Online loans can sink your finances

[Alexandoy]

I have been receiving emails about loans. Mostly they are locals who are offering personal loans up to $20,000 with no required collateral. I also receive from time to time a text on my phone of offers of personal loan. The latest text I received today says the interest rate is 1% per year, no hassle, no fine print. Can you believe that?
Fortunately for me, I do not need to borrow money because I am very liquid.

But I agree with the advice of my nephew who works with ADB (Asian Development Bank) that the internet is teeming with loan sharks. At the outset it looks like you can take a loan and you can probably abandon payments since your only identity is your email address. If that is what you believe then think again. Those online loan sharks are smart and you cannot fool them. In fact they are charging 5% interest per month on the loan. That is the lowest interest rate that you can get.

 

[Sotherefore]

Even though I am against getting a loan online ,I still do not accept the fact of getting a loan and start up a business because this can be very risky especially if you are just new into the business, it is always advisable for you to get a loan to improve a business that has good potential that is all.

 

[Briangsam]

That is very true. Applying for loans online could be tricky. When you see them, you think it is easy until you get it. So it is better to apply for loans offline. You will be able to get all the terms and conditions of the loan correctly and you will also be able to explain your personal situation and enjoy instant verbal communication as opposed to the delay that could be afforded by email.

 

[Mellorando]

If a business is New into the system it is advisable for it not to borrow loan of any kind online but if the business have strong financial standings then it can borrow loan from online loan givers it is also advisable that as they collect this loan they should also have the plan of paying back

 

[Doradorwa]

Those online loans shark is not a good idea at all. In fact I don't advise it at all. if you think about the emotional strain that is attached is also a cause for concern. Especially if you are unable to pay back at the promised time you get threatened and inhumane text message will be sent to your contacts.

 

[Mataracy]

I have been receiving emails about loans. Mostly they are locals who are offering personal loans up to $20,000 with no required collateral. I also receive from time to time a text on my phone of offers of personal loan. The latest text I received today says the interest rate is 1% per year, no hassle, no fine print. Can you believe that?
Fortunately for me, I do not need to borrow money because I am very liquid.

But I agree with the advice of my nephew who works with ADB (Asian Development Bank) that the internet is teeming with loan sharks. At the outset it looks like you can take a loan and you can probably abandon payments since your only identity is your email address. If that is what you believe then think again. Those online loan sharks are smart and you cannot fool them. In fact they are charging 5% interest per month on the loan. That is the lowest interest rate that you can get.

Yes, you are write in fact if you wanted to collect some of this online loan they will tell you that you should summit your friend,where you work and family phone Number before that will gibe to you. And they usually give high interest rate. Some time they will not give you if the verification failed.

 

[Mataracy]

I have been receiving emails about loans. Mostly they are locals who are offering personal loans up to $20,000 with no required collateral. I also receive from time to time a text on my phone of offers of personal loan. The latest text I received today says the interest rate is 1% per year, no hassle, no fine print. Can you believe that?
Fortunately for me, I do not need to borrow money because I am very liquid.

But I agree with the advice of my nephew who works with ADB (Asian Development Bank) that the internet is teeming with loan sharks. At the outset it looks like you can take a loan and you can probably abandon payments since your only identity is your email address. If that is what you believe then think again. Those online loan sharks are smart and you cannot fool them. In fact they are charging 5% interest per month on the loan. That is the lowest interest rate that you can get.

Yes, you are write in fact if you wanted to collect some of this online loan they will tell you that you should summit your friend,where you work and family phone Number before that will gibe to you. And they usually give high interest rate. Some time they will not give you if the verification failed.