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. 
Topic: Avoid loan apps, a word of advice. - page 3. (Read 2822 times)
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. 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.
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. 
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.
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?
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.
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.
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. 
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
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.
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.
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.
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).
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.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. 
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.
Also, I don't see the reason why people need to have credit cards or take a loan. Do not spend what you don't have, and never go beyond where your pockets can take you. It's a simple rule that a lot of people cannot follow because they want to impress other people. It won't take you anywhere, and would only cause a lot of problems for you in the long run.
Also, I don't see the reason why people need to have credit cards or take a loan. Do not spend what you don't have, and never go beyond where your pockets can take you. It's a simple rule that a lot of people cannot follow because they want to impress other people. It won't take you anywhere, and would only cause a lot of problems for you in the long run.
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.
Lol why does the Loan APP needs to notify before the deduction when the borrower should Maintain a constant checking about His due?sometimes people are just looking for reason to blame others when the truth is it was their own mistakes and failure.
If you know how to Loan then you must Know how to pay.
This is where should people do really mind off because if they do know on how to take a loan then they should really know on how to pay so that you would really be putting yourself off with possible trouble specially with
high interest rates where these loan companies do really make money on.
As much as you could then it would be better if you do avoid taking up some loans.Try to borrow first from your loved ones or relatives before taking last step or last resort because
if you do really tend to calculate the interest then it would really be just worsen up your financial situation.
If you can find other alternatives or choices to borrow funds, avoid loaning apps as much as possible. They usually let you borrow easily but will put up high charges and interest. They will just take advantage of your situation but will put you in trouble later on. Yes, borrowing from your friend and family will be better because loan apps are not really there to help but to take advantage.
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.
Lol why does the Loan APP needs to notify before the deduction when the borrower should Maintain a constant checking about His due?sometimes people are just looking for reason to blame others when the truth is it was their own mistakes and failure.
If you know how to Loan then you must Know how to pay.
This is where should people do really mind off because if they do know on how to take a loan then they should really know on how to pay so that you would really be putting yourself off with possible trouble specially with
high interest rates where these loan companies do really make money on.
As much as you could then it would be better if you do avoid taking up some loans.Try to borrow first from your loved ones or relatives before taking last step or last resort because
if you do really tend to calculate the interest then it would really be just worsen up your financial situation.
I do not understand why people must be willing to pay interest more than 100% in a year or even less, really this is a serious and feasible violation for the country to make the owner of an online loan as a crime, in my country the bank interest is only 5% means that online loans give 20x higher than banks.
They must pay if they agree on this term and then took the loan because if not then I don't know what can happen to them. The reason why a loan company can make a rule like that is because they know that there are still people that will take it because they are also in need of money.I think this is not a violation because no one is forced to take a loan. It's like the same with other business like for example grocery. They can also increase their pricing because know that it was in demand. Good for you if banks in your country has that nice offer but not all countries are the same bro. Some are worse than that but people have no choice. They already used to it.
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.
Lol why does the Loan APP needs to notify before the deduction when the borrower should Maintain a constant checking about His due?sometimes people are just looking for reason to blame others when the truth is it was their own mistakes and failure.
If you know how to Loan then you must Know how to pay.
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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 never Borrowed any amount from Loan APPs and Even in our local exchange that i am qualify to take a loan is being denied from my side because I know that this is an obligation that I must be committed . Jump to: