These loaning apps are terrible in customer service, they really are a business that will suck every customer's money that have taken loan from them.
If you're going to take a loan, just go with the banks and they've got lesser interest rates.
The twist from these apps are they've got lesser requirements so those that are in dire need, they're the best options but when they've got the loan, terrible experiences will be made from them.
Topic: Avoid loan apps, a word of advice. - page 11. (Read 2822 times)
I think you are talking about payday loans?
They are parasites, absolute scums, lowest of the low, and will burn in hell(I hope there's one). They would give loans to anyone without accrediting the borrower and assessing the risk involved.
They are parasites, absolute scums, lowest of the low, and will burn in hell(I hope there's one). They would give loans to anyone without accrediting the borrower and assessing the risk involved.
Yeah they have very scammy business models. The largest one in the UK went out of business when a court determined they couldn't charge more than 100% interest on loans afaik (wonga).
Most debt is addictive if you want something now and don't want to wait.
Lending should be taken out as a last resort and even then should be attempted to be taken from a bank (potentially over a longer term to keep repayments low).
In general, it is not recommendable to adquire debt unless it is necessary.
I have seen some of those apps, specially I have seen Xiaomi's credit app called "Mi Credit", according what I have read it is popular in India (one's of Xiaomi's most important markets).
I am not familiarized with the interest of these apps and whether they are predatory or not, as a rule of thumb, credit is supposed to be a tool for emergency expenses but unfortunately I am aware that there are people in both developed and developing countries that put themselves in a position of increasing debt risking their credit scored and personal finances.
I have seen some of those apps, specially I have seen Xiaomi's credit app called "Mi Credit", according what I have read it is popular in India (one's of Xiaomi's most important markets).
I am not familiarized with the interest of these apps and whether they are predatory or not, as a rule of thumb, credit is supposed to be a tool for emergency expenses but unfortunately I am aware that there are people in both developed and developing countries that put themselves in a position of increasing debt risking their credit scored and personal finances.
Your friend's loan would have been on default before the loan company will be able to deduct the loan directly from his bank account. Why your friend did not pay in time? Your friend is to be blamed. Before he loaned money, there is ToS and how the loan will be. Do not loan the amount of money you are not able to get back at certain period you plan to back the loan.
I think you are talking about payday loans?
They are parasites, absolute scums, lowest of the low, and will burn in hell(I hope there's one). They would give loans to anyone without accrediting the borrower and assessing the risk involved(I mean even the loans on this forum are accredited but not in real-world
). This is what puts people in a debt trap.
I remember watching a video where the owner of some payday loan company, went to jail for years(rightly so) because his company kept on deducting money as interest. Can't find it now, maybe someone else can
Edit: Found him, his name is Scott Tucker. Watch Dirty money on Netflix, it's a very informative docu-series.
They are parasites, absolute scums, lowest of the low, and will burn in hell(I hope there's one). They would give loans to anyone without accrediting the borrower and assessing the risk involved(I mean even the loans on this forum are accredited but not in real-world
). This is what puts people in a debt trap.I remember watching a video where the owner of some payday loan company, went to jail for years(rightly so) because his company kept on deducting money as interest. Can't find it now, maybe someone else can
Edit: Found him, his name is Scott Tucker. Watch Dirty money on Netflix, it's a very informative docu-series.
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.
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.
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