How Loan Apps can mess you up
Loan apps can mess you up especially if you can’t be able to pay loans on time. I’ve experienced a lot of trauma repaying my delayed loans. This is my experience dealing with these loans apps and lesson learned.
What is a loan app
So whats a loan app? A loan app is an app that gives you loan which we call ‘unsecured loans’ or loans with no security. All you just have to do is give them your information, they review if you qualify. Then afterwards they give you a loan according to your credit score.
How loan apps works
These loan app works just like a normal bank but now they are unregulated. They give you loans whereby you repay with an interest. Nowadays they’ve become clever because they charge the interest even before disbursing you the loan. For example you need Ksh. 2000 urgently, then they’ give you Ksh. 1400. (Sometimes clever**) This way they would charge you upfront, to mitigate the risk if you fail to pay. So you end up paying money you did not use and that’s their interest or profit that they make.
How can loan apps mess you
Loan apps can mess you up when you don’t repay on time. For example I delayed repaying my loan app and they had a penalties which were way too crazy. Why charge me Ksh 50 bob daily for not repaying on time? And I have explained that I’ve not yet received money on time. Actually you’ll received like 1000 threats in a day lol.
How to avoid additional charges
I’d recommed you to repay your loan on time to avoid unnecessary calls and threats or even worse being listed on CRB. Also avoid these loan apps that have high interest charges.
Advice: How to make your life better
To avoid all these hustles make sure you save your money for the rainy days. And also avoid unnecessary loans at all costs. I’m just speaking from my experience.
List of Loan Apps in Kenya
Here is a list of Loan apps in Kenya source – Similar Web
- Asap Kash
- Lion Cash
- L Cash
- Air Credit
- Fami Cash
- Timiza by Barclays Bank
- Zash Loans
- Direct Cash
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