Expert Review
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Newcredit
Newcredit, a prominent lending platform, is a subsidiary of New Edge Finance, a reputable financial institution with a diverse portfolio. Notably, New Edge Finance also owns Easybuy and boasts a robust presence on Google Play Store with over 12 apps.
In terms of borrower relations, Newcredit stands out for its fair and respectful repayment policies. Borrowers are afforded the flexibility to repay their loans gradually, without fear of defamation or negative repercussions from the platform. This approach fosters trust and empowers borrowers to manage their financial commitments at their own pace.
To ensure a smooth repayment experience, borrowers are advised against paying overdue interest once the normal interest and capital amounts have been settled. By adhering to this guideline, borrowers can avoid unnecessary financial strain and maintain control over their repayment journey.
In the event of persistent communication from Newcredit via calls or WhatsApp messages, borrowers have the option to block their contacts and WhatsApp numbers. This proactive measure helps borrowers maintain their privacy and peace of mind, mitigating potential disruptions.
It is strongly recommended that borrowers refrain from borrowing from other loan apps to settle dues with Newcredit. Engaging in such practices may exacerbate financial challenges and lead to a cycle of debt accumulation.
For additional control over communication channels, borrowers can leverage Truecaller by installing it on their mobile phones. Truecaller enables users to identify and block spam calls, including those from lenders like Newcredit, providing an added layer of security and peace of mind.
By embracing Newcredit's transparent and borrower-friendly approach, individuals can effectively manage their financial obligations and build a positive relationship with the platform, ultimately paving the way for financial well-being and stability.
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Palmpay
When considering loans from PalmPay, it’s crucial to be aware of the following practices:
1. Broadcasting Your Debt
PalmPay may not hesitate to inform your contacts via SMS about your outstanding debt. This tactic is aimed at putting pressure on you to repay quickly.
2. Harassment on WhatsApp
If you're even a day late on repayment, you can expect to receive a barrage of aggressive messages through WhatsApp. This can be overwhelming and adds stress to an already difficult situation.
3. Tight Repayment Window
PalmPay typically has short repayment periods ranging from 6 to 14 days, making it challenging to meet deadlines and manage your finances effectively.
4. High Interest on Overdue Payments
Overdue payments can incur high interest rates that escalate quickly, ranging from 1% to 5% per day. This can lead to a rapid accumulation of debt, making it difficult to regain control of your financial situation.
5. Reputation Over Debt
Once PalmPay starts defaming you, simply repaying the debt may not restore your reputation. Their actions can tarnish your name long after the debt is settled.
6. Unlicensed and Defamatory Tactics
Even if PalmPay operates without proper licensing, their primary strategy often relies on defamation—a cheap and unethical way to compel repayment.
7. Avoid Borrowing from Other Loan Apps
Refrain from borrowing from other loan apps to repay PalmPay. This can trap you in a vicious cycle of debt that becomes increasingly difficult to escape.
8. Block Their Calls
Utilize apps like Truecaller to identify and block persistent calls from PalmPay. This can help reduce stress and interruptions in your daily life.
9. Break Free
The most effective solution is to stop borrowing from PalmPay entirely. Free yourself from their cycle of debt and regain control over your finances.
10. Take Action
If PalmPay engages in unscrupulous behavior, don’t hesitate to block them on WhatsApp and report their actions to WhatsApp and the Google Play Store.
11. Stay in Control
Remember, you were managing your finances just fine before PalmPay entered the picture. Don't let their tactics damage your reputation or drain your finances. Take charge of your financial future today!
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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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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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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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