Expert Review
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Oxcredit
1. They will send SMS messages to your contacts, claiming that you owe them money.
2. Prepare yourself for an onslaught of unpleasant WhatsApp messages if you are even a day late.
3. Their repayment schedules typically range from 6 to 14 days, making it extremely challenging to settle your debts.
4. Anticipate daily overdue interest rates ranging from 5% to 7%, pushing you further into debt.
5. Once they tarnish your reputation, there is no need to repay them. They have already achieved their goal.
6. Since they lack a license, they are unable to pursue legal action against you. Their sole tactic is to damage your reputation.
7. Avoid borrowing from other loan apps to clear your debts; this will only worsen your situation.
8. Utilize Truecaller to screen and block their calls, sparing yourself unnecessary stress.
9. The most effective way to break free from loan sharks is to cease borrowing altogether.
10. Block them on WhatsApp and report them directly to WhatsApp and Google Play Store to prevent others from falling victim to the same scheme.
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steadycash
1. They will send SMS messages to your contacts, claiming that you owe them money.
2. Prepare yourself for an onslaught of unpleasant WhatsApp messages if you are even a day late.
3. Their repayment schedules typically range from 6 to 14 days, making it extremely challenging to settle your debts.
4. Anticipate daily overdue interest rates ranging from 5% to 7%, pushing you further into debt.
5. Once they tarnish your reputation, there is no need to repay them. They have already achieved their goal.
6. Since they lack a license, they are unable to pursue legal action against you. Their sole tactic is to damage your reputation.
7. Avoid borrowing from other loan apps to clear your debts; this will only worsen your situation.
8. Utilize Truecaller to screen and block their calls, sparing yourself unnecessary stress.
9. The most effective way to break free from loan sharks is to cease borrowing altogether.
10. Block them on WhatsApp and report them directly to WhatsApp and Google Play Store to prevent others from falling victim to the same scheme.
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Z cash
Downloading Apps Outside the Play Store: If you’ve downloaded the Z Cash app from outside the Google Play Store, be cautious as you may have unknowingly granted the app access to your contacts. To protect yourself, you can generate a personalized disclaimer here: Create Your Disclaimer.
Avoid Loan Agent Scams: Before falling for loan agents in groups, take a moment to educate yourself about the scams they run on social media. Protect yourself from fraudulent schemes: Learn More.
Myth About Clearing Contacts: It’s important to know that no one can remove your contacts from a loan app’s database. Find out the facts here: Get the Facts.
Ignore Harassment: If a loan app has contacted your friends or family, don’t panic. You owe them nothing more, so ignore the harassment and focus on moving forward.
Unlicensed Apps Are Powerless: Loan apps that resort to threats or defamation are not legitimate. They can’t take any legal action against you and only rely on intimidation.
Your Contacts Can’t Help: Most of your contacts are likely aware of the shady practices used by loan apps, and they won’t be able to help much in this situation.
Beware of Short-Term Loans: Loans with short repayment periods and high interest rates often come with harassment and threats. Always avoid unlicensed lenders and opt for those that are regulated.
Debt Can Lead to Bankruptcy: Borrowing from unregulated apps can damage your finances and push you towards bankruptcy. The best approach is to stop borrowing and get control over your financial situation.
Avoid Overdue Interest Scams: Once you’ve repaid the principal and original interest, ignore any requests for overdue interest. These are often scams.
Avoid Debt Cycles: Taking out one loan to pay off another can trap you in a cycle of debt. Many loan sharks operate across multiple apps, making it easy to spiral into deeper trouble.
Use Truecaller to Block Loan Sharks: Install Truecaller on your phone to block loan shark calls and report them. You can also report them on WhatsApp and the Google Play Store.
Break Free from Loan Sharks: The only way to free yourself from loan sharks is to stop borrowing. Remember, you were fine before they came into your life—don’t let them damage your reputation.
Prioritize Your Financial Health: Always put your financial well-being first. Don’t let loan sharks jeopardize your future. Stay strong and protect your peace of mind.
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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.
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Tcredit app
1. They will send SMS messages to your contacts, claiming that you owe them money.
2. Prepare yourself for an onslaught of unpleasant WhatsApp messages if you are even a day late.
3. Their repayment schedules typically range from 6 to 14 days, making it extremely challenging to settle your debts.
4. Anticipate daily overdue interest rates ranging from 5% to 7%, pushing you further into debt.
5. Once they tarnish your reputation, there is no need to repay them. They have already achieved their goal.
6. Since they lack a license, they are unable to pursue legal action against you. Their sole tactic is to damage your reputation.
7. Avoid borrowing from other loan apps to clear your debts; this will only worsen your situation.
8. Utilize Truecaller to screen and block their calls, sparing yourself unnecessary stress.
9. The most effective way to break free from loan sharks is to cease borrowing altogether.
10. Block them on WhatsApp and report them directly to WhatsApp and Google Play Store to prevent others from falling victim to the same scheme.
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Oxloan Pro
Oxloan Pro? Hold on tight! Before you click "apply," let's chat about some red flags you should know:
Public Shaming? Not Cool: Forget the drama! Oxloan Pro might blast your contacts with messages saying you owe them money. Imagine your phone blowing up with embarrassing texts – not the best look, right?
WhatsApp Woes: Brace yourself for a barrage of harsh messages on WhatsApp if you're even a day late. Think of it like a digital scolding – not exactly helpful or respectful.
Short Deadline Trap: Their repayment plans are often super short (6-14 days!), making it tough to catch up. Don't get caught in their tightrope act!
Interest Spiral: Watch out for sky-high daily interest rates (1-5%) that can snowball your debt faster than you can say "ouch!" It's like a debt avalanche waiting to happen.
Don't Feed the Defamation: Remember, shaming you is their tactic, not their right. If they defame you, don't pay them a dime! They already have their "money" – your dignity.
Unlicensed Loan Sharks: These apps operate outside the law, so their threats are mostly empty. Their main weapon is shame, but you don't have to play their game.
Debt Trap Trap: Borrowing from another app to pay them is like jumping from one frying pan into another fire. They have multiple apps, so you might end up deeper in debt with them again.
Silence the Buzz: Feeling harassed? Download Truecaller to identify and block their calls. You deserve peace of mind to focus on finding solutions.
Break Free From the Cycle: The real key to escaping loan sharks is to stop borrowing altogether. They might seem like your only option, but they're not! Explore other ways to manage your finances, like budgeting or seeking help from trusted organizations.
Report & Block: Don't let them win! Report them to WhatsApp and Google Play Store. Block them on your phone and cut off all contact.
Live Beyond Loans: You existed before them, and you can thrive after them. Don't let them control your life or damage your reputation. Remember, your integrity is worth more than any loan.
Remember, you're not alone. There are resources and support available to help you manage your finances and break free from the debt cycle. Don't let loan sharks like Oxloan Pro control you. Take a stand, be informed, and find a healthier path forward.
Step by step guide to break free from loan apps
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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