Avoid loan apps, a word of advice.

[Pablo-wood]

In my opinion, the first party to blame is your friend or the person who borrowed the money from the loan app. Why? Because usually, before the loan is approved, they'll provide you with an attachment detailing the terms and conditions, including the amount you're required to repay, along with the due date. So, if you're charged a fee by the loan app, that's because that was the agreement from the start.
I've borrowed from such lenders several times, and so far, I've had no problems, perhaps because I'm trustworthy and always repay on time.

Most people who don't meet up the agreed date of payback didn't do so because they aren't trust worthy most times things don't work out as planned, in some cases they can't afford to payback in which I blame most of them in such category because taking a loan when they outrightly know they can't payback is like putting themselves in a death trap. Except for business boasting I don't see any reason for taking huge amounts of money as loan, it won't only frustrate the loan taker it will also make them depressed and fully of bad energy.

[GeorgeJohn]

<...>

Most people who don't meet up the agreed date of payback didn't do so because they aren't trust worthy most times things don't work out as planned, in some cases they can't afford to payback in which I blame most of them in such category because taking a loan when they outrightly know they can't payback is like putting themselves in a death trap. Except for business boasting I don't see any reason for taking huge amounts of money as loan, it won't only frustrate the loan taker it will also make them depressed and fully of bad energy.

Sometimes people who took a loan purposely dont want to repay their loan, they're people like that...If you know that you're not going to meet up a load that you wants to collect, what will be the need of taking a loan...

Sometime those people who took a loan, they do that intensionally, because before you took a loan you know your financial strength and you also know your sources of incomes..but people will know all this, but yet, they will took a loan that is higher than their monthly income or monthly salaries...

Most of the loan takers have motive why they take a loan, some might have in mind to take a loan without payback..different objectives they dont wants to payback, that's why it's encouraging to know verify the person you are giving a loan.

[abhiseshakana]

Most people who don't meet up the agreed date of payback didn't do so because they aren't trust worthy most times things don't work out as planned, in some cases they can't afford to payback in which I blame most of them in such category because taking a loan when they outrightly know they can't payback is like putting themselves in a death trap. Except for business boasting I don't see any reason for taking huge amounts of money as loan, it won't only frustrate the loan taker it will also make them depressed and fully of bad energy.

I think take productive loan for business can be done but i don't think it is suitable for everybody, and i see high risk in this way especially for our mental health and loan with interest. Before taking loan everyboday will calculate leverage between return and interest, but the real problem sometimes reality not following our expectation, i see many people don't use careful risk management considerations and over confidence.  I always categorized business circumstance full of uncertainty and market can change, when business fail or economic slowdown without loan we just need to make minor spending adjustments but with routine installment and interest must be paid, additional stress will be high which cause high pressure, emotional decision, panic attack and can not think celarly and all bad for our mental health.

For everybody who want to take loan for investment or healthy business, i suggest to take deep review with some question to our self, such as Is debt really necessary or are we too eager to speed up the results ? Is the cashflow stable? Are we experts in this field? Is there a margin of safety? Is there a plan in case of failure? Is this not for speculation? Are we ready to accept the high burden of paying installments and interest?

[whiteblue]

Borrowing is not a problem if it has been measured by the risk and ability to pay this is the general view, especially if the goal is good then it is permitted to anyone to make a loan, but in the form of views such as in economics when we borrow should be used for productive things and not consumptive especially shopping for luxury goods or liabilities that are not important, it is a form of ignorance in finance, usually people like this are very difficult in the future because they do not have money management compared to utility and ability for positive things.

[Issa56]

Borrowing is not a problem if it has been measured by the risk and ability to pay this is the general view, especially if the goal is good then it is permitted to anyone to make a loan,

If you want to take a loan, then you should make sure it’s for something so important, don’t just take loan if it’s not for emergency purpose, and if you are planning to take a loan, then make sure you have a means to pay back your loan, don’t take a loan if you know there is no way to pay back your loan. Some people do take loan, and they going to use the money for things that are not really necessary, that’s totally wrong, some people take loan to do some craze things which doesn’t make any sense.

[jossiel]

If you want to take a loan, then you should make sure it’s for something so important, don’t just take loan if it’s not for emergency purpose, and if you are planning to take a loan, then make sure you have a means to pay back your loan, don’t take a loan if you know there is no way to pay back your loan. Some people do take loan, and they going to use the money for things that are not really necessary, that’s totally wrong, some people take loan to do some craze things which doesn’t make any sense.

Yes, I always tell my friends and family to only take loan when it is necessary and for important things.

Because people enjoy to grab every loan potential approval that are being told to them. And it's because that most of these apps are telling that every applicant is pre-approved.

For as long as they'll comply to the requirements then they'll get a huge chance of being approved.

[Versatile_choice]

Well, I don't see anything wrong if one chose to take a loan from any of this loan app or from a meeting so long as they are sure of paying back of course that's what matters, I can only agree with you on that that's if the person who is planning to take a loan does not have a means of paying back the loan. hence, I would advice that such person should not think of taking a loan because loan is supposed to be taken only when you're sure of paying back on or before the due date to avoid facing unnecessary pressure or being bullied.

[Unknown Op]

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.

Loan apps are doing scams with people and people are taking loans for different reasons and mostly people are taking loans who are student and they want to save the money but they have no resources to pay but loan apps can destroy their future,so it will give advice to the people who are taking loan they should save money in the locker or in the bank because it will help them in bad days. Many people are earning well but they don't want to pay loan because they are doing scams with these apps and apps are alive because of taking return back of their money. I think loan is debt for the people who have no job and they should avoid from online platforms.

[GiftedMAN]

If you want to take a loan, then you should make sure it’s for something so important, don’t just take loan if it’s not for emergency purpose, and if you are planning to take a loan, then make sure you have a means to pay back your loan, don’t take a loan if you know there is no way to pay back your loan. Some people do take loan, and they going to use the money for things that are not really necessary, that’s totally wrong, some people take loan to do some craze things which doesn’t make any sense.

Anyone who is taking a loan must have something which to him is of importance unless the person is not thinking well or he or she is addicted to gambling or drugs. You don't need to have an emergency before taking a loan but if you have urgent need to them money like you want to eat, you have things to sort out or you need to pay your electricity bill you can decide to take a loan to solve the particular problem even though you do not have the means of paying back the loan you have taken can motivate you to go out and hustle for the money to pay back. If you haven't been in some situations you may not understand whet people are going through out there but I believe that anyone who is financially ok will not rush to take loan.

[leonair]

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 a bad habit when you have an easy way to get a loan, even if you don't need it, you will take a loan for luxury. This is our psychological problem. For example, if you have a credit card, you will see that you will spend several times more money from a credit card than from spending cash because there we have less emotion because there we do not have to pay cash immediately. Loans are a kind of trap. Once you get used to it, you will not be able to easily stop taking loans. And especially if you use a third party loan application, there will be high risk.

On the one hand, you will develop a bad habit of taking loans regularly, on the other hand, you will have to complete many processes by installing that application on your device and taking the loan, in addition to giving many permissions to your device, which is a big threat for you because someone will give you a loan because they will have all your weaknesses and they can take that money back from you in any way. So you have to stay away from loans all the time because the habit of taking loans is a very bad habit, it will never let you live a peaceful life.

[whiteblue]

Borrowing is not a problem if it has been measured by the risk and ability to pay this is the general view, especially if the goal is good then it is permitted to anyone to make a loan,

If you want to take a loan, then you should make sure it’s for something so important, don’t just take loan if it’s not for emergency purpose, and if you are planning to take a loan, then make sure you have a means to pay back your loan, don’t take a loan if you know there is no way to pay back your loan. Some people do take loan, and they going to use the money for things that are not really necessary, that’s totally wrong, some people take loan to do some craze things which doesn’t make any sense.

Didn't I say that too sir, or are you affirming what I said?
And indeed, the problem with loans is that the substance itself is often misused for things that violate something just because it is based on desire without considering other things.

And I remember someone who made loans in many applications with the same identity and he managed to get more than $10k and also intended not to pay it, back then no one regulated clearly and the data of these online lenders was not integrated so many were deceived by this scheme, until now that person was quite safe from the terror he got from the online loan service providers, but his life did not change at all, in fact his ID became a red mark in the state financial institution (red trust if on the forum), he could not do any more loans anywhere even things that smelled of credit.

[Out of mind]

Yes, when a loan app is used and money is borrowed from there, later when the money is kept in the app for a necessary task, it is seen that this money is deducted at an important time. I have seen many such cases where a loan was taken for a necessary task and a certain time is specified for the loan repayment, later when an important task is required, the loan period also ends at that time, so if there is money, it is deducted. If you use the loan app, it is at a time when danger is surrounding you from all sides, so it is best to avoid these apps. Many people get into various kinds of danger using loan apps, which is not a good sign at all, your advice is certainly reasonable. Borrowing from all these apps is not profitable at all, but has to be returned with interest, and if this loan is taken several times, a lot of attitude can be created towards it later and it can also be risky.

[fruktik]

I had to deal with microfinance organizations several years ago. I was very naive and foolish back then. So, I borrowed a small amount from them. I ended up paying off the principal, but forgot about the interest and didn't pay it back. A few years passed, and a letter from debt collectors arrived at my home, declaring the initial loan amount more than 14 times greater. It was a shock to me. Yes, I had to pay back part of it. Why part? I received an offer stating that if I repaid such-and-such an amount by a certain date, my loan would be cancelled. Without thinking twice, I did so. After that, I went to the bailiffs several times to inquire about the debt. It's gone. How happy I was at that moment. I don't want to have anything to do with microfinance organizations anymore. It's evil!

[nara1892]

In my opinion, the first party to blame is your friend or the person who borrowed the money from the loan app. Why? Because usually, before the loan is approved, they'll provide you with an attachment detailing the terms and conditions, including the amount you're required to repay, along with the due date. So, if you're charged a fee by the loan app, that's because that was the agreement from the start.
I've borrowed from such lenders several times, and so far, I've had no problems, perhaps because I'm trustworthy and always repay on time.

Most people who don't meet up the agreed date of payback didn't do so because they aren't trust worthy most times things don't work out as planned, in some cases they can't afford to payback in which I blame most of them in such category because taking a loan when they outrightly know they can't payback is like putting themselves in a death trap. Except for business boasting I don't see any reason for taking huge amounts of money as loan, it won't only frustrate the loan taker it will also make them depressed and fully of bad energy.

I understand that we never know what will happen in the future. They might encounter unexpected problems that require them to pay out money in the middle of their loan payments. That's beyond our control, and I understand that, but that doesn't mean you should be bothered by the bill. It wouldn't have been there if you hadn't taken out the loan in the first place.
Especially if you knew from the start that you wouldn't be able to repay the debt, and the entire blame lies with you.

[Umulala-alala]

<...>

Most people who don't meet up the agreed date of payback didn't do so because they aren't trust worthy most times things don't work out as planned, in some cases they can't afford to payback in which I blame most of them in such category because taking a loan when they outrightly know they can't payback is like putting themselves in a death trap. Except for business boasting I don't see any reason for taking huge amounts of money as loan, it won't only frustrate the loan taker it will also make them depressed and fully of bad energy.

Sometimes people who took a loan purposely dont want to repay their loan, they're people like that...If you know that you're not going to meet up a load that you wants to collect, what will be the need of taking a loan...

Sometime those people who took a loan, they do that intensionally, because before you took a loan you know your financial strength and you also know your sources of incomes..but people will know all this, but yet, they will took a loan that is higher than their monthly income or monthly salaries...

Most of the loan takers have motive why they take a loan, some might have in mind to take a loan without payback..different objectives they dont wants to payback, that's why it's encouraging to know verify the person you are giving a loan.

Most time before any of these loan app will borrow money to you they might have trust on you initially they will start small amount of money then you will continue to pay they keep increasing it, people have different motive of borrowing money online some will build trust with them until the amount to borrow is big when they finally borrowed they disrupt or disconnect every thing with them so there will be no how they can find the person or even reach him on call some people purposely do this, some persons borrow to increase their business repay and borrow when they also need any financial help they go to their loan app and help there self.

[LogitechMouse]

Well, I don't see anything wrong if one chose to take a loan from any of this loan app or from a meeting so long as they are sure of paying back of course that's what matters, I can only agree with you on that that's if the person who is planning to take a loan does not have a means of paying back the loan. hence, I would advice that such person should not think of taking a loan because loan is supposed to be taken only when you're sure of paying back on or before the due date to avoid facing unnecessary pressure or being bullied.

Unfortunately, not all of those borrowers can pay the loan that they got from the creditor.

What they only have in their mind is the fact that they can just take a loan. Some don't even think if they can pay that loan, but they'll just take a loan because... because they want to. I haven't had any experience when it comes to these loan apps, and I don't see myself borrowing on it TBH. I've seen some people around me who used it, borrowed from it, but they're responsible enough to pay those loans. I've seen some borrowers online though where they can't pay those loans for many reasons, and there are some who even have 10 loans from 10 different loan applications. Imagine how hard it will be for him/her to pay those loans.

Don't avoid those loan apps as long as you believe that you can pay that loan in the future or in the upcoming months. Just take a loan because you need it urgently and you don't have any money during that time. Don't borrow money just because you need to without thinking on how you will be paying it.

[Etranger]

If you want to take a loan, then you should make sure it’s for something so important, don’t just take loan if it’s not for emergency purpose, and if you are planning to take a loan, then make sure you have a means to pay back your loan, don’t take a loan if you know there is no way to pay back your loan. Some people do take loan, and they going to use the money for things that are not really necessary, that’s totally wrong, some people take loan to do some craze things which doesn’t make any sense.

There are entire massive economies where loans are not treated as something so grand; on the contrary, it’s just a part of life. For all major purchases, people take out loans, no one buys houses or cars, or pays for education using savings. This is the situation in the USA, and it is precisely thanks to their credit system that they are so strong in economic terms. After all, if loans are issued, and people take them and have the ability to pay them back, it means a concept of future stability is being established. Countries where the credit system does not work or works with exorbitant interest rates are clearly less prosperous, because there is no confidence in tomorrow.

[Zlantann]

There are entire massive economies where loans are not treated as something so grand; on the contrary, it’s just a part of life. For all major purchases, people take out loans, no one buys houses or cars, or pays for education using savings. This is the situation in the USA, and it is precisely thanks to their credit system that they are so strong in economic terms. After all, if loans are issued, and people take them and have the ability to pay them back, it means a concept of future stability is being established. Countries where the credit system does not work or works with exorbitant interest rates are clearly less prosperous, because there is no confidence in tomorrow.

These advanced credit systems could be very helpful in times of emergencies. But they also have disadvantages. It could lead to extravagance. People would begin to spend more than their income. Another problem is that you might lose the property if you cannot keep to the credit agreement. Some people lose their houses because they default. Death or disability could also lead to the loss of those things you bought on credit. I prefer to buy a car or house outright rather than to acquire it on credit. It might be painful to face certain condition without credit facilities, however I choose to work harder to acquire what I want.

[AGogi2003]

Anyone who is taking a loan must have something which to him is of importance unless the person is not thinking well or he or she is addicted to gambling or drugs. You don't need to have an emergency before taking a loan but if you have urgent need to them money like you want to eat, you have things to sort out or you need to pay your electricity bill you can decide to take a loan to solve the particular problem even though you do not have the means of paying back the loan you have taken can motivate you to go out and hustle for the money to pay back. If you haven't been in some situations you may not understand whet people are going through out there but I believe that anyone who is financially ok will not rush to take loan.

People take loans for purpose, and if you don't have any necessary things to do is very important you shouldn't take a loans. And again if you don't have a source of income or getting place that you're getting money gradually you shouldn't take loans because you won't get any place to repay back when the dew date as reach. So is important you should be carefully and stopped taking loans without a good planning.

Some people have already become addicted it taking loans because they always increase the amount to borrow next time and building trust with the loans app and anytime they repay they will be encouraging you more to get another package with them and putting mote interest. No one will like to take loans without missions.

[Mahiyammahi]

This problem does not appear to be one-sided. When you take a loan, you know the repayment terms because they are outlined clearly and because they are outlined this way, it is not unreasonable for auto deductions to happen when payments have not been made. However, many loan apps do fail to provide notification, which is a problem.

It is not entirely fair to put the blame all on one side. In this case, the personal responsibility of the individual and the lack of transparency of the app both play a role.

You are also correct in saying what you have said about the reliance and dependence on the app, associated with it. Habits do start from small amounts, so it is important to be careful. If you use the app, you should calculate it, plan, and avoid the app entirely if you are not going to be careful.