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  SomeMoni

  Category: Dangerous Loan

  Interest rate: 45%

  Let's chat about SomeMoni. Here's what you need to know:

   

  1. They're not shy about letting your contacts know you owe them cash, hitting them up with SMS messages.

   

  2. Brace yourself for a barrage of not-so-nice messages on WhatsApp if you're even a day late with your payment.

   

  3. Their repayment plans usually give you a tight window, ranging from 6 to 14 days, which can be a real challenge to meet.

   

  4. Watch out for their sky-high overdue interest rates, ranging from 1% to a hefty 5% per day. That'll only bury you deeper in debt.

   

  5. Don't cave and pay up if they start tarnishing your name. They're just after their money, and once they've defamed you, they've got what they wanted.

   

  6. They may not have a license, but their weapon of choice is defamation. Pretty low, huh?

   

  7. Whatever you do, don't try borrowing from another loan app to settle your debts with them. It's a trap! You'll just end up in more hot water.

   

  8. Thinking about screening their calls? Consider installing Truecaller on your phone to see who's ringing before you answer. That way, you can dodge their calls if you're not in the mood to chat.

   

  9. The best way to shake off loan sharks is to kick the borrowing habit altogether.

   

  10. If they're causing trouble, don't hesitate to block them on WhatsApp and report their shady practices straight to WhatsApp and the Google Play Store.

   

  11. Remember, you were doing just fine before they came along. Don't let them mess with your reputation or your wallet.

• 

  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.

   

• 

  Easykash

  Category: Dangerous Loan

  Interest rate: 35%

  Protect Your Contacts: If you've downloaded the app outside of the Play Store, you may have unknowingly granted access to your contacts by allowing permission. To safeguard yourself, generate your own disclaimer here:
  Create Your Disclaimer.

  Avoid Loan Agent Scams: Before trusting any loan agent in this or other groups, make sure you understand the risks. Scammers often operate in Facebook groups. Read more about their tactics here:
  Learn About Loan Agent Scams.

  Clearing Your Contacts: Can loan apps really clear your contacts from their database? Learn the truth about this claim here:
  Find Out More.

  Ignore Harassing Messages: If loan agents have already contacted your friends or family, don’t panic. You don’t owe anything beyond your agreement. Focus on moving forward with your life.

  Unlicensed Apps Can’t Hurt You: Loan apps that resort to defamation are unlicensed and powerless. Their primary method is to shame you, but legally, they can’t harm you.

  Your Contacts Can’t Help: In most cases, your contacts won’t be able to assist, and many are already familiar with the questionable tactics loan sharks use.

  Beware of Short-Term Loans: Loans with short durations, such as 7-day terms, often come with high interest rates, threats, and defamation tactics. If you must borrow, choose a licensed lender to avoid these risks.

  Debt Can Lead to Bankruptcy: Borrowing from shady loan apps can ruin your finances and push you towards bankruptcy. The best solution is to stop borrowing altogether.

  Avoid Paying Overdue Interest: Once you’ve repaid the principal and initial interest, ignore demands for overdue interest from these apps.

  Don’t Fall Into a Debt Cycle: Taking a loan to pay off another only deepens your debt. Many loan sharks operate multiple apps, trapping you in a cycle of borrowing.

  Use Truecaller to Block Harassment: Install Truecaller to block loan shark calls and report them on WhatsApp and Google Play Store.

  Break Free from Loan Sharks: The only true escape from loan sharks is to stop borrowing from them. You thrived before they entered your life—don’t let them ruin your reputation.

  Prioritize Your Financial Health: Stay strong and focused on your financial well-being. Remember, health is wealth—don’t let loan sharks put your future at risk!

• 

  Okash

  Category: Mild Loan

  Interest rate: 32%

  1. Okash is a legit and authorized loan app, so you're in safe hands.
  2. They won't tarnish your reputation or spread rumors about you.
  3. If you default on your payments, they'll take the necessary steps and report the matter to the appropriate authorities.
  4. While their overdue interest rates are fair, you have the option to skip paying them back once you've settled the principal and initial interest.
  5. Avoid borrowing from other loan apps to settle your debt with Okash. Instead, pay them back when you have the funds available. You can even stretch out your payments over several months, just make sure to honor your commitment.
  6. Consider installing Truecaller on your phone to identify and block their calls if you'd rather not engage with them.

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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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