Are online loan application safe for business?

[Kingsley]

It is no longer news the spate of poverty in Nigeria, infact there are statistics to that effect. Every small and medium scales business are struggling heavily to stay afloat because the economic situation is really terrible, there are families that finds it difficult to keep up a two square meal. This has really affected even the educational system in Nigeria as we already have millions of out of school children and even oureducational system has gone below standard as school are sometimes forced to drop their standard in other to get more students and pupils who are not qualified to be there.

The hardship is really mind boggling now people are left with little or no choice to live on debt and borrowings just like the government of the day is also a chief pin in terms of borrowing from loans from abroad.

With this spate of economic challenge people now depend on online loan application to get loans to survive and in process of accessing this loans they dash out vital information mostly as related to their banking details to these online loan applications centers all with the hope of securing a loan, Sometimes people even get scammed in the process.

Are these online loan application really safe?

 

[moonchild]

Those loan apps are sharks, in a saner clime they shouldn't be allowed to operate and their licences are supposed to be revoked entirely, because they have done more harm than good, if you look at the horrendous things they do to their defualters, sending blackmailing messages to your contacts is all shades of wrong, and they charge an over the roof interest, this is really bad for the people, it can force one into depression or even suicide if care is not taken .

I really don't commend this loan apps at all talk less of using them to finance an business.

 

[Jasmine]

Online loans are safe but you will have to pay higher interest rates compared to the loans from traditional banks. There are a lot of peer to peer lending sites where you can apply for loan. The chances of getting a loan through these sites will depend on your credit score as well as the nature of business. I do not have experience with online loans, but I think you can try Lending club or Kiva if these loan platforms are available in your location. Having said that I find loan from the traditional banks to be cheaper than the online loan.