Expert Review
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SilkLoan - Quick Cash Loan
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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FairMoney
Let's talk about FairMoney and what you need to know to navigate your borrowing journey smoothly.
First off, FairMoney is different from your typical loan app. They won't resort to defaming you or harassing your contacts if you fall behind on payments. Instead, they take a more professional approach and report any delinquent accounts to the appropriate authorities. It's a more respectful way of handling things, don't you think?
Now, when it comes to overdue interest, FairMoney is pretty fair (hence the name). Their rates are reasonable, and if you've paid off the capital and initial interest, you can decide not to pay the overdue interest. It's a nice little perk that gives you some flexibility in managing your finances.
Here's a golden rule: never borrow from another loan app to repay FairMoney. It's a slippery slope that can lead to even more debt. Instead, only borrow what you need when you have the money, and make sure to spread out your payments over several months. That way, you can stay on top of your finances without feeling overwhelmed.
To help you avoid any unwanted calls from FairMoney, consider installing Truecaller on your phone. This handy app can identify incoming calls and allow you to block them if you prefer not to answer. It's a simple but effective way to maintain some peace and quiet.
So, there you have it. FairMoney is a reliable option for borrowing money when you need it most. Just remember to borrow responsibly, stay on top of your payments, and you'll be well on your way to financial freedom.
Take care, and happy borrowing!
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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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EaseMoni
Let's dive into EaseMoni and what you need to know:
1. They're legit loan apps, fully registered and approved.
2. You won't find them spreading rumors or tarnishing your name.
3. If you don't hold up your end of the deal, they'll escalate the matter to the right authorities.
4. Their overdue interest rates are fair, but once you've paid off the principal and initial interest, you can choose not to pay the overdue charges.
5. Avoid the temptation to borrow from other loan apps to settle your debts. Instead, pay them back when you have the funds, even if it takes a few months.
6. Use Truecaller on your phone to screen calls from them, giving you the option to dodge their calls if you're not in the mood to chat.
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Branch
Branch Loan App is a safe lending platform approved by the Federal government. They prioritize customer privacy and won't contact your phone contacts or guarantors. However, it's crucial to repay overdue loans promptly. Branch Loan App is a registered Microfinance Bank and can report unpaid debts to credit bureaus, which may harm your credit score. This could affect your ability to obtain loans from other financial institutions such as Banks in Nigeria, and rebuilding your credit score may take up to 6 months, even after repayment.
If you have outstanding loans with Branch Loan App, consider repaying them at a comfortable pace. You can spread your payments over several months, such as ₦2,000 per month, depending on your outstanding balance. Avoid rushing to repay all at once to avoid undue pressure.
Always repay Branch Loan App in installments. Avoid borrowing from other loan apps to settle your debts, as this may lead to further financial difficulties.
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Flexi Cash
Here's what you should know:
1. They won't hesitate to send SMS to your contacts, letting them know you owe them some cash.
2. Brace yourself for a flood of not-so-nice messages on WhatsApp if you're just a day overdue.
3. Their repayment plans usually span from 6 to 14 days, which can be pretty tough to manage.
4. Watch out for their steep overdue interest rates, ranging from 1% to a hefty 5% per day. That'll just land you in deeper debt.
5. Don't give in and pay up if they start smearing your name. Remember, they've got their cash when they've defamed you.
6. Despite being unlicensed, their go-to move is to defame you. Pretty low, right?
7. Whatever you do, don't try borrowing from another loan app to settle your debts with them. It's a recipe for financial disaster.
8. Consider installing Truecaller on your phone to screen their calls and block them altogether.
9. The best way to shake off these loan sharks? Stop borrowing altogether.
10. If they're causing trouble, don't hesitate to block them on WhatsApp and report their shady practices straight to WhatsApp and the Google Play Store.
11. Remember, you were doing just fine before they showed up. Don't let them tarnish your reputation or your wallet.
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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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