Besides traditional bank loans, there are many loan apps on the market. But, how do you know if they are legit? What should you look for? Below we have listed the top 3 loan apps. Each of them offers different features and services. To make sure that they are legitimate, we highly recommend you to read their reviews and FAQs. In the end, we hope that we were able to give you enough information to make an informed decision.
If you find an app that asks you to verify your income, be wary. Often, they will ask for documents that prove your income. These documents can include pay slips, bank statements, and certificates of employment. Self-employed individuals and professionals may also be asked to provide a copy of their income tax return. Moreover, because not everyone is employed or owns a business, a loan app may ask you to prove other sources of income. These additional sources of income can be rental income, pensions, or other passive income.
loan app online Another factor to consider when selecting a loan app is interest rates. Although most legit loan apps offer instant payments, the interest rates can be high. Some loan platforms purposely raise the interest rates to make repayment difficult. For this reason, you should carefully consider the timeframe of the repayment process. You should never choose a loan app based on the interest rate alone. When looking for legit loan apps, check their repayment schedule and other terms and conditions before signing up.
While some lending apps may ask for KYC information and even the binding of ATM cards, others are completely illegal. Even though you may have a legitimate credit rating, the interest rates charged are typically astronomical and their terms and conditions are extortionate. The biggest downside to these apps is that they cannot be reported to the RBI unless the consumer files a formal complaint. So, you should avoid these apps if you want to avoid falling victim to these fraudulent lending apps.
Despite the fact that there are only a few legit loan apps available in Nigeria, there are still many scams out there. These fake apps usually require unneeded collateral and often require the applicant to pay processing fees to use the service. You should be wary of such apps, as they are designed to con unsuspecting users. They also tend to blackmail you emotionally with threats and insults, and forget to settle the issue.
Loan apps can help you in times of need, but it’s important to be wary of them. While they are incredibly helpful, many people are uncomfortable with them due to concerns about scams, information leakage, and a lengthy loan process. In these cases, you should stay away from these loan apps and look for a legitimate loan company. It’s worth a little time to research your options. It will save you time, money, and hassles in the long run.
Another scam to watch out for is 7 days loan. These loans have no end date and begin counting from the minute you receive the money. They even charge you extra for returned checks, or when you decide to pay a debt several days early. While some loan apps may charge a service fee if you make a payment several days before the due date, you should also be aware of other costs and fees that you should be aware of. The repayment schedule for short-term loans with bad credit should be on a regular schedule, and your monthly payments should be on-time. Otherwise, you could end up paying late fees and even get a loan application declined.
Many loan apps require geolocation, so make sure you are in the Philippines to qualify. Then, you can browse through available loan options, manage your profile, and read announcements. Once you’ve decided which loan option you want, you’ll be asked to select the repayment terms and amount. It’s as simple as that. And if you have a bank account, you can use this loan app to make payments on your bills.
One of the most popular loan apps in Nigeria is Plamcredit. It is easy to download and use, and approvals are typically immediate. The loan tenor ranges from thirty days to sixty days, and interest rates are typically 4%-29%. You’ll also be able to pick up your documents from home without the hassle of couriers or digital copies. That’s a huge plus! The app is available on the Google playstore.