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.
First of all, I blame your friend for not sticking to the terms and conditions of the loan company of paying back her debt at due date irrespective of what the case may have been, because loan apps has actually helped a lot of persons in need of financial help to settle bills at one moment or the other, because it has always been easy to take loan, but paying back has always been the biggest challenge most people face at times, and that's why I personally will love to say if can't afford to pay back a loan, please it's better not to collect loan from online apps
Here on my country where these loan apps becomes even more strict due to the rise of issues in regarding of debtors arent paying back on what they had loaned thats why KYC is now needed
because if someone doesnt tend to repay any loan then they would be really be experiencing some legal issues later on but it does depend on the company.
In general advise then its really true that taking up some loan should really be having that consideration and check for yourself if you would able to pay it back or not.
Dont take a loan if you arent that responsible on paying it back and its understandable that these things does have high interest but on times when you are in need or emergency
then you would really be having not choice or option but to deal with it.