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  FairMoney

  Category: Safe Loan

  Interest rate: 28%

  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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  Newcredit

  Category: Mild Loan

  Interest rate: 32%

  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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  MIGO

  Category: Safe Loan

  Interest rate: 35%

  Migo is a secure lending platform approved by the Nigerian government, designed to offer quick and convenient loans without compromising customer privacy. Unlike some other loan apps, Migo ensures that your phone contacts or guarantors will not be contacted during the lending process. They prioritize your confidentiality and data protection.

  However, it’s essential to manage your repayment responsibly. Failing to repay your overdue loans on time can result in Migo reporting unpaid debts to credit bureaus. This could damage your credit score, affecting your chances of getting loans from banks or other financial institutions in Nigeria. It can take up to six months to rebuild your credit score, even after settling the debt.

  Flexible Repayment Approach: If you have an outstanding balance with Migo, it’s wise to repay at a comfortable pace. You can opt for monthly installments, such as paying ₦2,000 per month, depending on your total loan amount. This will ease the pressure and help you stay financially stable without rushing to pay everything at once.

  To avoid further complications:

  • Always repay your Migo loan in installments.
  • Refrain from borrowing from other loan apps to pay off your Migo loan, as this can lead to a cycle of debt.

  By staying consistent with manageable payments, you can protect your financial health and maintain a good credit standing

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  LCredit

  Category: Dangerous Loan

  Interest rate: 42%

  Allow me to shed some light on LCredit and what you need to know to safeguard your financial well-being.

  To begin with, LCredit has a rather aggressive approach when it comes to debt collection. They won't hesitate to bombard every single one of your contacts with automated calls, making sure everyone knows about your outstanding debt. And if that's not enough, they'll also flood your WhatsApp with derogatory messages if you're just one day overdue. It's not a pleasant experience, to say the least.

  Now, let's talk about their repayment plans. LCredit typically offers repayment periods ranging from 6 days to 14 days, which can be quite challenging to meet. And to make matters worse, their overdue interest rates can soar as high as 5% to 7% per day, pushing you further into the abyss of debt.

  Here's a crucial piece of advice: once LCredit starts defaming you, don't even think about paying them back. They've already gotten what they wanted, and paying them won't make the derogatory messages disappear. Plus, since they're not licensed, they don't have much legal recourse besides tarnishing your reputation.

  Whatever you do, resist the temptation to borrow from another loan app to repay LCredit. They have a plethora of apps scattered across mobile app stores, so if you think you're escaping one debt by borrowing from another, think again. You'll only find yourself sinking deeper into financial trouble.

  To shield yourself from LCredit's relentless harassment, consider installing Truecaller on your mobile phone. This handy app can help you identify and block their calls, giving you some much-needed peace of mind.

  Ultimately, the best way to break free from LCredit's clutches is to stop borrowing altogether. It might not be easy, but it's the only way to avoid getting caught in their web of debt.

  Take care, and remember that your financial well-being is worth more than any loan. Stay vigilant, make wise borrowing decisions, and don't let LCredit or any other loan shark drag you down.

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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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