Avoid loan apps, a word of advice. - page 10.

Jemzx00

hero member

Activity: 1498

Merit: 547

Top Crypto Casino

Quote from: glendall on July 17, 2022, 09:54:43 AM

if we dare to go into debt, I think we must return it, not to other people with relatives we have to pay
so we must avoid it if the need is not very urgent,
I've also heard from friends about the loan, it's very scary when it's late to pay it's not even due, we've been terrorized with various threats

Lending should not be taken on a daily basis whereas you request for a loan whenever you find something that you need to buy but rather it should only be taken when you have no other choice for buying what you need.

These lending and loan apps will try to take advantage to it's users especially when you have not paid on time but even beforehand there are some cases where they will be contacting you to remind to pay and in case that you were not able to answer that call, that's the time they'll terrorize you and your family or relatives.

Avoid using these apps, try to use legitimate financial services to loan what you need.

Mometaskers

hero member

Activity: 1764

Merit: 584

Hadn't had any experience with these apps but they do come across as shady. And where did they deducted the money from? Did your friend linked the app to an online wallet he/she is using or worse, to a bank account?

Also I've seen these often in the news in my country. Their CS harass users the moment they lapse and are even known to call family and friends since the app also access contact details.

I'd say just go take a loan from a bank, either a regular loan or some other options, like taking a cash credit from your credit card's limit for a small interest.

There would have been other ways to get the money. I have a relative who when short on cash, used to get family or friends to use her credit card to buy groceries, then they pay her cash upfront, which she then use for whatever she need it (and hope she get enough back when the due comes).

glendall

legendary

Activity: 2156

Merit: 1018

Buzz App - Spin wheel, farm rewards

if we dare to go into debt, I think we must return it, not to other people with relatives we have to pay
so we must avoid it if the need is not very urgent,
I've also heard from friends about the loan, it's very scary when it's late to pay it's not even due, we've been terrorized with various threats

teosanru

hero member

Activity: 2114

Merit: 619

Quote from: Queentoshi on July 16, 2022, 04:59:37 PM

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.

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.

Bttzed03

legendary

Activity: 2114

Merit: 1150

https://bitcoincleanup.com/

Quote from: TheNineClub on July 17, 2022, 05:58:59 AM

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.

This is easier said than done in real life. From where I am from, local vendors in the marketplace and other establishments have to borrow from loan sharks to keep their small business rolling. These are the people who don't have high educational background which means it will be tough to get a good paying job. Which also means they have to rely on the profit they get from trading goods/services to survive.

Husires

legendary

Activity: 1596

Merit: 1288

Always remember when you take a loan, the interest is the one that is paid first, even before an amount is deducted, and then the rest of the amount is considered the debt after the interest is deducted.
Therefore, even if you pay the debt on time and want to pay early, you are still required to pay the full interest first.

We note that the price of Bitcoin may not rise significantly for the coming months, so most investors here are specialists or have the basics of Long term

TheNineClub

full member

Activity: 616

Merit: 161

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.

davis196

hero member

Activity: 3150

Merit: 937

Quote from: Queentoshi on July 16, 2022, 04:59:37 PM

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.

Loan sharks exist for centuries. Modern day loan sharks moved into the digital world. That was pretty much expected.
I don't know who is to blame for your friend's situation. Maybe she's guilty for using such "loan app". When you are really desperate for money and someone gives you a loan without collateral there will be hidden fees and terms for sure. Those loan sharks are searching for poor people with no financial discipline. It's really easy to fall into a trap, if you don't know what you are doing. The people, who are desperate enough to borrow money from such companies have to read the fine print on the Terms of Service and the Privacy Policy.
Blaming the loan company for not sending a notification isn't serious. If you have to pay for a bank loan/mortgage would you miss the payment only because the bank didn't sent you a notification?

erep

hero member

Activity: 2282

Merit: 589

Quote from: Davidvictorson on July 17, 2022, 03:37:01 AM

I dislike loan apps. They are associated with everything a business model shouldn't stand on. It reminds me of the advert of a loan company, "Get 5million in 5 minutes on the xxxx loan app. No collateral. No Paperwork." Like how is this not a red flag? In my country one of the reasons that make loan apps to act like crazy is because there is no regulation of their operations. They are mostly fraudsters. They have a ridiculously have interest rate. Terrible customer service. They bully defaulters and even go as far as calling the family and friends of the borrower to assassinate their character.

Many loan applications are from companies that are not registered with the government so that they determine independent regulatory decisions with the highest loan interest rates, billing regulations are not in accordance with procedures because they forcibly confiscate goods from borrowers and threaten the safety of borrowers if they are not repaid. I avoid application-based loans and choose bank loans if the conditions of economic need are urgent, bank loans follow official procedures from government regulations.

uchegod-21

hero member

Activity: 1134

Merit: 643

BTC, a coin of today and tomorrow.

Getting loan from loan apps or loan customers comes when two things happen.
1. When the need to get the money is absolutely necessary.
2. When you cannot get from trusted friends and relatives.

Some of these loan apps are not regulated and they do not have regards to privacy. They can assassinate character. Even when the borrower have settle the depth they will still go ahead to call or message anyone close to the victim, advertising him as a debtor.
If you want a loan, go to the bank and with collateral and get a loan.

PX-Z

hero member

Activity: 1554

Merit: 880

pxzone.online

Loans are normal if you really need it, take it as a last resort, for personal use, whether you use an app or not. Although making a loan for a purpose of a business is okay and somewhat recommended though.

What you need to avoid are making loans that you can't pay in the long run.

Davidvictorson

hero member

Activity: 1120

Merit: 887

Livecasino.io

I dislike loan apps. They are associated with everything a business model shouldn't stand on. It reminds me of the advert of a loan company, "Get 5million in 5 minutes on the xxxx loan app. No collateral. No Paperwork." Like how is this not a red flag? In my country one of the reasons that make loan apps to act like crazy is because there is no regulation of their operations. They are mostly fraudsters. They have a ridiculously have interest rate. Terrible customer service. They bully defaulters and even go as far as calling the family and friends of the borrower to assassinate their character.

P2PECS

member

Activity: 173

Merit: 74

Quote from: Eternad on July 17, 2022, 02:08:56 AM

The loan app has the right to deduct the payment automatically if it was due already because it was written in loan ToS. She shouldn’t use that same payment method to pay her school fees if she knew that she has unpaid due loans. A debt is a debt and debtor don’t care about the borrower situation because it’s personal while loan app is a business and not a charity. There’s no way for a loan app to notify the person who apply to loan before they will deduct payment.

Probably because I used the same account for the loan repayment and to pay the fees. If he had used different accounts, he would have been able to pay the fees, but he would not have been able to avoid paying, because the loan app would have initiated a seizure procedure, which takes a while.

Eternad

hero member

Activity: 1400

Merit: 623

Quote from: Queentoshi on July 16, 2022, 04:59:37 PM

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.

The loan app has the right to deduct the payment automatically if it was due already because it was written in loan ToS. She shouldn’t use that same payment method to pay her school fees if she knew that she has unpaid due loans. A debt is a debt and debtor don’t care about the borrower situation because it’s personal while loan app is a business and not a charity. There’s no way for a loan app to notify the person who apply to loan before they will deduct payment.

bittraffic

hero member

Activity: 3038

Merit: 617

Lots of these today online advertised everywhere on facebook like the FinanZero, PaySense or Buddy Loan. They're preying Moms needing cash for theirs kids. People with no options but to take a loan will really go to these loan apps since they need the money. Missing the date of pay, you get to pay an interest for it.

If your friend had already took a loan, he just have to pay it in full and not do it again, these lenders are just going to suck more money from him.

so98nn

hero member

Activity: 2114

Merit: 603

I think they are talking about the apps like LazyPay, PayLater, Dhani etc apps which allows you to pay money instantly to any services or products and you can pay the money later to those services. This is nothing but taking the loan from then and paying back the money with stipulated timeline.

If you do not payback the amount then obviously as default you will be charged interest on the amount.

These services are high risk and can affect your CIBIL score directly.

So better your friend report it to banks with proper proofs or they may get affected with CIBIL.

kaseygriffin

full member

Activity: 785

Merit: 105

In the area where I live, there are many forms of debt with many sophisticated solicitation techniques, not only through internet advertising, sms, calls, apps, ... but I also see it as a profession for some people. Young subjects used to broker with people who needed money. And perhaps not much to say when it is all bad money, taking advantage of ignorance to foreclose on borrowers with exponential costs. So, be more cautious when borrowing money anywhere, but it is best to avoid material constraints related to money, don't make things difficult for yourself and become poorer.

Poker Player

legendary

Activity: 1372

Merit: 2017

Quote from: Queentoshi on July 16, 2022, 04:59:37 PM

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 remember seeing somewhere some time ago that the biggest business in the world is not drugs, nor arms, nor prostitution. It is debt, considered globally: mortgages, personal loans, credit cards and all kinds of credit.

The problem today is the ease with which impulsive people, of which there are many, can get a loan in a short time from their cell phones. This has made, for example, that people who lose everything they have in the casino can ask for a loan from their mobile, have the money in their account instantly or in a short time and continue betting, to lose everything most of the time. But then comes the hangover, you have to pay back what you lost, sometimes during years.

It is best to try to avoid debt, with some exceptions, such as a mortgage to buy a house.

The Sceptical Chymist

legendary

Activity: 3500

Merit: 6981

Top Crypto Casino

Quote from: edgycorner on July 16, 2022, 05:18:26 PM

Edit: Found him, his name is Scott Tucker. Watch Dirty money on Netflix, it's a very informative docu-series.

Awesome, I hadn't noticed that in the god-awful Netflix display page of their movies and TV series, and I appreciate you taking the time to mention it. I just found it and am going to watch it, probably after this post.

I'm not familiar with loan apps, but based on what I know about hard money lenders, payday lenders, and the like I'm sure OP's friend got ripped off somehow. Those services are basically the worst form of usury, and they really should be illegal in the US. I'm not even sure how they're regulated, but even if they are they're profiting from desperate people and that leaves a bad taste in my mouth. They're worse than drug dealers.

Quote from: lovesmayfamilis on July 16, 2022, 10:01:03 PM

I was always brought up by the rule of "live within your means."

Everyone should do that, but you and I both know what the reality is. I don't know about other countries, but in the states everyone has a credit card, and a lot of them are maxed out. People buy homes that they're slaves to based on their mortgage rates and cars they have to finance, etc., etc. The rule that I've stuck to for the last 20 years is if I can't buy it with cash, I don't buy it. Saves me a lot of headaches.

lovesmayfamilis

legendary

Activity: 2072

Merit: 4265

✿♥‿♥✿

I was always brought up by the rule of "live within your means." Nowadays, it is difficult to be sure that it will always be easy to pay interest rates. Therefore, it is better to limit yourself to something than to cause yourself a bunch of problems afterward.
In my country, it is very easy to get a loan. No documents with the provision of a person's employment are needed to provide a guarantor of return. Microcredits are especially developed. But when it comes time to repay, there is a completely different amount that the borrower does not expect to see, since some obligations are written in small print, and people most often do not pay attention to them.
Credit life is like a bird in a cage.

Topic: Avoid loan apps, a word of advice. - page 10. (Read 2822 times)