Avoid these apps when taking loans online, you may regret.

Loans are taken mostly for two reasons, it is either to invest or solve an emergency problem. For instance, you can take a loan to pay hospital bills, children’s school fees, buy food items and sometimes pay transportation fares. Nevertheless, you can also take loans to finance investment proposals, pay for goods and services and in the event that the accruing interest is less, one may take loans to deposit (fixed) in financial institutions where the interest rate is higher.

It is advisable to consider certain factors before taking any loan in order to avoid troubles that may arise when you eventually default.

• High interest rate: When taking loans, it is advisable to consider the interest rate on the loan. This is because certain interest rates may be difficult to pay back at due periods.

• Repayment time: certain loans most especially those taken online has a short duration of repayment. Loans with this kind of duration ought to be avoided.

Having considered all the factors above, we found certain online loan platforms with either high interest rates or short repayment time. The following loan platforms should be completely avoided when taking loans online;

• RUNCASH: This app has a high interest rate and the repayment duration is too short (7 days). The most disheartening thing about the platform is that, the approved amount is not wholly disbursed. Sometimes more than 35% of the approved amount is withheld and only 65% is disbursed. They have rude customer agents who may sometimes engage you into a battle of words, threatening to tarnish your image by sending messages to your phone contacts.

• FASTCASH:

This online loan platform hebaves similar to RUNCASH. I suspected that it’s same company that owns the two platforms. RUNCASH also withholds a certain percentage of the approved loan amount and disburses only a little above half of the approved figure. The customer agents are also rude and the repayment duration is short as well (7days).

•FORMONEY:

Formoney reviews loan applications faster (less than 3min) but the interest rate is high and repayment time is also short. They also withholds a certain amount from the approved figure. Their customer agents are a little softer than the ones from the two platforms above.

•EASY CREDIT:

Easy Credit takes a longer time to review loan applications, sometimes 2-3 days. They may approve N7,000 but disburses only N5,500 to be repayed in 7days.

These online platforms has the ability to tarnish your image before your Facebook friends, phone contacts and may even publish your name in the national dailies. The worst they can do is to blacklist your BVN (report your BVN to the credit Bureau). This may hinder you from taking loans in the future.