Topic: Avoid loan apps, a word of advice. - page 7. (Read 2822 times)

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.

Well, that’s mainly because of the inflation, and the new generation being a bit more smarter. Let’s face it, our parents didn't had wikipedia, or social media on their finger tips, they had to read hundreds of pages of books just to learn one thing about life, now we learn many many other things in a much more compact way, sure not that much in detail, but have a general idea of the concept. Which means that we get the idea of inflation and what it means for creating debt.

If I have to pay 1k dollars per month today, that's bad for my economy and would push my limits, but if I pay that for 30 years, by year 30 that would be nearly free for me, would not matter at all, hence why we do buy now (at the current price) and pay later (when I earn more thanks to inflation). Makes sense.

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 best we can do is to avoid whatever kind of loan app out there, even if you need loan just ask your friends or your close relative instead of those scummy bastards who advertised their stuff really "well" so people will use their app but in the end once it's on payday, they will like an animal and treat you like some sort of terrorists. Those kind of thing is really baffled me because I've seen lot of people fell for this.

Some people do end up with this kind of option since even their loved ones or relatives doesnt really give them or grant some loan which is the reality or simply they dont really like for them to know that he's really

involved on some loans or debts.You cant really know on someones mind thats why they do really end up on that kind of option where they do take up loans from these apps or any platforms as long it could possibly grant it out without minding themselves on putting into debt well.

Sometimes we dont really have that choice specially if we do see some opportunity but dont have money in our pocket or funds reserves for us to make some act or decision.

The best we can do is to avoid whatever kind of loan app out there, even if you need loan just ask your friends or your close relative instead of those scummy bastards who advertised their stuff really "well" so people will use their app but in the end once it's on payday, they will like an animal and treat you like some sort of terrorists. Those kind of thing is really baffled me because I've seen lot of people fell for this.

~snipped~

What's more dangerous is that usually a money loan application before giving a loan will always ask for complete personal data along with selfie photos and also important documents such as a citizenship identity card or passport. I understand that it is for some kind of guarantee. but still I'm more afraid of it being misused.
and I have found many cases of people who are in arrears on loans, their data will be leaked and even made viral. maybe if you live in my country you've also read the news.

but I also understand that those who borrow money through a money loan application are out of necessity and because of an urgent need. and indeed sometimes the fastest way is to borrow from such an application. even now there are many types of applications and many choices in the playstore. from those who ask for collateral to those who offer unsecured loans.

so still we can't blame the borrower because sometimes they are forced to do it. but at least we need to give them attention that they should be careful.
because sometimes because of its ease in providing loans, it makes customers addicted to continue to borrow. so that the loan becomes bigger every time you finish one period and borrows again in another period with a larger amount. I am worried about the addictive effects of loan applications like this. although there are also positives from loan applications like this, namely helping make it easier for people who are in need of fast funds. but sometimes people have to realize that it should not be made a habit. so borrowing became commonplace. unless the person has a stable income to cover the bills. but of course people who have a stable income will be very few who use this kind of application.

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.

I remember a toxic experience back then when my uncle used my name and contact information, without my consent, and put me as his referral and as a guarantor. Obviously, when these people called me in order to settle the loan, I declined and told them that this was taken without any of my consent. Unfortunately, they proceeded to call the other referrals (which was my family members) in order to settle the loan that my uncle got.

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 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 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.

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.

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 this age of technology, everything seems so easy.  Likewise with capital, in the past people were very difficult to get a loan for one reason or another now to get a loan of money is so easy.

However, the rise of online loans has resulted in many complaints from many users, high interest rates and very short payment times, as a result, many people have difficulty even being able to pay them. Most online loans go beyond loan sharks, sucking in deep. 

cases like this went viral in my country a few years ago until the government intervened and eradicated all illegal lending activities.  I have to agree with you, don't ever try to borrow money online even if the company is legal, they will suck someone down to their roots.