online loan is different in my country since they usually become aggressive through phone call whenever you missed to pay your loan on time based on the news since online loan is very popular here nowadays.

[Mahanton]

This is why I hesitate to give permission to loan apps to deduct money from my bank account automatically. You never know what they would do with the permission, or even if it's merely timely payment reduction as in case of story shared by op it could backfire if you were to use the money elsewhere.

Even into other applications that do really ask out some permissions whether on apps, gallery,contacts,photos or any other data related, then this is something that you should really be looked upon and not really just that carelessly accepting or allowing some apps for the to be able to modify something because that will really be that making or giving out such those deductions or even affecting out privacy and this is something that you do need up to consider or minding off at least. Taking up some loans on which you would really be that needing up that thinking whether its worth to do such thing or not. Just like on what others been saying on here that loan apps does really give out that shit high interest rates on which if you are that get used to on getting bank loans then you will be finding up these financing or loan companies imposing that neck tight interest but since you have taken up the loan then there's nothing you can do once you do accept up their terms and conditions at the time or moment that you do make out such agreement.

[Mate2237]

You're right because the rate and manner that loan apps are been launched into the digital space is something that is alarming and is of concern because while online these loan apps will just pop up as advertisement and one thing that we need to know is that most of them are scam as there has been report of these loan apps using informations summited on the app to defraud people

But for the woman she should be blamed for not paying her loan on time because she knows the deadline of loan and most of these loan apps enables auto deduction the loan apps was doing it to get their money from the money so if there is any one to be blamed it's the woman

[HelliumZ]

This is why I hesitate to give permission to loan apps to deduct money from my bank account automatically. You never know what they would do with the permission, or even if it's merely timely payment reduction as in case of story shared by op it could backfire if you were to use the money elsewhere.

We all know that if you take a loan from a bank or do DPS, the monthly installment of DPS is often automatically deducted from the bank by connecting your bank account. But in this case, of course, the permission of the account owner is required, but it doesn't seem understandable to me that money would be deducted from the bank like this by any gambling app. If money is deducted from a bank account in this way, then it must have somehow obtained the account owner's permission. If money is deducted in this way without permission, then that app is definitely linked to a scam site.

[Rockstarguy]

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.

You are missing the point, loans are good for everybody, it only depends on what you want to use it for, your plan of repayment and the interest payable on the loan. Loans have saved the day for the private and the public, however, what we fear about the "loan apps" is their interest rate, they use people's desperation to exploit them, so not even business people will do well with their Ts&Cs. Can you imagine paying 20-35% on loans borrowed for just a month? That's crazy!

You right so many people have used loan to achieve a lot for themselves, it can be possible for those who understands value and for sure they can take loan and make good value from it. It is not bad going for loan, the problem about loan, some people go for just to achieve things that won't add any value to them and the worst of it is that it could be an amount of loan that would be so difficult to pay back.

Loans a good advantage for people who understands money and knows how to generate money with money.  As for those who thinks they need loans to meet up with their needs, then it will be easy for loan company to male money from interest.

[Judith87403]

Over the week, a friend and I had a conversation about loans and loan apps and she shared a bitter experience of how she was unable to write a very important exam because the money meant for payment of fees to qualify for that exam was deducted by a certain loan app that she collected money from a while ago.  Who will you really blame? My friend for not paying up as at when due or the loan app for not notifying her before the deduction.
In all, I advice that we should try to avoid any business with loan apps as they seem to be very numerous these days and are easily accessible. Most importantly, You should know that you are at the danger of developing a habit of borrowing from them if you patronise loan apps even for the smallest amount.

I don't see any fault in the loan company, as your friend must have taken the loan knowing the terms and conditions before taking the loan. The loan company will choose any method of loan repayment and in this case, if a bank account or mobile phone app is connected, it will definitely deduct the loan. This is mentioned in the terms and conditions before taking the loan.

Of course that's exactly how most of the loan applications works, me too I don't see any fault in the loan company. perhaps they're still making things easier for us, probably when emergency issues come up and if it is something that requires money. And in some cases it might be that  you're left with no money in the initial time, maybe you're still expecting money in two weeks time as the case may be.

But with the help of this loan applications you can be able to sort it out by taken a loan from them, probably when you get paid then you can pay back the loan even before the due date. but failure to do that can bring a negative result, so what I'm trying to say is that this loan apps is very helpful. But the only reason why we are seeing it the other way round is because we are not keeping their terms and conditions.

It is really that indeed a thing that could save us in times of need or emergencies and come to think that you have come to them or asked out voluntarily or according into your own will or not being forced. The shit thing about these loan apps or companies is that they are that putting up that huge interest but since you are in need then there's nothing you can do but to deal up with those rates. Its true that we are just that focusing that much about into its imposed interest on which this is really that incredibly high. You arent that liking their terms but still you did continue to take up some loans and agree with it and since you are in need of money then you will be just that accepting it.

Taking up some loans for emergencies isnt bad as long you are responsible on repaying it. You dont have no choice but to deal up with those interest and as much as possible is that you wont really be getting anymore loans because that will surely hurt your finances on paying up. They arent called loan business in the first place if they arent that making up business. Therefore, its really that important that you do really set out some emergency funds for you on not to have that tough situation.

You're right setting an emergency fund can also help us in such  situation unlike as you said, you know is easier to say than done. What I'm trying to say is that not everyone that can have the idea of setting an emergency fund should incase any emergency issues pop up, And this set of people will be so ignorant to take loan from those loan applications, is obvious that we are in a modernize world.

 but I want to tell you that not everyone that knows about setting an emergency fund, They always have this hope that whenever there's an emergency that they must surely look for a way to figure it out. and sometimes they might not even do it online. probably they can decide to do it physically, I'm pretty sure there's no different between online loan and the ones we do physical.

[junder]

I agree with this, we must be able to think clearly not to take out loans from online applications that are currently operating a lot, I have a neighbor who works in a modern shop, he actually has enough income, it's just that because of his high lifestyle standards, he always wants to appear luxurious, so the income he has is often not enough to survive and one time he borrowed from an online application to make it easier for him but something unexpected happened to him and made him now in serious trouble to the point that the borrower from the application came and was going to seize his house.

Although this might help at the beginning, we must be able to think to stay away from it, I myself will not take out a loan in a situation that is not too important, such as wanting to fulfill what I want, except maybe when I experience a disaster and my savings are not enough to overcome it, I will borrow from someone else.

Not only loans from online applications but indeed loans from anywhere must be avoided if they cannot be used properly, especially if they are only to fulfill a lifestyle, of course it will be a disaster.
However, there are exceptions to these loans, namely if they are used properly to develop a business, I think it is reasonable for some entrepreneurs to advance their business and get much greater profits if they get large capital.
So the point is that any loan is okay if it can be used properly.

I agree with that, indeed if you can't use it well then it is not recommended to take out an online or offline loan, I myself have determined this where I will not take out a loan in any case as long as I can still handle it, for example with an incident that happened to me such as an accident, in this case of course there must be money to deal with it and if I have savings then I will use it but if there are no savings at all I might take out a loan.

The mindset in matters like this is also very important, as you said if the goal is to create a business then borrowing is a natural thing, moreover there are indeed many people who have businesses and have debts because maybe they did it at the beginning to help develop their business. However, when this loan is for something that is not too important, it is better not to do it.

[Nanga Parbat]

Yes, that's right. There's nothing wrong with loan applications, in fact loan applications are very helpful for people who really need money in urgent times because usually loan applications do not complicate things with existing conditions. It must be admitted that the interest given by loan applications is indeed large but that's reasonable because they want to profit. It's just that many people get trapped in this application because they don't have an understanding of real debt, they only owe for unnecessary things so they blame the application.

I also have several friends who use loan applications and they say that the application really helps them when they need it. For me personally, no matter how difficult my condition is, I never try to borrow money through a loan application, unless there is no other choice but still one that already has a good reputation and is registered with the relevant agency. The point is this application is good, but each individual must also be controlled. Don't get into debt often because it will become a habit.

This is telling us that we should avoid apps that offer loans because sometimes they include things that can be of interest to us, which can be harmful to us, and sometimes they also charge fees. This is said so that we are protected from financial losses and difficulties that could be beneficial to us tomorrow. Usually, such apps charge much higher interest rates than banks, due to which even a small loan becomes a big one. They initially give very easy terms and later impose some fees. If you do not repay this loan on time, they can also blackmail you and threaten you which can increase mental stress. Many times, there are also apps that take your information and money and disappear, so you should stay away from such things so that you stay away from losses and mental stress tomorrow.

[DiMarxist]

My concern with these loans apps is that these days they kind of go the extra mile by reaching out to people, I don't know how they will get your number but you will see messages from loan apps and sometimes even calls. The fact remains that the emergence of loans apps call for concerns because, today there are different loans apps coming up. We should be careful of these apps because they involve you sending your important details before accessing their service, in this era were there is a security concern most of these apps are been operated by scammers so be careful the type of loan apps that you use.

[Cookdata]

My concern with these loans apps is that these days they kind of go the extra mile by reaching out to people, I don't know how they will get your number but you will see messages from loan apps and sometimes even calls. The fact remains that the emergence of loans apps call for concerns because, today there are different loans apps coming up. We should be careful of these apps because they involve you sending your important details before accessing their service, in this era were there is a security concern most of these apps are been operated by scammers so be careful the type of loan apps that you use.

I'm seeing this thread for the first time despite been years old. There is a secret I will share with you about loan apps in Nigeria, these micro finance are terrible people.

First of all, we lack data management, we abused human right even when there is a law that protect the human data right, these companies find ways to sell data to each other.

We have certified loan apps that are verified by the central banks and we have the ones that are not fully verified due to some documentation but they still work anyways. The certified loan apps sell/share your data to other loan apps that's why you see message and recommendation to carry loan. Your mobile number didn't just fall from heaven, it was bought from other fintech for the interest of the company to get you to come borrow money from them.

The horrible thing about this people is that they don't charge friendly interest rate. They charge like 16% to 30% per month for someone that is need of urgent mone. This interest rate are killing people and that's why they have lot of loan defaulters that doesn't want to pay back their loans. The companies threaten them everyday, harassment and spam calls, all these break human right but we are in a lawless country that doesn't care about some of the loan sharks.

[Mubashir005]

Loans should be avoided at all costs. Only in extreme dire situations, but never for investing. First rulle of investment, put in only what you have to spare, what ever that is for a person. People who mortgage their hosuse or take out loans from individuals or even banks should not do so to invest. That's just gambling.

Using loan to invest can be very risky. When you borrow money, there is pressure you have to pay it back no matter what happens. But investment doesn’t guarantee returns, so if things go wrong you can end up in serious trouble, even losing more than what you started with. That’s why it is better you should only invest money you can afford to lose.
At the same time, not all loans are bad in every situation. Some people use loan wisely for things like building a business or education. But when it comes to uncertain investments, especially things that can go up and dow, it can start to feel more like gambling than planning.

[Y3shot]

I dobt think I can advice anyone to consider loan app as an option of getting money. Loan app wont just take more profit from you buy important information thst might be used against you, either by carelessness from the loaning company. The interest that is also involved in loan app. I believe in savings even if it will take some time to generate money for one but saving is freedom unlike taking loans which will cost ypu more money and stress to pay back. Loan will always drag one backwards.

[Hanadawa]

I dobt think I can advice anyone to consider loan app as an option of getting money. Loan app wont just take more profit from you buy important information thst might be used against you, either by carelessness from the loaning company. The interest that is also involved in loan app. I believe in savings even if it will take some time to generate money for one but saving is freedom unlike taking loans which will cost ypu more money and stress to pay back. Loan will always drag one backwards.

I often tell my friends that loan applications are essentially using our own money from the future. Taking out a loan means that the money you'll earn in the future will be deducted to pay installments. You might enjoy the loan today, but if the loan is used to support a consumptive lifestyle, your life will be in disarray because you've lost your future money. This is different if the loan is for your business and you don't enjoy it for your lifestyle. I think it's still permissible because if your business is successful, you'll have more money than before. But always consider the risk of failure or bankruptcy. Unless it's absolutely necessary, it's better to cut your expenses rather than take out a loan.

[LOVER BOY 422]

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.

You are very correct , loan app need to be avoided 100 percent because my friend borrowed money from loan app I think is $ 40 and over the years the money accumulated to $4000 reaching when he want to travel out he was told he need to pay off his loan hia the guy said he is not owning anyone, they quickly run a check on his BVN and it shows that he has outstanding loan to clear and he was denied from his traveling , avoid loan app that' is actually correct, if you are the type that focus in borrowing money from loan app be very careful on how much you can take so that you can repay immediately.

[Jaweria parveen]

I dobt think I can advice anyone to consider loan app as an option of getting money. Loan app wont just take more profit from you buy important information thst might be used against you, either by carelessness from the loaning company. The interest that is also involved in loan app. I believe in savings even if it will take some time to generate money for one but saving is freedom unlike taking loans which will cost ypu more money and stress to pay back. Loan will always drag one backwards.

It is made for our difficult times and with it we can easily complete our difficult tasks but some people have started using it in another way which is wrong. Working in this way can also be quite harmful so it is right to use it for our difficult times. There are many such apps but some charge more and some less but our goal is to be able to complete our missional time. I know that I have many apps but when I take a loan from it, when the time to repay comes, I do not have that amount due to which I get worried and do not think about taking a loan in the future but still I go for it in difficult times. In this way, big people take loans from banks and complete their repayment but when the time to repay comes, that amount becomes quite high so there is fear of taking a loan again.

[Fredomago]

I dobt think I can advice anyone to consider loan app as an option of getting money. Loan app wont just take more profit from you buy important information thst might be used against you, either by carelessness from the loaning company. The interest that is also involved in loan app. I believe in savings even if it will take some time to generate money for one but saving is freedom unlike taking loans which will cost ypu more money and stress to pay back. Loan will always drag one backwards.

I often tell my friends that loan applications are essentially using our own money from the future. Taking out a loan means that the money you'll earn in the future will be deducted to pay installments. You might enjoy the loan today, but if the loan is used to support a consumptive lifestyle, your life will be in disarray because you've lost your future money. This is different if the loan is for your business and you don't enjoy it for your lifestyle. I think it's still permissible because if your business is successful, you'll have more money than before. But always consider the risk of failure or bankruptcy. Unless it's absolutely necessary, it's better to cut your expenses rather than take out a loan.

Good point, if the loan is for investment or for business that you expect to grow, the money that you may earn out from can be use to repay your loan, but if the loan is use for supporting your luxurios lifestyle, it will hurt your finances as you will continue to deduct the repayment and will add to your expense tha you need to shoulder till the loan amount has been repaid, that's another lift you need to carry and surely will keep the hardship each time you receive your monthly or weekly salaries.