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  Lendmax

  Category: Mild Loan

  Interest rate: 45%

  1. They may send SMS notifications to your contacts, falsely stating that you owe them money.
  2. Be prepared for a barrage of unpleasant messages on WhatsApp if you miss even a single payment.
  3. Their repayment terms usually range from 6 to 14 days, which can make it incredibly difficult to pay off your debts.
  4. Expect daily late fees that can vary from 5% to 7%, further complicating your financial situation.
  5. Once they damage your reputation, their goal is accomplished, and they may no longer pursue repayment.
  6. Lacking a proper license, they are unable to take legal action against you; their strategy primarily involves reputational harm.
  7. Avoid the temptation to borrow from other loan apps to pay off these debts, as this could exacerbate your financial troubles.
  8. Use Truecaller to identify and block their calls, helping you to avoid unnecessary stress.
  9. The best way to free yourself from predatory lending practices is to stop borrowing entirely.
  10. Consider blocking them on WhatsApp and reporting their activities directly to WhatsApp and the Google Play Store to help prevent others from becoming victims of their tactics.

   

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  Branch

  Category: Safe Loan

  Interest rate: 21%

  Branch Loan App is a safe lending platform approved by the Federal government. They prioritize customer privacy and won't contact your phone contacts or guarantors. However, it's crucial to repay overdue loans promptly. Branch Loan App is a registered Microfinance Bank and can report unpaid debts to credit bureaus, which may harm your credit score. This could affect your ability to obtain loans from other financial institutions such as Banks in Nigeria, and rebuilding your credit score may take up to 6 months, even after repayment.

  If you have outstanding loans with Branch Loan App, consider repaying them at a comfortable pace. You can spread your payments over several months, such as ₦2,000 per month, depending on your outstanding balance. Avoid rushing to repay all at once to avoid undue pressure.

  Always repay Branch Loan App in installments. Avoid borrowing from other loan apps to settle your debts, as this may lead to further financial difficulties.

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Step by step guide to break free from loan apps

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What you should know

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  Any loan sharks that defame are never linked to the credit bureau in anyway and all they say to you are lies.

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  Loan shark money cannot help solve anybody matter to better 40% - 70% in 7 days, they are simply misery compounders!! Do away with them.

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  Loan Apps major aim is to make outrageous profit from people and render people bankrupt. Dont be a victim

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