Opinions: What Are Your Views About Online Loan Apps?

[Kendy]

The online loan apps are those apps where you can get money online just with some registration procedures done with your mobile devices and you'll get credited in some minutes. The online loan apps have become a place where some people would prefer because they have no paper work, collateral or guatantors and the procedures of obtaining a loan is quite easier than the traditional banks.

Also, these online loan apps which are sprouted everywhere are not secured and to obtain loans, all your bank details and card details have to be divulged because that's the only way they can use to track you down if you fail to repay when the duration has elapsed.

Personally, I avoid those apps because I get so many negative reviews of some fradulent activities even after you've repayed their loans, they could still debit you without your consent.

What are your views about online loan apps and would you advise someone to take up such business or even adopt the online apps in getting loans?

 

[raaman]

I also often see advertisements regarding online loans. But so far, I have not tried any of them, and I also do not want to try any of them. Why? It is because I am not in need of any loans, that too online! And, I am a little bit scary about these apps. Also, giving out so much personal information for getting such loans online is not good, I think. It is because you do not know how all your personal information will be used. Personally, I won't advise anyone to go for an online loan. It is very risky.

 

[Stena]

I would say it is risky and as such would not advice anyone to take up such loans.
Even if I needed a loan, I would rather go to a financial institution to obtain one, it is safer that way.
A colleague of mine tried out the loan app thing, and when he could not meet up their repayment deal, they used his information against him. They called his guarantors telling them about my colleague's refusal to repay the loan he received. It was an embarrassment for him.
I know obtaining loans is an inevitable thing for people who have no other resort for financial assistance. However, carefulness should be carried along on such a tour. Some of these loan apps sprouting here and there are all out to dupe unsuspecting clients. Once you have entered your information, it can be used against you.

 

[Setho]

If you look around social media today you are always going to be seeing some people soliciting for funds at one point or the other because they have reached a deadline of a loan that they collected online . This is actually a very sad situation to be in .
I believe that a majority of this kind of issues are existing because traditional banks usually do not like lending out money and a lot of those loan sharks that are hovering around online are actually from foreign companies . They usually attach a very ridiculously high interest rate and a lot of people have no option than to actually go for them.
When it comes to the individuals , are usually advise that you should look for other ways of getting money first of all before you should try loan applications as you can always ask about your family members or your friends.
I think that it is also important that the Central Bank of Nigeria should be able to at least interact with the commercial banks in such a way that they can be able to give out overdraft to their customers in case of any kind of emergency .