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.
Of course that's exactly how most of the loan applications works, me too I don't see any fault in the loan company. perhaps they're still making things easier for us, probably when emergency issues come up and if it is something that requires money. And in some cases it might be that you're left with no money in the initial time, maybe you're still expecting money in two weeks time as the case may be.
But with the help of this loan applications you can be able to sort it out by taken a loan from them, probably when you get paid then you can pay back the loan even before the due date. but failure to do that can bring a negative result, so what I'm trying to say is that this loan apps is very helpful. But the only reason why we are seeing it the other way round is because we are not keeping their terms and conditions.