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.
Yes, that's right. There's nothing wrong with loan applications, in fact loan applications are very helpful for people who really need money in urgent times because usually loan applications do not complicate things with existing conditions. It must be admitted that the interest given by loan applications is indeed large but that's reasonable because they want to profit. It's just that many people get trapped in this application because they don't have an understanding of real debt, they only owe for unnecessary things so they blame the application.
I also have several friends who use loan applications and they say that the application really helps them when they need it. For me personally, no matter how difficult my condition is, I never try to borrow money through a loan application, unless there is no other choice but still one that already has a good reputation and is registered with the relevant agency. The point is this application is good, but each individual must also be controlled. Don't get into debt often because it will become a habit.