Why You Should Avoid Mobile App Loans
With the advancement of technology, getting an easy loan is as easy as ABC; just by a tap of your fingertips pap, you have some money to spent and fix some of your errands, pay quick bills or rescue yourself from that date that you couldn’t afford.
Mobile loan apps have reshaped the money lending business; they are the new digital Shylock. For those who have ever had money from a Shylock understand repercussion
Mobile Loan apps are a “Cocaine” yeah, it’s easy to get in but hard to get out from. To Mobile loans, all you need is a mobile phone fill in some personal information (which sometimes we can lie or exaggerate), then wait for few seconds and boom M-Pesa imetingika… That’s the easy part now the harder part is that Mobile Loans Have no Grace period, unlike Bank Loans or Sacco Loans where they give you a grace period for your loan to ***** Mobile Loan interests start accumulating immediately you take them therefore even before you start getting profit you already have a debt.
Mobile Loans have high interest, and I know this is something we barely notice, or I can say we care-less about. Most of the Mobile Apps charge an Interest of 13% to 22% *PER MONTH*. Mark those two words P.M. If you take Mobile Loans from one lender to pay another loan, you find you are on a loop of mobile loans. let’s say this loop goes for one year your interest will have accumulated to about 156% to 264% thus paying much more
Another good reason to avoid mobile Loan Apps you are at the risk of getting your data hacked. When installing the Apps, they come with many agreements that you have to comply with, and one of them is allowing them to access your data i.e., Contacts, Messages, Gallery, etc. One of the worst experiences I encountered lately is when a Collector called my Ex-Girlfriend, asking her to convince me to pay their loan that I had defaulted two days. On inquiring why they did so, they said I already had given them rights to access my data whenever need be.