Expert Review
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PalmCash
Let's delve into PalmCash and its practices. Firstly, it's important to note that this service may resort to sending SMS messages to your contacts if you owe them money. Additionally, they may escalate by sending derogatory messages via WhatsApp if your payment is just one day overdue.
Typically, PalmCash offers repayment plans spanning from 6 to 14 days, which can be challenging to fulfill. Moreover, their overdue interest rates range from 5% to 7% per day, potentially leading to a cycle of increasing debt.
It's crucial to understand that repaying them after they defame you may not solve the issue, as they profit from tarnishing your reputation. These loan apps lack proper licensing and rely solely on defamatory tactics to enforce repayment.
Borrowing from other loan apps to settle your debt with PalmCash can exacerbate your financial troubles, as you may find yourself trapped in a spiral of debt across multiple platforms.
To mitigate their impact, consider installing Truecaller to identify their calls and block their contacts. Furthermore, the most effective solution to break free from loan sharks like PalmCash is to cease borrowing altogether.
Taking proactive measures such as blocking them on WhatsApp and reporting their activities on WhatsApp and Google Play Store directly can help protect yourself and others from falling victim to their practices.
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Palmcredit
Palmcredit is a reputable lending platform that prioritizes borrower satisfaction and provides valuable financial assistance. Here are some essential aspects to consider when engaging with Palmcredit:
After 30 days you'll stop receiving calls and messages from them
Respectful Repayment Approach: Palmcredit upholds a respectful approach towards repayment. They do not engage in defamatory practices if borrowers opt to repay gradually until the full amount is settled. This allows borrowers to manage their repayment schedule at their own pace without facing any negative consequences from the platform.
Interest Payment Guidelines: Borrowers are advised not to pay overdue interest after clearing the normal interest and capital amount. Following this guideline helps borrowers avoid unnecessary financial strain and ensures a smoother repayment process.
Communication Management: In cases where borrowers experience persistent communication from Palmcredit via calls or WhatsApp messages, it is advisable to block their contacts and WhatsApp numbers. This proactive step empowers borrowers to maintain their peace of mind and minimize potential disturbances.
Avoid Borrowing to Repay: It is strongly discouraged to borrow from another loan app to settle dues with Palmcredit. Engaging in such practices may lead to a cycle of debt and financial instability, exacerbating existing financial challenges.
Utilize Truecaller for Blocking: Installing Truecaller on a mobile phone can be beneficial for borrowers looking to block unwanted calls from Palmcredit. Truecaller allows users to identify and block spam calls, including those from lenders, thereby providing an additional layer of control over communication channels.
By adhering to these guidelines and leveraging Palmcredit's transparent and borrower-centric approach, individuals can effectively manage their financial obligations and maintain a positive relationship with the platform.
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Carbon
Carbon is a trustworthy loan app authorized by the Nigeria government. They respect your privacy and won't call your contacts or guarantors. However, it's important to settle overdue payments promptly. Carbon is like a bank and can report unpaid debts to credit agencies, which might hurt your credit score. This could make it hard to get loans from other places, like banks, in Nigeria. It may take up to 6 months to rebuild your credit score, even after you pay off your debt.
If you owe money to Carbon, try to pay it back gradually. You can split your payments over a few months, like paying ₦1,000 each month, based on what you owe. Don't rush to pay it all at once to avoid stress.
Always pay back Carbon your loans. Don't borrow from other loan apps to pay them back, as this could make your financial situation worse.
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What you should know
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Any loan sharks that defame are never linked to the credit bureau in anyway and all they say to you are lies.
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Loan shark money cannot help solve anybody matter to better 40% - 70% in 7 days, they are simply misery compounders!! Do away with them.
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Loan Apps major aim is to make outrageous profit from people and render people bankrupt. Dont be a victim
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