Over the week, a friend and I had a conversation about loans and loan apps and she shared a bitter experience of how she was unable to write a very important exam because the money meant for payment of fees to qualify for that exam was deducted by a certain loan app that she collected money from a while ago. Who will you really blame? My friend for not paying up as at when due or the loan app for not notifying her before the deduction.
In all, I advice that we should try to avoid any business with loan apps as they seem to be very numerous these days and are easily accessible. Most importantly, You should know that you are at the danger of developing a habit of borrowing from them if you patronise loan apps even for the smallest amount.
In an era that is increasingly developing, especially in terms of technology, it can actually be good or bad, it all depends on our mindset in seeing it. In the past, we had to borrow from banks but now there are many loan applications that have emerged and borrowing from them is also easier than borrowing from banks. However, it turns out that many people misuse it so that they are trapped in continuous debt and this also happens a lot in my environment, as OP said. There needs to be education about applying for this debt to avoid unproductive debt.
Must stop going into debt because debt is a habit. It traps us into having a mindset of spending more than we can afford. In addition, debt for consumption purposes such as buying goods that are not actually needed by applying for credit using a loan application, should be avoided. Even if you have to go into debt, make sure the debt is used for something productive or has long-term benefits, such as business and always pay attention to your ability to pay installments.