Expert Review
-
Hc wallet
Loan app agents are notorious for harassing borrowers when payments are delayed. Here's what you can expect if you're behind on a payment:
Harassing Your Contacts: They often send SMS messages to people in your contact list, falsely stating that you owe them money. This tactic aims to pressure you into repayment by embarrassing you in front of family and friends.
Aggressive WhatsApp Messages: If you miss a payment, you're likely to be bombarded with threatening and abusive messages via WhatsApp, sometimes just for being a day late.
Short Repayment Periods: Their repayment terms typically range from 6 to 14 days, which makes it difficult to clear the loan in such a short time, leaving many borrowers trapped in a cycle of debt.
Punishing Interest Rates: Once you're overdue, they may impose daily interest rates between 5% to 7%, quickly escalating your debt and making repayment even harder.
Damaging Your Reputation: Once they've smeared your reputation by contacting your friends and family, repaying them doesn't reverse the damage. Their aim is often more about coercion than legal recovery.
No Legal Recourse: These apps often operate without proper licensing, meaning they have no legal standing to take action against you. Their primary weapon is tarnishing your reputation.
Avoid Borrowing to Repay: Borrowing from other loan apps to settle existing debts will only worsen your financial situation, pushing you into a deeper debt trap.
Block Their Calls: Use apps like Truecaller to identify and block their incessant calls. This helps reduce the stress and harassment.
Stop Borrowing: The most effective way to escape the clutches of loan sharks is to stop borrowing altogether. Break the cycle by finding alternative ways to manage your finances.
Report and Block Them: Block these agents on WhatsApp and report them to the platform. Also, file a report on the Google Play Store to help prevent others from becoming victims of their tactics.
Staying vigilant and avoiding these unlicensed loan apps is crucial to protecting your financial well-being and personal reputation.
-
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!
-
CranCash
dodgy loan apps. Let's call them what they are - loan sharks hiding behind fancy apps. These guys play dirty, and you need to know how to dodge their traps.
Here's the lowdown:
1. Shame Game: These loan sharks don't just come after you, they go after your loved ones too! They might blast your contacts with messages saying you owe them money, trying to embarrass you into paying. Nasty, right?
2. Debt Trap: Forget fair repayment plans. They offer short deadlines (like 6-14 days!), impossible to meet, then hit you with sky-high daily interest (2-7%!). This just digs you deeper into debt.
3. Don't Feed the Beast: If they start shaming you, don't cave in and pay. Remember, they already got their money by damaging your reputation. Don't let them win twice!
4. Empty Threats: These apps operate illegally, so they have no real power over you. Their only weapon is public shaming. Don't be scared!
5. Double Trouble: Avoid the temptation to borrow from another loan app to pay them off. It's a slippery slope leading to a debt avalanche. Trust me, they have many apps hiding, so you might end up paying them anyway.
6. Information is Power: Fight back! Install Truecaller to identify their calls and block their numbers. Report them directly to WhatsApp and Google Play Store. Make some noise!
7. Break Free: The real key to escaping these loan sharks is simple: STOP BORROWING! You survived before them, you'll survive without them. Don't let them control your life or damage your self-respect.
8. Silence the Noise: Block them on WhatsApp and report them. Remember, they thrive on fear. Don't give them that power!
9. You Got This: You can break free from these loan sharks. Just stop borrowing and focus on finding other ways to get by. They may be loud, but you are stronger. Don't let them win!
Remember, your integrity is priceless. Don't let these loan sharks mess with it. Be smart, be informed, and most importantly, be free!
-
Okash
- Okash is a legit and authorized loan app, so you're in safe hands.
- They won't tarnish your reputation or spread rumors about you.
- If you default on your payments, they'll take the necessary steps and report the matter to the appropriate authorities.
- While their overdue interest rates are fair, you have the option to skip paying them back once you've settled the principal and initial interest.
- Avoid borrowing from other loan apps to settle your debt with Okash. Instead, pay them back when you have the funds available. You can even stretch out your payments over several months, just make sure to honor your commitment.
- Consider installing Truecaller on your phone to identify and block their calls if you'd rather not engage with them.
Step by step guide to break free from loan apps
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
What people are saying
Add a review
Your comment could save a life! Share your experience with loan apps and help others escape the clutches of Loan Shark Apps.
