Avoid loan apps, a word of advice. - page 3.

Cryptock

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Quote from: Dragonfund on August 27, 2022, 02:17:02 PM

Banks are not assisting clients, which is why Microfinance is attempting to assist individuals in need of a few dollars. If you go to a bank and ask for a loan, they will waste your time, they will also ask for a guarantor, collateral, and other paperwork only for a few loans that they would not offer you at the end of the day. I enjoy how microfinance lending apps are assisting, however the clients are not assisting the system because they do not generally pay back on time or some run away after receiving what they seek.

Banks are only trapping people. They just want to trap people in loans and then telling them they can't help them with interest and penalties.
I have recently been scammed and I took a big loan from the bank - so he ran away and I am in debt - what a horrible mistake I have made.

Dragonfund

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Banks are not assisting clients, which is why Microfinance is attempting to assist individuals in need of a few dollars. If you go to a bank and ask for a loan, they will waste your time, they will also ask for a guarantor, collateral, and other paperwork only for a few loans that they would not offer you at the end of the day. I enjoy how microfinance lending apps are assisting, however the clients are not assisting the system because they do not generally pay back on time or some run away after receiving what they seek.

savetheFORUM

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Quote from: dark1234 on August 25, 2022, 06:22:45 PM

In today's digital world, loan advertisements dominate when accessing online media. so that it gives someone easy access to borrow without seeing the risk in the future and not considering the value of an urgent need but rather an economic naivety, in any case borrowing is not a good thing to do unless something urgent and even then must look at the capacity to pay it is not written down wishful thinking and uncertain predictions, so as not to fall into an imbalance in the needs of life in the future

I can see them by the time I access an app or a website but they don't stay. Online ads are circulating to give way to the other companies but no doubt that loaning apps are very popular now, I think that is because the life have became tougher lately due to some crisis. Ads are created to spread awareness but it doesn't mean for easy access.

Sure, you can click on the ad and get redirected to that app or website directly but not all are easy to sign up and not all will let you borrow money easily but that is better because that will discourage the person to borrow money. If there are dedicated to complete the process, I think they are sincere and has the ability to pay the loan.

dark1234

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In today's digital world, loan advertisements dominate when accessing online media. so that it gives someone easy access to borrow without seeing the risk in the future and not considering the value of an urgent need but rather an economic naivety, in any case borrowing is not a good thing to do unless something urgent and even then must look at the capacity to pay it is not written down wishful thinking and uncertain predictions, so as not to fall into an imbalance in the needs of life in the future

Wiwo

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Quote from: Mahanton on August 25, 2022, 05:52:11 PM

with some emergency then it would be considerable but if you do take up some loan for some useless intent then better skip out.

A loan is the worst way to finance yourself or any project, as you have rightly said one need to avoid loan as much as possible and stay free from them. I have experienced people losing their value to either banks or individuals they enter into loan agreements with but could not meet up with payment. But one of the cases I heard in my country is about a loan firm that steals their client information by hacking into their phonebook without their knowledge and contacting everyone on the contact list which is against the privacy law and punishable under the law.

Mahanton

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Quote from: Wiwo on August 23, 2022, 04:58:19 PM

Quote from: _act_ on July 16, 2022, 06:18:38 PM

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 a certain period you plan to back the loan.

Just what I was about to ask, in this case, I don't blame the loan company for deducting the money from the account as soon as there was a deposit, the friend account is already on debit from the company before the credits arrived and according to the terms and conditions of the loan to be deducted from the account on the due date and if the loan defaults like the friend did ten some other charges will even be added. In as much as being against loan defaulting, the friend should avoid taking a loan because there are several loan sharks around that are violating their client's rights to this day even to the point of them hacking into customers' phonebook contact and sending them SMS messages so many characters assassinating statement.

If you dont like on being into that situation then you should really had made yourself to be responsible on repaying those loans back so that you wont really be experiencing those assassinating statement which we could really say that it is really bit too much but you cant really blame out people on not to say up things specially when they do keep on chasing you just to remind about the loan that you should need to be paid.
Avoid loans as much as you could and its better to live off a life which is loan free which means you are really having no stress at all when it comes into that matter.If its really needed or
with some emergency then it would be considerable but if you do take up some loan for some useless intent then better skip out.

Wiwo

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Quote from: _act_ on July 16, 2022, 06:18:38 PM

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 a certain period you plan to back the loan.

Just what I was about to ask, in this case, I don't blame the loan company for deducting the money from the account as soon as there was a deposit, the friend account is already on debit from the company before the credits arrived and according to the terms and conditions of the loan to be deducted from the account on the due date and if the loan defaults like the friend did ten some other charges will even be added. In as much as being against loan defaulting, the friend should avoid taking a loan because there are several loan sharks around that are violating their client's rights to this day even to the point of them hacking into customers' phonebook contact and sending them SMS messages so many characters assassinating statement.

rahmad2nd

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Quote from: kawetsriyanto on August 22, 2022, 07:41:58 PM

Quote from: Sir Legend on August 21, 2022, 09:55:13 PM

The convenience provided by the online loan application makes us experience greater difficulties, I recommend borrowing a friend or relative, never borrow in the application, maybe we can and it is easy not to pay for the application but this will make us accustomed to being debtors and dont want to pay.

If we compare borrowing from apps and borrowing from relatives/friends, it is clear that borrowing from relatives/friends is much better. It is recommended to borrow from someone we know well since it will make us easier in negotiating the time for returning the loan. If there is a guarantee of debt, it will also be much safer if it is entrusted to someone who we know very well. It is very different once we borrow from online apps, we don't even know any person who works or owns the loan apps. I'm not really sure whether it is a safe place or not.

urgent need often makes someone ignore the security of personal data. In fact, online loan applications are quite risky, both for the security of our personal data and very high interest rates with a very short payment duration. especially for online loan applications that do not have official legality from the country.
In my country, online loan cases have become mass media news that is quite disturbing to the public. Many debtors cannot pay the loan installments as agreed from the beginning of the loan application. until finally, this case became a hot topic of discussion nationally.
I agree with the OP thread, avoid loan applications if the situation is not urgent, and also like you said, if we can borrow from relatives/friends, that's even better.

JoyMarsha

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Was your friend expecting the loan app to notify her before taking their money? You can't just take money from a loan app and expect them to first notify you before any deduction is made. Your friend should have known this at the initial before borrowing money from loan apps. Was she expecting them to come to her house to ask for the money they loaned her?

rhodelmabanal

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From the start i never use loan apps, because loan apps is a business and we the user of that apps makes a creator of the apps a millionaire,loan apps is so very easy to access and very simple to use for just one click away and then we can get a loan without knowing that everytime we get a loan there is always a big interest and it will bring us down slowly.

Lambe Ndumble

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Loan Apps is very massive advertising on YouTube or other social media, they offer a pinch with very easy conditions, only send data then selfi while holding the data then fill in the form and not up to 3 hours the amount of loan will be received, unfortunately the borrower does not pay attention to interest that must be paid so that it has difficulty when paying.

Obito

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Quote from: Masplanc on August 22, 2022, 06:31:19 PM

I have never collected a loan from app before, but people who are close to me that have collected loan from app before has never say anything good concerning loan app. Most of this loan app have high interest that it can be very stressful to pay the debt and the interest, it is a parasite.

They're not just high but they're also predatory, from what I've heard they even want your address for collection purposes which is pretty crazy but understandable and they won't stop reminding you even if you are not yet on the due date yet. I myself avoid doing loan altogether because it's expensive and nothing good can come out of it unless you are the one loaning money with agree upon interests.

CryptoHeadlineNews

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I have once borrowed money from loan apps, and from my experience I won't advise anybody to do that if they have an alternative, but if you don't, then you can borrow from a loan app, but never forget to always ensure you read terms and conditions, to see if it's favourable or not before accepting such loan. Because one thing I have observed about loans is that it is very easy to take but very difficult to pay back on due time if you are not discipline enough, and what most company does is to add a late payment fee which accommolates daily. So it's advisable to apply for a loan you can repay back at a certain period of time or not apply at all

Tellek Garing

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Having read most of the comments people made on loan and loans app I fine out that many of the people borrowed from loan app don't read terms and conditions of the app. We should know that the owners of the app borrow out the money to make profits and at that they most used all means to get their money back as fast as possible.

kawetsriyanto

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Quote from: Sir Legend on August 21, 2022, 09:55:13 PM

The convenience provided by the online loan application makes us experience greater difficulties, I recommend borrowing a friend or relative, never borrow in the application, maybe we can and it is easy not to pay for the application but this will make us accustomed to being debtors and dont want to pay.

If we compare borrowing from apps and borrowing from relatives/friends, it is clear that borrowing from relatives/friends is much better. It is recommended to borrow from someone we know well since it will make us easier in negotiating the time for returning the loan. If there is a guarantee of debt, it will also be much safer if it is entrusted to someone who we know very well. It is very different once we borrow from online apps, we don't even know any person who works or owns the loan apps. I'm not really sure whether it is a safe place or not.

Masplanc

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I have never collected a loan from app before, but people who are close to me that have collected loan from app before has never say anything good concerning loan app. Most of this loan app have high interest that it can be very stressful to pay the debt and the interest, it is a parasite.

Sir Legend

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The convenience provided by the online loan application makes us experience greater difficulties, I recommend borrowing a friend or relative, never borrow in the application, maybe we can and it is easy not to pay for the application but this will make us accustomed to being debtors and dont want to pay.

Adbitco

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Quote from: Queentoshi on July 16, 2022, 05:59:37 PM

First I would love to ask a simple question;
Does she really read T&Cs?
Did she revealed her ATM pin to the load app?
And when borrowing why didn't she meet up to pay her loan back at elapsed time?

Then furthermore, I have also associated myself with one of the loaning app if permitted I can mention it here for those who have used to testify as well, from my country and I wasn't deducted after my loan elapses just a day or two days after I paid.

NB: Those loaning app can only deduct money from you when you refused to payback after the due date have elapsed, and I believe they have been trying to reach her out but her contact weren't connecting so this could be as a result of their deductions. So I will tell you is a business money she's holding down without paying back so you and I have to blame her for not paying her loan (it's known as 'Loan violation') and there's every consequences for violating a loan both in forum here and most at times there's always a collateral but those app doesn't have so you can't blame the app but blame your friends for not being faithful keeping to her terms of loan.

nakamura12

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I have getting loans not too long ago and event if you did pay on time or much earlier then the interest is not small (depending on the amount you loan) and if you didn't pay on time then the interest will increase from time to time. If you plan to loan then you should or your friend should pay on time to avoid paying more than the amount that is said to be paid. In Bitcoin, there are some lenders too but I think the lender is exposed to more risk compared to the loaner since that person may pay or won't pay at all and if it is a loan from government then you will surely go to jail if you don't pay (which is why you will be pressured about going to jail).

bitgov

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Quote from: erep on August 12, 2022, 03:44:15 PM

Quote from: dothebeats on August 12, 2022, 03:15:35 PM

Loan apps are just the absolute worst. They would constantly notify you of your balance and would even send a message to your family and friends for you to get ashamed and hopefully pay back your loans immediately. Plus the interest rates are also higher. If that isn't enough, some of them are even selling your information to advertising agencies, and this is confided to me by my friend who's working on advertisements for years and had the chance to talk to this client, a director of some sort from a local loan app.

They will make every effort to pressure borrowers to repay loans on time, but illegal loan applications do not have good collection procedures for borrowers. However, suppression in any way against borrowers is not accepted, including publishing/selling loan data to others, threats against borrowers, physical contact and confiscation of goods, but all the worst collection procedures are never written in advance in the loan terms, so you must avoid loan applications and alternative solutions to borrow from family, friends and relatives.

sometime people make a mistake of taking the loan from bank and apps . . and they never get out of it for the rest of their lives and they don't make another attempt of doing that ever again. .My dad made a mistake and he suggested us not to jump into the whirlpool of debt. But I did make a mistake and ended up in a misry.

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