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.
While the loan apps are often very predatory and the rates they charge obscene, only your friend is to blame in this scenario. She lacks basic budget management which involves knowing your incoming and outgoings payments, along with when they are due. It is lazy to blame the loan company in this example, because your friend made a contract with them which would have clearly stated when any repayments were going to be taken from her account. She just borrowed and overspent, then decided to blame other people for her own actions. However I definitely think there should be caps on the amount that these companies are allowed to charge.