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.
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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