What are the reasons why i need to do away with loan apps like plague? Plague is not only a bad sign but a bad thing that happen to people based on circumstances like diseases, repercussion, or environmental hazards but right now we will be comparing online loan apps like a plague based on what they do, how they operate and their loan recovery which seems to be worse. I believe no sane country will allow these loan apps into their systems.
I make a research and I see that most of these companies are Chinese companies hiding under the pretense of some citizens who allow their selves to be used by these apps because of money.
I have seen hundreds to thousands of people complain about loan apps and these complain look the same, same mode of operation like they are owned by the same company or same person. Below are some of the reasons why you need to avoid these apps like plague as fast as possible and run for your life include;
1. Government disapproves: The Federal Government through their agency FCCPC have warned people to avoid these loan apps like plague. The fccpc claim that these loan apps like lcredit, gocash, ajeloan, kashkash, sokoloan, xcredit and many more are illegal.
Most of these loan apps operate illegally with offices and without Government approval certificates. Apart from the 4 certified loan apps like Fairmoney, Branch Apps, Paylater now carbon and palm credit, all others are illegal, please take note
2. 7 – 14days repayment: According to research from Fccpc and CBN, please stay away from loan apps that offer 7 to 14 days repayment method. These apps like lcredit and sokoloan which are no more on play-store still operate through the palm-store and people are falling for their loan disbursement.
By the time you know what these people are made of, they will start calling your contacts and sending messages to whatsapp even if you default on your loan repayment by one day.
I also believe 7 to 14days is not included in the code of conduct of any loan apps to operate even on Google play store, this alone confirm the illegality of the loan apps. Check play-store and hundreds of these apps wooing people to borrow loan from them, just block their adverts and make it irrelevant to you.
3. High Interest: Have you now seen it that you need to avoid all these loan apps like plague as fast as possible because of their high interest rate. Why not go to your bank app and seek soft loan with it which is better and enjoy loan repayment of about 12 months like Gtbank does.
Loans from your bank app seems to be the best right now because of their interest is as low as 2% per month compared to loan app that will offer you a loan of a small amount and still expected you to pay up within seven days or 14days of that same month.
I know what I will do legitimately to pay back your loan within seven days if not that you want to start adding interest on the loan so that someone won’t be able to pay up and these loan sites or apps begin to call your contact and start sending messages to the people around you to cause panic that you are owing them.
4. Calling of contacts and whatsapp messages: I already posted on some very good apps like fairmoney and carbon which won’t call your boss or relatives but aside that other loan apps will call your friends and family on contacts.
If you are not the strong type, you may get blood pressure for this and it may affect you. But for the strong hearted, they can still manage to ignore their calls or people calling you.
If you are already on this or you are owing any loan apps and they already call your friends and families that you are owing them, that you are a thief and that you are on the run with company’s money, then they have received their money because someone like me won’t pay anything because I never used any of these as my guarantor, why the lies.
So, before you proceed or if you need any loan, check you bank apps, go to loans and see if you can get some loans especially if your account is a salary account. These are the reasons why you need to avoid these loan apps like sokoloan and Lcredit like plague and please run for your life.
5. Deduction of money: No matter the amount of money you borrow from loan app irrespective of their adverts, they are the same people, they share the same building, and they share the same office and the same person own like 4 to 5 of these loan apps.
No matter what, you account is at risk of illegal deductions even if you don’t have problem with them. Not having problem means you pay your loan on time, you pay your loan before the due date, you run your account many times and still in it, that doesn’t mean they can’t perform any illegal deduction from your account especially if you repayment date is approaching.
Some may even sell your login and transaction pin to other member site and you get scammed of your hard earn money. Please find this information very helpful and just avoid sokoloan, icredit, Lcredit and others like a plague.
6. Loan recovery agent: Loan recovery agent or loan recovery method employed by some these loan apps seems the same. Even before the loan repayment date, they are already frustrating you, calling your contacts, sending messages to your whatsapp, bringing your reputation down and causing depression for people and they still want to collect their money after doing all these? That’s a very big question some of these loan apps own by Chinese people fail to understand.
In conclusion, I have listed and explained some of the reasons wny you need to do away from loan apps like Lcredit, icredit, sokoloan, gocash etc and do so quickly as fast as possible