Topic: Avoid loan apps, a word of advice. - page 7. (Read 2758 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.

It's always annoying as to how these guys, these loan apps have made loan an easy to get and just to ensure they rope more victims to extort from in the name of interest. Some times, they get critical details and permits that eV authorises them to be a third party in working your account. Such rubbish and those who go through with this, I doubt they really understand that privacy could go ahead of most things. Am not going to jeopardise that for some petty cash!

Am not a big fan of loans, never have although I borrow a few times but each time I do, I ensure I already have a feasible plan of paying back and my reasons for borrowing must be definite/important for which, time can't wait until the funds to execute whatever would be ready. And again, I can't can't long term, can't go about paying up some interest for at most more tha 2 months and as a debtor, your never free. I need no agent to tell me that but I find a way to tell myself which pushes me to pay up.

In this case, I wouldn’t say that the loan app is at fault here, because your friend was the one who went to borrow from them, and it is expected that after the period that they have agreed upon, that they would deduct the said amount from her account. So, I don’t really see why we are going to be blaming the company, it’s the normal thing that they would deduct it and I believe that your friend was aware of that before signing up for it and borrowing that money.

So, the best thing for her now would be to just avoid it, and stop taking loans completely, just look for other ways to raise money and do whatever she’s doing instead of taking loans from these apps, because at the time when they would take it, might be when she’s not ready to pay up yet. Let it be a lesson learnt.

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While getting a loan from a friend or a close relative is a good idea as you are going to avoid the huge interest rates that you will need to pay to the owners of those loan apps, at the same time we need to take into account that most of the people that make use of those apps are completely desperate, which most likely means that they tried to get a loan from their friends or relatives and they failed to secure it, so they did not really had any other choice but to rely on those apps.

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.

from the much news about online loans, I conclude that only use it when you really need it (emergency cases that cannot be postponed)...

Many of my neighbors also do online loans but they haven't had any problems until now, that's because they are on time in their obligations (paying debts). the point is never to use online loans for less useful things such as buying cellphones, bags or other luxury items. because when it is due, you will be confused about paying it off and finally the people from the online lending company will make it difficult for you with your personal data.

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.