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.
I don't see any fault in the loan company, as your friend must have taken the loan knowing the terms and conditions before taking the loan. The loan company will choose any method of loan repayment and in this case, if a bank account or mobile phone app is connected, it will definitely deduct the loan. This is mentioned in the terms and conditions before taking the loan.
Before taking a loan, of course, there will be requirements that must be met to be able to process the loan applied for by someone and if they agree with all the requirements, the bank will issue a loan and must be able to pay off according to the terms that we have agreed to and if we make payments through deductions from our bank account, of course we must first prepare funds so that when that date arrives, the bank will automatically make deductions from the loan installments that we have, but this will be very easy if we have a steady income and we also make an agreement according to the salary we earn, but if we do not have a steady income, of course it will be difficult when the payment date arrives and we do not have the funds to pay off the loan payments that we have, it is very important for us to be able to understand all the requirements so that we do not have difficulty in paying off the loan we have.