Expert Review
-
AIRMONI
Prepare for an onslaught of SMS messages sent to your contacts, claiming you owe money.
Be prepared for a flood of aggressive WhatsApp messages if you're even a day late.
Their repayment periods usually range from 6 to 14 days, making it extremely difficult to settle the debt.
Expect exorbitant daily interest rates of 5% to 7%, pushing you further into financial trouble.
Once they tarnish your reputation, there's no point in repaying them. They've achieved their goal.
Since they lack proper licensing, they cannot pursue legal action against you. Their only recourse is to damage your reputation.
Avoid borrowing from other loan apps to repay these debts; it will only exacerbate the situation.
Utilize Truecaller to filter and block their calls, sparing yourself unnecessary stress.
The most effective way to escape loan sharks is to refrain from borrowing altogether.
Block them on WhatsApp and file reports directly with WhatsApp and the Google Play Store to prevent others from falling victim to the same scheme.
-
.webp)
Nice naira
Protect Your Privacy: If you downloaded the app outside of the Play Store, it likely means you've granted them access to your contacts by giving them permission. In this case, it's important to protect yourself. You can generate your own disclaimer here:
Create Your Disclaimer.Beware of Loan Agent Scams: Before falling for loan agents in any group, take the time to learn how they operate. Read about how some agents scam people through Facebook groups:
Learn About Loan Agent Scams.Clearing Your Contacts: Is it possible to clear your contacts from a loan app's database? Find out the truth behind this claim:
Clearing Your Contacts.Ignore Harassing Messages: If the loan company has contacted your friends or family, stay calm. You don't owe them any more than you've agreed to. Focus on moving forward with your life.
Unlicensed Apps Can't Harm You: Apps that resort to defamation are often unlicensed and powerless. They can't legally harm you, and their main tactic is shaming.
Your Contacts Can’t Help You: In most cases, your contacts can't assist you, and they likely already know how loan sharks operate.
Avoid Short-Term Loans: Short-term loans with high interest rates (such as those with 7-day durations) often come with threats and defamation tactics. Stick to licensed lenders if you must borrow.
Debt Can Lead to Bankruptcy: Borrowing from unscrupulous apps can ruin your finances and push you towards bankruptcy. The best strategy is to stop borrowing altogether.
Don’t Pay Overdue Interest: If you’ve already paid back the principal and initial interest, you don't have to pay additional overdue interest.
Avoid the Debt Cycle: Taking out a loan to repay another only leads to more debt. Many loan sharks operate multiple apps, trapping borrowers in a cycle of debt.
Use Truecaller to Block Harassment: Install Truecaller on your phone to block unwanted loan shark calls. You can also report these numbers on WhatsApp and Google Play Store.
Break Free from Loan Sharks: The best way to escape is to stop borrowing from them. You survived without them before—don’t let them damage your reputation.
Prioritize Your Financial Health: Remember, your financial well-being is more important than any loan. Don't let loan sharks jeopardize your future. Stay strong and focused!
-
Tloan
Tloan, These guys might seem like a quick fix, but trust me, they can turn into a major headache. Here's the lowdown on why you should steer clear:
1. Shameful Tactics: Forget polite reminders. These apps blast your contacts, painting you as a defaulter even after a day's delay. They might even spam your WhatsApp with nasty messages, tarnishing your reputation in a heartbeat.
2. Crushing Deadlines: They offer loans with super-short repayment periods, like 6-14 days. It's like setting you up to fail, leading to...
3. Debt Spiral: Their insane interest rates (think 2% to 7% per DAY!) trap you in a cycle of debt. Borrowing from another app to pay them off? Bad idea. You'll just end up deeper in their clutches.
4. Empty Threats: Don't let their bullying tactics scare you. These apps often operate outside the law, so their threats are mostly just noise. They can't really do anything to you, except try to shame you.
5. Breaking Free: Here's the key: stop borrowing. It's tough, but it's the only way to escape their grip. Remember, you survived before they came along. You can do it again.
Here's your action plan:
- Install Truecaller: Identify and block their calls.
- Block them on WhatsApp: Cut off communication.
- Report them: Flag them on WhatsApp and the app store.
- Seek help: Talk to trusted friends or family, or consider professional financial advice.
Remember, your dignity and peace of mind are worth more than any quick loan. Don't let these loan sharks drag you down. Take back control and build a brighter future, one step at a time.
-
Frimoni
Protect Yourself When Dealing with Unregistered Loan Apps: A Guide for Frimoni Users
If you're managing loans from unregulated loan providers like IMoney, it's essential to understand certain key aspects of repayment and how to safeguard yourself. Here’s what you need to know when dealing with such platforms:
1. Unregistered Loan Apps
IMoney is not a registered loan app, meaning it does not adhere to the legal guidelines set by Nigerian financial authorities. This lack of regulation can lead to unethical practices, so proceed with caution if you're involved with such services.
2. Dealing with Derogatory Messages to Your Contacts
If IMoney has sent offensive or embarrassing messages to your contacts in an attempt to pressure you into repayment, do not panic. While this tactic is harmful, it’s a strategy used to coerce borrowers. You are not legally obligated to repay under duress. If they persist, calmly inform them that you’re ready to address the matter in court, which often dissuades further harassment.
3. Defamation and Reputational Harm
If your reputation has already been damaged by IMoney through defamatory messages, repaying them will not necessarily undo the harm caused. Once your reputation is affected, the damage is done, and paying them back may not restore it. Focus on protecting yourself from further harassment instead.
4. Install TrueCaller to Block Spam Calls
Install the TrueCaller app on your phone to help identify and block spam calls, including any harassing calls from IMoney. This app provides an extra layer of protection against unwanted contact.
5. Block Auto Debit from Your Bank Account
To prevent IMoney from automatically withdrawing money from your bank account, it’s essential to block your bank card. Visit your bank and request a new card to ensure they can't access your funds through auto-debit.
6. Block and Report on WhatsApp
If IMoney contacts you via WhatsApp, block their number to stop receiving their messages. Additionally, report their number to WhatsApp to alert the platform about their behavior, which may lead to their account being flagged or suspended.
7. Report the App to Google Play or iOS App Store
If IMoney is listed on the Google Play Store or iOS App Store, report the app to the platform. This not only helps alert other users to their unethical practices but may also result in the removal of the app from these stores, protecting future borrowers.
Take Action to Protect Yourself
By following these steps, you can safeguard yourself from further harassment and protect your finances. Whether it's blocking calls, reporting the app, or preventing unauthorized withdrawals, you have control over how to respond to unethical loan providers like IMoney.
Remember, Frimoni provides a safe and transparent loan process, so you can avoid these pitfalls with our reliable service. Always choose trusted, registered loan apps to protect your peace of mind.
-
9Credit
Let's address 9Credit and its operations. To begin, it's essential to understand that regardless of the loan amount provided, repayment must occur within a maximum period of 7 days, as their repayment tenure does not exceed this timeframe.
Moreover, instead of directly contacting you about outstanding debts, 9Credit opts to send SMS notifications to your contacts, informing them of your indebtedness. Additionally, if you fail to meet repayment deadlines, they resort to sending disparaging messages via WhatsApp to your contacts, starting as soon as one day after the due date.
Typically, their repayment plans span from 6 to 14 days, presenting challenges for borrowers in meeting their financial obligations. Adding to the burden is the high overdue interest rate, ranging between 5% to 7% per day, which can quickly escalate your debt.
It's important to refrain from repaying them once they resort to defaming you, as this only serves to enrich them. Despite being unlicensed loan apps, 9Credit and similar services lack legal authority. Their primary recourse is to tarnish your reputation.
Attempting to borrow from other loan apps to repay 9Credit only worsens your financial situation. Given their multiple apps available on mobile app stores, borrowing from another source may inadvertently lead to borrowing from them again, plunging you into further debt.
Consider installing Truecaller on your mobile device to identify and block their calls, providing a measure of protection. Additionally, blocking them on WhatsApp and reporting their activities directly on WhatsApp and Google Play Store can serve as deterrents.
Ultimately, the most effective solution to break free from the grip of loan sharks like 9Credit is to cease borrowing altogether. By taking control of your finances and avoiding further indebtedness, you can safeguard your financial well-being in the long run.
-
9Credit loan-Instant loan Cash
Let me give you the lowdown on 9Credit Instant Loan App. Here's what you need to know:
- Contact Messages: These folks might start sending SMS to your contacts saying you owe them money.
- WhatsApp Woes: Brace yourself for all sorts of rude messages on WhatsApp if you're even a day late on payment.
- Short Repayment Window: You'll usually get stuck with a 6 to 14-day repayment plan, making it tough to cough up the cash.
- High Overdue Interest: Watch out for sky-high overdue interest rates, ranging from 1% to a whopping 5% per day, piling up debt faster than you can blink.
- Defamation Dilemma: Once they start badmouthing you, don't bother paying up. They've already got what they wanted.
- Unlicensed Trouble: These apps aren't legit. They can't do much except tarnish your name.
- No Borrowing from Borrowers: Steer clear of borrowing from one loan app to pay another. It's a recipe for financial disaster.
- Truecaller Tip: Install Truecaller to dodge their calls and block their contacts, keeping them at bay.
- Breaking Free: The only real way to escape their clutches is to stop borrowing altogether.
- Report and Block: Shut them out by blocking them on WhatsApp and reporting them directly on WhatsApp and Google Play Store.
- Regain Your Freedom: Remember, you were doing just fine before they showed up. Don't let them mess with your integrity.
Step by step guide to break free from loan apps
What you should know
-
Any loan sharks that defame are never linked to the credit bureau in anyway and all they say to you are lies.
-
Loan shark money cannot help solve anybody matter to better 40% - 70% in 7 days, they are simply misery compounders!! Do away with them.
-
Loan Apps major aim is to make outrageous profit from people and render people bankrupt. Dont be a victim
What people are saying
Add a review
Your comment could save a life! Share your experience with loan apps and help others escape the clutches of Loan Shark Apps.
