Avoid loan apps, a word of advice. - page 9.

Hispo

legendary

Activity: 1162

Merit: 2025

Leading Crypto Sports Betting & Casino Platform

Quote from: stomachgrowls on July 18, 2022, 05:29:00 PM

Quote from: Hispo on July 16, 2022, 06:21:41 PM

-snip-

Loan apps, i was aware of these things even into our local online wallet provider did really have that kind of offering but of course the interest is on the rooftop which makes even more worse.

It must be because those do not tend to take collateral before providing the loans, because I have noticed that on Binance for example, there is a lending service with interest I personally find competitive and fair, but of course one needs to leave as over-collateralized amount of USD in crypto. However I have no experience taking loans on FIAT apps and I have no idea of the typical interest rates they enforce for their services.

arwin100

hero member

Activity: 2632

Merit: 787

Jack of all trades 💯

Quote from: NotATether on July 19, 2022, 08:35:12 AM

People should really only be using bank apps, PayPal & crypto wallet apps.

Anything else that tries to take and give money to you is just inviting you to get some trouble from it (This includes crypto exchanges).

Yes because they will just get into trouble especially when they cannot pay their loans since this loan sharks using apps mostly threaten and disturb so bad their clients just to force them pay what they owe to them.

Also we shouldn't take any loan if we really don't need it because we will just get huge stress for doing this because for sure in future once all the money we borrow already gone we will struggle to pay it especially if we don't have good profit generating options.

Reid

hero member

Activity: 2870

Merit: 642

Could be better if there's an example of the name of an application. I once bumped unto them but that was a year ago so I forgot the name.
This kind of services are worse than what they offer in banks so it would be best to just choose taking a loan with them than this unreputable applications.
Maybe it will be helpful during emergencies but if it is for investment purposes, you are certainly going to lose more than what you will get with your investment. It will be like you are just paying the interest for every penny you will make or worse if the investment fails.
I agree, not recommended.

NotATether

legendary

Activity: 1568

Merit: 6660

bitcoincleanup.com / bitmixlist.org

People should really only be using bank apps, PayPal & crypto wallet apps.

Anything else that tries to take and give money to you is just inviting you to get some trouble from it (This includes crypto exchanges).

Ucy

sr. member

Activity: 2576

Merit: 401

They are becoming rampant these days with their numerous ads that could very tempting to the weak. The worst part is the encouragement of borrowing culture especially in places that are not used to that, plus reckless borrowing. I'm never interested in borrowing money from strangers & I hardly borrow even from my relatives but somehow they believe I need loan & constantly recommending it to me via ads or on playstore.

They somehow managed to persuade someone close to me to borrow with dubious advice (acccording to him/borrower) on ways he could repay them the loan. According to the borrower, he was told to borrow from other lending apps for repayments.. plus other ways he was deceived and wronged by the lenders. I ended up discouraging him from repaying them & the national crime fighters also went after them during the period. They do not disturb him for repayments anymore, there will be consequences if they do.

Flexystar

full member

Activity: 1092

Merit: 227

Well I see loan itself as risky way to get the money but in the world of inflation and survival needs above our salaries we have no options but to take it now and then.

Seriously, I am also encountered with number of app suggestion associated with these loan apps. I think with the ease if forming such financial systems anyone is becoming lender and charging more than 35% interest per anum. Better be cautious and seek loans from banks only.

Zilon

sr. member

Activity: 966

Merit: 421

Bitcoindata.science

I will rather advice never take a loan you cannot afford to payback before the due date. I feel victim to this loan app saga sometime in 2020 where i took a loan to study a course and while i was still studying the due date for repayment got elapsed and unfortunately i got credited by a family member for an assignment he wanted me to execute before i will wake up the next morning to make withdrawals and handle the task i got debited by this loan app. This almost ruined the trust this relative of mine had for me.

traderethereum

hero member

Activity: 2856

Merit: 574

Quote from: Smack That Ace on July 18, 2022, 10:11:14 PM

Quote from: Dart18 on July 18, 2022, 09:26:56 PM

This loan application sharks are scattered all over different android application ads. Mostly in free applications that requires internet to play the game, use the app, or any kind of service. Good suggestion, avoid them. It would be a lot better to just go directly with private banks and take the loan there than this unknown application which we don't know if are credible. It may also be possible they are running a scam business and your government don't know a thing about it. You will have more problems if that is the case when bad things occur.

Those apps have hit the psychology of borrowers, if you go to the bank to loan money, it needs a lot of paperwork and costs to pay before they accept to lend us. In contrast, in loan apps the procedure is quick, with just a few simple steps then you have the amount you need to loan in your account. It is because of this psychological loophole that many people have fallen into the trap of these ghost apps.

But people will never know the risks of borrowing money through the app because they never meet face to face.
By registering through the application, they will not read too much about the terms and conditions that apply to the online loan application.
And this is what makes many people fall into the trap of that application because if that person is late paying each month, they have to pay a hefty fine.
And they even have to repay the loan in large amounts later.
It is better to avoid this loan application and as much as possible, not to borrow from any party, including your bank.

inanilujimi

sr. member

Activity: 1862

Merit: 259

Actually the loan application is not a solution, but will add to many problems. Once we are entangled it will be difficult to let go. they are like leeches that continue to suck you up.

KaliLinux

hero member

Activity: 1344

Merit: 565

Quote from: Queentoshi on July 16, 2022, 05:59:37 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.

Why take a loan to do what will not bring back returns to pay for the loan collected? Your friend took a loan to spend and forgot that there is a payment period in place or was she thinking of not paying back? What good will it be even if they had told her that they will be deducting the amount from her BAnk acccount? I want to believe all the ToS would have been stated in the agreement she must have signed before taking the loan. It is simple, If you take a loan, best be prepared to pay it back when due or stay away as you said. ^{I don't do loans anyways cos of the Interest (Riba)}

Silberman

legendary

Activity: 2492

Merit: 1332

Quote from: Smack That Ace on July 18, 2022, 10:11:14 PM

Quote from: Dart18 on July 18, 2022, 09:26:56 PM

This loan application sharks are scattered all over different android application ads. Mostly in free applications that requires internet to play the game, use the app, or any kind of service. Good suggestion, avoid them. It would be a lot better to just go directly with private banks and take the loan there than this unknown application which we don't know if are credible. It may also be possible they are running a scam business and your government don't know a thing about it. You will have more problems if that is the case when bad things occur.

Those apps have hit the psychology of borrowers, if you go to the bank to loan money, it needs a lot of paperwork and costs to pay before they accept to lend us. In contrast, in loan apps the procedure is quick, with just a few simple steps then you have the amount you need to loan in your account. It is because of this psychological loophole that many people have fallen into the trap of these ghost apps.

Unfortunately a great deal of people fall into the trap of those loans that come without any kind of background check on their ability to repay the loan, this means that they end up getting so much debt that it is going to be almost impossible for them to pay their loan especially since interests are very high in those types of loans, so I will suggest to anyone that is thinking about doing something like that to never do it because whatever problem that you had a time that required that loan is probably going to get way worse if you take a loan like that.

LastKiss

sr. member

Activity: 2156

Merit: 251

Binance #Smart World Global Token

Quote from: Queentoshi on July 16, 2022, 05:59:37 PM

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, in many cases a lot of people use loan apps or even loans in other places because there's something emergency and they need it as fast as possible. I guess no one will borrow money from other people or from apps if they have emergency funds or have enough money in their bank/wallet. So if you guys have enough money to lend to your friend without any crazy interest you can save them by lending your money but you know there are a lot of annoying people who we help but are always late to do the money return.

Smack That Ace

legendary

Activity: 1750

Merit: 1094

Assalamu Alekum

Quote from: Dart18 on July 18, 2022, 09:26:56 PM

This loan application sharks are scattered all over different android application ads. Mostly in free applications that requires internet to play the game, use the app, or any kind of service. Good suggestion, avoid them. It would be a lot better to just go directly with private banks and take the loan there than this unknown application which we don't know if are credible. It may also be possible they are running a scam business and your government don't know a thing about it. You will have more problems if that is the case when bad things occur.

Those apps have hit the psychology of borrowers, if you go to the bank to loan money, it needs a lot of paperwork and costs to pay before they accept to lend us. In contrast, in loan apps the procedure is quick, with just a few simple steps then you have the amount you need to loan in your account. It is because of this psychological loophole that many people have fallen into the trap of these ghost apps.

Dart18

sr. member

Activity: 1400

Merit: 259

This loan application sharks are scattered all over different android application ads. Mostly in free applications that requires internet to play the game, use the app, or any kind of service. Good suggestion, avoid them. It would be a lot better to just go directly with private banks and take the loan there than this unknown application which we don't know if are credible. It may also be possible they are running a scam business and your government don't know a thing about it. You will have more problems if that is the case when bad things occur.

Oceat

sr. member

Activity: 2506

Merit: 368

Quote from: bitgov on July 18, 2022, 07:34:28 PM

Quote from: Agbe on July 18, 2022, 06:56:11 PM

Quote from: Queentoshi on July 16, 2022, 05:59:37 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.

This is a very bad experience. This is the same thing happened to me last year. I collected #10,000 which is equivalent to $24 from Jumia play to pay back one month interval. When the month elapsed I paid the capital thinking that they would paused the loan since I have paid the capital but to my surprise, after one week, I received a message from they that my loan interest has been increased to $2 again. And at that time there was no money in my hand to pay off the loan so I have to wait till the month and clear the load and by then it increased to $2 times 4 equal to $8. Since after that day, I have learned my lesson on apps loans. With the personal experienced I have perceived or encountered, I also advice people not to take loan from apps the matter what.

Trouble don't come informed - sometime we go to trouble so that trouble can trouble us.
And most of the time trouble comes to us uninvited - this has happened with me too- I can understand the pain of losing the money this quick

If there's a debt thing in any app I would suggest to take a step back or just leave it alone and don't listen to what the ads been talking and if you keep doing it everytime you see a loan app you will be saved. I've been doing this since in the past and someone should not be falling into their traps because afaik I think it's on their ToS before you finish taking the loans although I don't like the way they just automatically take something from you without even putting a prompt information so that it will save you from trouble thinking you have enough money for something and it turns out the app just took it from you suddenly.

bitgov

sr. member

Activity: 1554

Merit: 260

Quote from: Agbe on July 18, 2022, 06:56:11 PM

Quote from: Queentoshi on July 16, 2022, 05:59:37 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.

This is a very bad experience. This is the same thing happened to me last year. I collected #10,000 which is equivalent to $24 from Jumia play to pay back one month interval. When the month elapsed I paid the capital thinking that they would paused the loan since I have paid the capital but to my surprise, after one week, I received a message from they that my loan interest has been increased to $2 again. And at that time there was no money in my hand to pay off the loan so I have to wait till the month and clear the load and by then it increased to $2 times 4 equal to $8. Since after that day, I have learned my lesson on apps loans. With the personal experienced I have perceived or encountered, I also advice people not to take loan from apps the matter what.

Trouble don't come informed - sometime we go to trouble so that trouble can trouble us.
And most of the time trouble comes to us uninvited - this has happened with me too- I can understand the pain of losing the money this quick

Agbe

hero member

Activity: 854

Merit: 1246

Quote from: Queentoshi on July 16, 2022, 05:59:37 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.

This is a very bad experience. This is the same thing happened to me last year. I collected #10,000 which is equivalent to $24 from Jumia play to pay back one month interval. When the month elapsed I paid the capital thinking that they would paused the loan since I have paid the capital but to my surprise, after one week, I received a message from they that my loan interest has been increased to $2 again. And at that time there was no money in my hand to pay off the loan so I have to wait till the month and clear the load and by then it increased to $2 times 4 equal to $8. Since after that day, I have learned my lesson on apps loans. With the personal experienced I have perceived or encountered, I also advice people not to take loan from apps the matter what.

Hamphser

sr. member

Activity: 2436

Merit: 324

Quote from: Ebede on July 18, 2022, 06:21:33 PM

Quote from: glendall on July 17, 2022, 10:54:43 AM

if we dare to go into debt, I think we must return it, not to other people with relatives we have to pay
so we must avoid it if the need is not very urgent,
I've also heard from friends about the loan, it's very scary when it's late to pay it's not even due, we've been terrorized with various threats

Whoever that text loan from anywhere or any company don't help her sleep or have a piece of rest or peace of mind so I believe that lending money or borrowing money from somewhere else for investment is something that will trigger you to be careful and be serious over the investment because you know that when you lose is the money you will be into trouble that is why it's not advisable to someone to borrow and invest into bitcoin

Crypto investment is not something suggestable for you to take a loan for you to put up money from it and we know that profitability would be always not that clear or not sure thats why its suicide when you do
make yourself to have that guarantees in mind that you could make out money out from those loaned amount or money.Unless if you are investing on something which could really sustain yourself then it would
be a good call but we know that results and outcomes cant really be known nor be determined since we dont actually know the future and how our investments would be playing out.
Invest on something without needing that kind of action which is to take up some loan just for that but well its your call and risk to take if you do really need that.

sovie

sr. member

Activity: 1274

Merit: 265

Quote from: Queentoshi on July 16, 2022, 05:59:37 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.

Loan is a cure - especially when you are taking from bank
My father always advised us not to take loan from the bank because you are always unaware of the hidden terms and conditions. This has happened with me too. I have registered for a company and they deducted my money and that was the horrible day for me .

Ebede

member

Activity: 868

Merit: 38

Join hands and help me to grow everybody...

Quote from: glendall on July 17, 2022, 10:54:43 AM

if we dare to go into debt, I think we must return it, not to other people with relatives we have to pay
so we must avoid it if the need is not very urgent,
I've also heard from friends about the loan, it's very scary when it's late to pay it's not even due, we've been terrorized with various threats

Whoever that text loan from anywhere or any company don't help her sleep or have a piece of rest or peace of mind so I believe that lending money or borrowing money from somewhere else for investment is something that will trigger you to be careful and be serious over the investment because you know that when you lose is the money you will be into trouble that is why it's not advisable to someone to borrow and invest into bitcoin

Topic: Avoid loan apps, a word of advice. - page 9. (Read 2758 times)