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  PRIMA LOAN

  Category: Dangerous Loan

  Interest rate: 40%

  Although loan apps might seem like a quick solution to financial challenges, they often come with significant risks. Here are 10 important tips to keep in mind when using these online loan applications:

  1. Expect Aggressive Messaging for Late Payments
     Even if you're just a day late on your repayment, you might face aggressive and harassing messages, especially on platforms like WhatsApp. If this happens, don’t hesitate to block the sender to preserve your peace of mind.
  2. Avoid Borrowing from Multiple Loan Apps
     Resorting to other loan apps to repay existing debts can trap you in a never-ending cycle of borrowing. This practice often worsens your financial situation rather than improving it.
  3. Be Aware of High Penalty Interest Rates
     Missed payments can result in daily interest rates ranging from 5% to 7%. These penalty rates can quickly balloon your debt, making repayment even more difficult.
  4. Download Apps Only from Official Sources
     Always ensure you're downloading loan apps from trusted platforms like the Google Play Store. Downloading from unofficial sites puts your personal information at risk and can expose you to fraud or harassment.
  5. Consider Skipping Loan Apps Altogether
     Many loan apps are designed to trap users in cycles of debt, often compromising their privacy and financial health. It's often safer to explore alternative, more secure financial options.
  6. Watch for Short Repayment Periods
     Some loan apps offer repayment periods as short as 6 to 14 days, which can make it difficult to pay off the loan on time and increase the risk of falling into a debt trap.
  7. Protect Your Personal Reputation
     In some cases, loan apps will contact your friends or family in an attempt to shame you publicly. Once this damage is done, some borrowers may feel there’s no point in repaying the loan, but avoiding the loan altogether is a better solution.
  8. Stop Borrowing to Break Free
     The best way to escape the clutches of loan sharks is to stop borrowing. Though difficult, this step is necessary to regain control of your financial life and prevent further debt.
  9. Use Call Management Tools Like Truecaller
     Truecaller is a great tool for blocking unwanted calls from loan apps, helping you manage stress and reduce harassment from lenders.
  10. Report and Block Harassing Messages
      If you receive threatening messages, particularly on platforms like WhatsApp, take immediate action by blocking the sender and reporting them to WhatsApp and the Google Play Store. This helps protect others from similar harassment.

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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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