Quote from: Hewlet on November 30, 2023, 06:27:04 PM

Quote from: Coyster on November 30, 2023, 03:13:51 PM

but the thing is, dem no force anybody to take loans from them. They are ready to release their funds, they fix the interest rate and people decide for themselves if na something wey dem go fit pay

the truth is that nobody just want to take lian from lisn apps like that, it's a product of some kind of financial frustration that leads people to consider taking loans from the loan app. I have hard instances when you don't even what to know if the interest is double of what you are taking. You have a deadline to meet up and you don't have anyone one to call that can help you at that money, what should you do in that situation? Even though you don't have a means of paying the money back, the only thing you want at the instance is to get the money , fix your problem and later you think on how to pay it back. Dime persons after they owners of the main app might have disturbed them to a point that messages start going to their contact, that's when they will have to borrow from other people just to clear out the debt.

That's a valid point. Many people resort to loan apps out of financial desperation rather than choice. When there’s no other option, the urgency of solving an immediate problem often outweighs concerns about high interest rates or repayment plans. The cycle of borrowing to clear previous debts can be tough to break.

For those interested in how these apps operate and what goes into building them, this article provides some insights: https://www.cleveroad.com/blog/how-to-create-a-money-lending-app/