Expert Review
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iCredit
Instead of directly informing your contacts about your debt, they opt for sending SMS messages to them, indicating that you owe money. Additionally, if you miss your repayment deadline by just one day, iCredit begins sending derogatory messages via WhatsApp to your contacts.
Their repayment plans typically range from 6 to 14 days, making it challenging for borrowers to meet their obligations. What exacerbates the situation is their high overdue interest rates, which can range from 5% to 7% per day, leading to further accumulation of debt.
It's crucial to refrain from repaying them once they tarnish your reputation, as this only serves to satisfy their agenda. Since they are unlicensed loan apps, iCredit and similar services lack legal recourse and rely primarily on defamation as their tool of coercion.
Attempting to borrow from other loan apps to settle your debts with iCredit is not advisable, as it could lead to bankruptcy. They have numerous apps on mobile app stores, making it easy to inadvertently borrow from them again and plunge further into debt.
To protect yourself from their persistent efforts, consider installing Truecaller on your mobile device to identify and block their calls. Additionally, blocking them on WhatsApp and reporting their activities directly on both WhatsApp and Google Play Store can help deter their actions.
Ultimately, the most effective solution to break free from loan sharks like iCredit is to cease borrowing altogether. By taking control of your finances and avoiding further indebtedness, you can safeguard your financial well-being in the long run.
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Nairapay (Nairamax)
- They will send SMS messages to your contacts, claiming that you owe them money.
- Prepare yourself for an onslaught of unpleasant WhatsApp messages if you are even a day late.
- Their repayment schedules typically range from 6 to 14 days, making it extremely challenging to settle your debts.
- Anticipate daily overdue interest rates ranging from 5% to 7%, pushing you further into debt.
- Once they tarnish your reputation, there is no need to repay them. They have already achieved their goal.
- Since they lack a license, they are unable to pursue legal action against you. Their sole tactic is to damage your reputation.
- Avoid borrowing from other loan apps to clear your debts; this will only worsen your situation.
- Utilize Truecaller to screen and block their calls, sparing yourself unnecessary stress.
- The most effective way to break free from loan sharks is to cease borrowing altogether.
- Block them on WhatsApp and report them directly to WhatsApp and Google Play Store to prevent others from falling victim to the same scheme.
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Nairamax loan app
- They will send SMS messages to your contacts falsely accusing you of owing them money, tarnishing your reputation.
- Expect a barrage of unpleasant WhatsApp messages if you're even a day late on repayment, adding unnecessary stress to your situation.
- Their repayment terms are short, typically between 6 to 14 days, making it difficult to meet deadlines and increasing financial pressure.
- Daily overdue interest rates can range from 5% to 7%, quickly pushing you deeper into debt with each passing day.
- Once they’ve damaged your reputation, they’ve already accomplished their goal, and repayment becomes irrelevant to them.
- These platforms operate without a proper license, so they cannot take legal action against you. Their only method is to harass and defame you.
- Avoid borrowing from other loan apps to repay them, as it will only make your financial situation worse and lead to a cycle of debt.
- Use Truecaller to block their calls, protecting yourself from unnecessary harassment and reclaiming your peace of mind.
- The best way to escape from loan sharks is to stop borrowing altogether and focus on managing your finances without relying on short-term loans.
- Block them on WhatsApp, and report their numbers and app directly to WhatsApp and the Google Play Store to help prevent others from becoming victims of their schemes.
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Cashbus
Let me give you the lowdown on Cash bus:
They'll shoot off SMS to your contacts, saying you owe them money.
Brace yourself for a barrage of nasty WhatsApp messages if you're just a day late.
Their repayment plans usually last between 6 to 14 days, making it a real struggle to pay up.
Expect overdue interest rates of 5% to 7% per day, pushing you deeper into debt.
Don't bother paying them back once they tarnish your name. They've already got what they wanted.
Since they're not licensed, they can't take legal action against you. Their only weapon is to smear your reputation.
Avoid borrowing from other loan apps to settle your debts; you'll only dig yourself into a deeper hole.
Use Truecaller to screen and block their calls, sparing yourself unnecessary stress.
The best way to break free from loan sharks is to stop borrowing altogether.
Block them on WhatsApp and report them directly to WhatsApp and Google Play Store to protect others from falling into the same trap.
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Step by step guide to break free from loan apps
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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