• 

  KashMore

  Category: Dangerous Loan

  Interest rate: 40%

  Loan apps might seem like an easy solution for quick cash, but they come with serious risks. Here are 10 essential tips to protect yourself when using online lending platforms:

  1. Brace for Aggressive Follow-ups if You're Late
     Even a slight delay in repayment can trigger a barrage of messages, often on apps like WhatsApp. If these messages become overwhelming, consider blocking the sender to protect your peace of mind.
  2. Resist Borrowing from Multiple Apps
     Taking loans from different platforms to cover existing debts can lead to a deeper debt cycle. Avoid this approach to maintain financial control.
  3. Beware of High Late Fees and Interest Rates
     Missing payments can lead to daily interest charges that range from 5% to 7%, causing your debt to grow rapidly. Try to avoid missing deadlines to prevent accumulating excessive interest.
  4. Only Download Apps from Official Stores
     Stick to trusted sources like the Google Play Store when downloading loan apps. Unverified sites can compromise your privacy, exposing you to cyber risks.
  5. Consider Safer Alternatives
     Many loan apps are structured to trap users in cycles of debt, impacting financial stability and privacy. Seeking out more secure and traditional financial options can help avoid these pitfalls.
  6. Watch for Short Repayment Periods
     Some apps set repayment terms as short as 6 to 14 days, making it hard to repay on time and often leading to debt traps. Ensure you’re comfortable with the repayment schedule before borrowing.
  7. Protect Your Privacy and Reputation
     Loan apps sometimes contact family or friends to pressure borrowers, potentially harming your reputation. For some, this is reason enough to avoid these apps entirely.
  8. Break the Borrowing Cycle
     The best way to escape high-interest debt is to stop borrowing altogether. While it might be challenging initially, taking a break from these loans is essential for financial recovery.
  9. Use Call-Blocking Apps Like Truecaller
     Apps like Truecaller allow you to screen and block unwanted calls from lenders, helping to reduce stress from persistent calls and messages.
  10. Report and Block Aggressive Contacts
      If you receive abusive or threatening messages on platforms like WhatsApp, block the sender and report them to both WhatsApp and the app store to help protect others from similar harassment.

  By following these guidelines, you can protect yourself from the risks of predatory loan apps and safeguard your financial well-being.

---

Join our Facebook Group

---

What you should know

• 

  Any loan sharks that defame are never linked to the credit bureau in anyway and all they say to you are lies.

• 

  Loan shark money cannot help solve anybody matter to better 40% - 70% in 7 days, they are simply misery compounders!! Do away with them.

• 

  Loan Apps major aim is to make outrageous profit from people and render people bankrupt. Dont be a victim

---