Debtors will always tell you that 'all time does is run out'.
They understand that time flies when you are in debt and you will be in danger of being dragged through the mud if you are the type that chooses to react instead of act.
At the moment, people no longer have to walk into a banking hall or some credit institution to obtain loans. The availability of loan Apps has made it so much easier for someone to get a loan even when the person does not hold any collateral. Yeah, a jobless person with no source of income can easily get loan nowadays.
It appears that getting the bare minimum of maybe #5000 (for Nigerians) from these loan Apps is no longer an issue over here. People do it casually and playfully, even when they do not have any plan of paying it back.
Remember, asking for a loan or accepting a loan offer means that both parties are in a contractual agreement. They give you a loan, you pay it back with interest as and when due.
Simple, right?
Sadly, wave after wave of complaints from people has shown that this is not as easy as it seems. Loan Apps are being called out for making threats to their customers and even going as far as sending 'defamatory messages' to the network of their debtors.
Here is a good example; Let's say that I borrowed from a loan App and defaulted in payment. The loan App will send messages about my action to my family and friends.
Stuff like that. Customers whine and rant while loan Apps continue with more defamation and threat. Lolz.
Who will take the blame for all these dramas?
For the most part, all the complaints are usually from people who were defamed and they seek some sort of Justice for the defamation. But, this begs the question;
Will any of these have happened if debtors paid their debt in due time?
I do not think it's right for anyone to go borrowing when he/she does not have an appetite for settling debt. Not many people enjoy paying debt, but anyone that is in debt will surely have to pay or face the defamation that comes from it. It's that simple.
To get out of this, some debtors appear to be taking a very unwise approach. They borrow from one Loan App to pay what they are owing another App. That is a very sad approach because it does not solve any issue. It's just delaying the inevitable.
I'd believe there are instances where loan Apps take it too far, but they are doing what they've got to do to get back their money.
This is why the best advice I can give people is to avoid borrowing. If you end up in a situation that warrants borrowing, make sure you only borrow what you can afford to pay back.
If you don't have the appetite to clear your debt, I advise you to remain free from debt to maintain your dignity.
Do you have any experience with Loan Apps?
Tell me about it.
Thanks For Not Missing Any Full-stop Or Comma.
Thumbnail Image from pixabay
Additional image from unsplash.