How safe are loan apps in Nigeria?

Date: 22-09-2021 3:52 pm (2 years ago) | Author: Abu Abdullateef
- at 22-09-2021 03:52 PM (2 years ago)
(m)
After you download and install an online loan app, say Okash, Fairmoney, 9credit, or Kashkash . What are the things that run through your mind as you unwillingly enter your BVN and other private information?

Do you feel compelled, Choiceless and Optionless?

Or you feel confident that your information is safe and going into a trusted hand?

For many people, the question is, what kind of power do these loan apps have the moment they get hold of your information?

It’s even more disturbing when, with your BVN, they have the authority and power to automatically deduct money from your bank account.

Read the whole arguments with screenshots here: 
https://dixcoverhub.com/hack/is-online-loan-apps-safe/

Posted: at 22-09-2021 03:52 PM (2 years ago) | Newbie
- mack822 at 31-01-2022 09:17 AM (2 years ago)
(f)
To be honest, this seems very invasive and risky, especially with the advent of new technology on the blockchain that provide better and quicker resources than these old systems. Has any heard of smart flash loans? They are contracts on the blockchain that allows one loan up to 3000 usd, use it to trade, and payback the loan in one transaction. Check out this video. http://www.youtube.com/watch?v=QnhuG3DHvcE
Posted: at 31-01-2022 09:17 AM (2 years ago) | Newbie
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- sincere1991 at 26-04-2022 06:40 PM (2 years ago)
(f)
Payday loans are useful if you make the cash to pay it off the next pay cycle and not have to borrow just to make it to the next check again. For it to work, you have to be able to consider the principal "early pay" from your paycheck, and be able to afford the interest and processing fees (usually comes out to 10% for a 2-week payday loan). So for say $300, you need to be able to afford $330 without incurring the need to borrow again. Just try https://usnetloan.com/title-loans/virginia
Posted: at 26-04-2022 06:40 PM (2 years ago) | Newbie
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- owenrules at 26-04-2022 06:53 PM (2 years ago)
(m)
I don't think anyone in this sub hates productive debt. I, for one, hate debt that isn't necessary, or that is frivolous. A house is equity, it is a roof of my head, it is security. A 35k car instead of a 10k car, when I can only afford the latter is frivolous. Debt that is unsustainable is bad. Debt that you have no way of paying off is bad. My honest opinion is that when it comes to frivolous items, if you don't have the money to pay for it now, you really shouldn't buy it. This is exactly how people get into trouble. They underestimate how many things they need to pay off, interest kicks in and now they're barely keep their head afloat. Plus, you end up paying for the item 2, 3, 4, 5 ... 25 times over.
Posted: at 26-04-2022 06:53 PM (2 years ago) | Newbie
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