Avoid loan apps, a word of advice. - page 5.

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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?

I have read a lot of news about the victims of online loans, moreover the illegal ones. they only ask for small loans, but they must turn back the money with very high interest until they cannot pay for the debts and the interests. then, the provider of the online loans will tell and contact all names or contacts on the phone books automatically. this is so weird because not only the person who gets loans is disturbed but also all contacts in the phonebook.
I know that the problem or mistake is not only on the illegal online loan itself, the person who takes the loans also made mistakes. because commonly, they will ask for online loans without even reading or understanding the T&C because mostly they need the money very soon.
Well, if we have known about the mechanism, we will not fall into the trap of online loans, moreover illegallly. But if it is another person, well, we may be able only to give them the infomration.

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Quote from: Pujangga on July 27, 2022, 10:50:39 PM

The easier it is to get a loan but certainly the interest will be higher, in my country online loan cases often make borrowers very disadvantaged, if they don't want to pay then they spread all data to the public even in inappropriate ways, this is a lesson that we should never rely on online loans via applications even in difficult conditions.

Loan is a cure - most importantly when you take it from a bank. It never ends.
We have never taken a bank loan because once my father took it and it took him ages to pay off the loan.
So better be very careful with money dealing - better live within your means.

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The easier it is to get a loan but certainly the interest will be higher, in my country online loan cases often make borrowers very disadvantaged, if they don't want to pay then they spread all data to the public even in inappropriate ways, this is a lesson that we should never rely on online loans via applications even in difficult conditions.

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Yes, that is true. I often come across various types of advertisements about loans. They package the advertisement very promising, reliable, and also attractive full of various conveniences. But in fact, it does not match the reality. They seem to provide various conveniences for customers, but in fact they are trying to attract customers and do not want to let them go.
This is very risky, especially if we want to do it by using loan funds. So, it's better not to follow it.

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Quote from: Uang_kartal on July 27, 2022, 06:18:04 PM

The trend of online loans is indeed very vulnerable. in my country, almost many are tempted because of the ease and closure when submitting, including TOS that is not appropriate in the field. Both interest rates, billing and maturity are on one side.
if the goal for this investment will be heavy because it must continue in the specified date.

Online loans or loan apps are quite massive in our countries. People are interested to use them because they offer easiness and effectiveness for modern loans. However, online loans, loan apps, and non-online loans are all the same. They have the same risks and probably make use be addicted to adding more loans. Finally, we don't realize that we are out of the capability to pay the loans, then we must give them our lands, homes, or vehicles. Even worse, if we use the loan money for crypto investment, we may end up losing everything. I don't claim all will experience this, but it has a high chance to experience it. So, it is better to avoid any kind or type of loan (borrow money), both online or non-online.

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The trend of online loans is indeed very vulnerable. in my country, almost many are tempted because of the ease and closure when submitting, including TOS that is not appropriate in the field. Both interest rates, billing and maturity are on one side.
if the goal for this investment will be heavy because it must continue in the specified date.
If there is compulsion for an action, I think this is neither an excuse nor a solution.
loans will continue to make people addicted if they are smooth in installments but sometimes there are times when there is no money for non-principal needs. and they can be brutal beyond banks or conventional offline services

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Quote from: Natalim on July 27, 2022, 05:53:29 PM

Quote from: MiF on July 27, 2022, 04:36:38 PM

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.

I did not patronize loans because i know that the company that give you a loan is a business and if we are going to have that loan they will earn from the interest and in it is very easy to understand that we the loaners make them very rich and make our self very poor, i will only get a loan in case of emergency and no other option or choices than getting that loan.

Let's say that they were getting rich because of us loaners but we think also that somehow they save us in times of financial difficulties. Of course, this is business, and it designs to make a profit. So, it doesn't matter how much they get from us loaners as long as it helps us, in fact, they are also risking their money to do this. as in some cases, some people don't repay their loan which is also a big loss for them.

Its a mutual benefit i would say which is definitely true that loaners do get some benefits and advantage and same goes to those who do give out loans and if you do have
that kind of mindset that you dont really like for them to make some income or profits then dont take some loan.You arent forced on doing so and its optional but
if you are on a condition where you are really badly in need or emergency then for sure you wouldnt really be minding those issues that you do have in mind.
This is indeed a business and they are doing this for profits but of course it would be always accompanied with risk.

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Quote from: MiF on July 27, 2022, 04:36:38 PM

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.

I did not patronize loans because i know that the company that give you a loan is a business and if we are going to have that loan they will earn from the interest and in it is very easy to understand that we the loaners make them very rich and make our self very poor, i will only get a loan in case of emergency and no other option or choices than getting that loan.

Let's say that they were getting rich because of us loaners but we think also that somehow they save us in times of financial difficulties. Of course, this is business, and it designs to make a profit. So, it doesn't matter how much they get from us loaners as long as it helps us, in fact, they are also risking their money to do this. as in some cases, some people don't repay their loan which is also a big loss for them.

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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.

I did not patronize loans because i know that the company that give you a loan is a business and if we are going to have that loan they will earn from the interest and in it is very easy to understand that we the loaners make them very rich and make our self very poor, i will only get a loan in case of emergency and no other option or choices than getting that loan.

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Quote from: boyptc on July 16, 2022, 06:11:25 PM

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.

That’s true as I have come to take a loan before online and experienced the worst. Though it’s seemed so easy for us to make our loans approved, but in times that we can’t pay our loan in due time, they surely put an interest that I think is very high and I’ve got no choice but to pay for it. I swear I won’t be attracted to any loan apps again. In general, it’s always not ideal taking loans because you are giving them chances to take advantage on you. If you want to invest, then save for it. If you want to own something, then you should strive hard to prepare your funds so you won’t be taking a loan as a last resort.

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Is this some kind of crypto or fiat based online loan? If it's fiat, I really think it's a bad thing to do, but otherwise crypto lending is more advisable if you have some sort of collateral.

To be honest, so far I have never been tempted to make a loan through any online application. Even if I am in a very bad financial situation, I think it is still good to think about making a loan from close friends or family. So far I have tried to stay away from any loan because I don't really like to burden my salary or income to pay off loans, especially for loans that have high interest rates.

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Quote from: erep on July 26, 2022, 09:36:44 AM

Quote from: ultrloa on July 26, 2022, 07:30:05 AM

What more worse there is they give threats or other disturbance to their clients who cannot repay their loans and if you go on this situation for sure will get disturbing phone calls as well as emails from time to time so if you don't have capabilities to pay better not to take this option because for sure we will be in bad shape. Better to avoid taking loans since life is so good without anything bad things comes in our minds.

Illegal loan applications do not have appropriate loan billing procedures other than stressing the client in any way, the worst possibility awaits you when you are out of the house. I recommend avoiding illegal loan applications because they increase high interest rates after passing the payment period, many hidden rules are decided unilaterally by loan management.

They can't urge debtors to pay their loan as they are illegally running a business but somehow, they are more serious about dealing with you if you can't pay and even make your friends and family members get informed as they call them to make know about the default loan. Actually, this is have been called out by the authorities in my country due to their wrong approach. Maybe, the best thing to deal with them as well is to report them in order to stop their illegal operation and let the authorities punished and imposed penalities.

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

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

this sounds funny abit but i can tell you vividly that both of you are wrong in this regard, the bank should have a policy ethics that guide their loan shark of a thing, some of them will not tell you the conditions attached while some will but things might go wrong along the line that nee stuffs begin to showcase unexpected, you can also be wrong as well without asking enough questions or make a research about them before having a deal.

the worst that now happens with taking loans from banks is that they will pop into your account without your access and manipulate your funds to their wish, but the fault is from the user end because he had granted them full access right from the first day he sign a loan deal with them, nothing good with banks than fulfilling their selfish interests.

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Quote from: ultrloa on July 26, 2022, 07:30:05 AM

Quote from: ?? on ??

In my country, there are many cases of online loans that end badly, those who can't pay installments get severe terror, loan interest that can reach hundreds of percent per month makes people who owe $5000 to more than $15k in 2 years, it's better never to avoid loans in the application and better take loan to banks.

What more worse there is they give threats or other disturbance to their clients who cannot repay their loans and if you go on this situation for sure will get disturbing phone calls as well as emails from time to time so if you don't have capabilities to pay better not to take this option because for sure we will be in bad shape. Better to avoid taking loans since life is so good without anything bad things comes in our minds.

It is really just normal for them to make out barrage of calls and spam out emails whenever they do really need that repayment of yours which they do actually have the rights since you are owed
something from them which its normal that they would really be having those kind of approach if you do show no interest on paying it back or simply you are already in delay.
Avoid loans and borrowing money at all cost if its not really needed because it would really fuck you up if you arent really that responsible on paying back those loans on the right time.
It is really just normal to have those kind of approach whenever you do make out some foolish actions.

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Quote from: ultrloa on July 26, 2022, 07:30:05 AM

What more worse there is they give threats or other disturbance to their clients who cannot repay their loans and if you go on this situation for sure will get disturbing phone calls as well as emails from time to time so if you don't have capabilities to pay better not to take this option because for sure we will be in bad shape. Better to avoid taking loans since life is so good without anything bad things comes in our minds.

Illegal loan applications do not have appropriate loan billing procedures other than stressing the client in any way, the worst possibility awaits you when you are out of the house. I recommend avoiding illegal loan applications because they increase high interest rates after passing the payment period, many hidden rules are decided unilaterally by loan management.

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In my country, there are many cases of online loans that end badly, those who can't pay installments get severe terror, loan interest that can reach hundreds of percent per month makes people who owe $5000 to more than $15k in 2 years, it's better never to avoid loans in the application and better take loan to banks.

What more worse there is they give threats or other disturbance to their clients who cannot repay their loans and if you go on this situation for sure will get disturbing phone calls as well as emails from time to time so if you don't have capabilities to pay better not to take this option because for sure we will be in bad shape. Better to avoid taking loans since life is so good without anything bad things comes in our minds.

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Quote from: ?? on ??

In my country, there are many cases of online loans that end badly, those who can't pay installments get severe terror, loan interest that can reach hundreds of percent per month makes people who owe $5000 to more than $15k in 2 years, it's better never to avoid loans in the application and better take loan to banks.

I really don't advise to make a loan without source of funds even if it is online or actual process. It can help someone with delayed funds or income because it will help them for their immediate needs. As what I've seen, the interest of online loans are justifiable and it's up to you if you'll take that offer as long as you're responsible for your actions.

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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.

In my country, many online loan applications appear, and they are divided by legal and illegal activities, usually what the community complains about is the fantastic loan interest, especially if we are late in paying, we will be subject to fines that seem irrational, until finally there are many stories that have committed suicide because of shame due to the terror directed at their relatives and even their friends, as a result of giving permission in the first place to be accessible to all the contacts they have on their cell phones. so be careful, and if you really need it, then use it wisely on online loans that have received permission from the government

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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 problem with these online loan apps is that they keep on popping into your wall until you decide you'll start to apply. But upon application, they are asking your personal details which i think is very risky once they start taking advantage on it and using all your information for their other purposes. The fact that they are total strangers makes it more risky to think. I suggest there's no wrong on taking loans as long as you are capable enough to pay, but always make sure that you are doing it from those legit and established lending companies because their interest are not so high, aside from knowing your personal information will be not disclosed to others.

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Quote from: Hispo on July 23, 2022, 08:31:34 PM

Quote from: Oasisman on July 21, 2022, 06:23:47 AM

Quote from: Hispo on July 20, 2022, 04:14:34 PM

Quote from: Sanitough on July 20, 2022, 03:55:13 PM

Quote from: Hispo on July 16, 2022, 05:21:41 PM

-snip-

That's how those credit apps can ruin the personal finances of the people. Once the people embrace it, then it's hard to stop it anymore as they find it difficult to find means just to pay their debt. For some beginners, better stay away from these loan apps or lending companies because they are not helping you, they are already taking advantage on your finances with their high interest. Although we can rely from them in times of emergency, but their high interest also kills us day by day.

I would also like to add, I have read credit companies are indirectely pushing people to adquire debt and have a good credit score, because there are things that one can't adquire with cash easily, like a home or a car, in those cases credit is likely necessary.
The problem is that if one do not have a credit history behind, banks will be reluctant to approve loans. It seems banks have quite a good plan set up for all of us.

That's actually a low key debt trap. It's been happening since finance companies and other micro loan companies became rampant. Including banks. You cannot easily make a loan without those credit scores or debt histories. So, this is the reason why some people are forced to make a debt for them to have a record and approval won't be a hindrance once you need a loan.

Kind if ridiculous if you ask me, if someone asks for credit and does nor have a history it means that person has only used debit and cash, which should not be a red flag for banks or credit providers at all, I'd personally take it as a neutral thing, but I suppose banks must have a good reason to always need a credit history on hand, I am not an expert at banking at all , after all.

Would be totally not relevant or useful in todays system where credit history would always matter specially on banks where these things are the primary information that they would really be requiring
unless if you do have some assets or some good standing in terms of finances or having big savings or something like that then they might be having some reconsideration but its true that
having no history should really be taken as a neutral thing because you cant really be sure if that person does really have that capability on paying up things on the time that he would take
up some loan.For loan apps then its not bad to borrow as long you are that responsible on paying it back.

Topic: Avoid loan apps, a word of advice. - page 5. (Read 2822 times)