Are online loan application platform effective and safe?

Kingsley

Valued Contributor
Loan as we know are funds that we access to either start-up a business or to pay for a particular bill that is somewhat very pressing to us. We access loan to solve mostly urgent needs that might be difficult for us to solve looking at our financial constraints.

The conventional system of accessing loan is through financial institutions in their physical office site and one gets to register and meet up with the set out rules and regulations of the loan and if one is consider suitable the loan will be processed and the cash will be sent.

But today the story is becoming different as you can now apply for loans at the comfort of your home or office. And the loan will be processed within a very short time. And the cash will be paid to the account of the borrower.
 

funmi

Verified member
Honestly, I don't know if there platforms are save and OK. I have heard and read about many of this loan application platforms and how they misbehave at the long run, by deducting money from people' s account without their offical permission.
This is happening because they have access to someone BVN. So will advise to trend with care because of them are fraudulent.
 
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Augusta

Valued Contributor
I have come across some of these loan apps while working on sites. But I’m yet to try any of them since almost all of them request for one’s BVN. I can’t joke with a thing like that with online transactions that I can verified who is behind it. So one just have to be careful
 
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Sammyesx

Verified member
The few I have seen are legit, they borrow from little amount, if you prove trustworthy but repaying then the amount you can borrow increases, but the thing is they request for BVN, which is the only thing they can use as a leverage to get back their if not most people will not pay back the loan.
 
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