Expert Review
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Branch
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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Swiftnaira
They'll shoot off SMS to your contacts, saying you owe them money.
Brace yourself for a barrage of nasty WhatsApp messages if you're just a day late.
Their repayment plans usually last between 6 to 14 days, making it a real struggle to pay up.
Expect overdue interest rates of 5% to 7% per day, pushing you deeper into debt.
Don't bother paying them back once they tarnish your name. They've already got what they wanted.
Since they're not licensed, they can't take legal action against you. Their only weapon is to smear your reputation.
Avoid borrowing from other loan apps to settle your debts; you'll only dig yourself into a deeper hole.
Use Truecaller to screen and block their calls, sparing yourself unnecessary stress.
The best way to break free from loan sharks is to stop borrowing altogether.
Block them on WhatsApp and report them directly to WhatsApp and Google Play Store to protect others from falling into the same trap.
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BGloan
Let's discuss the practices of BGloan and how to navigate them effectively.
Initially, it's important to note that BGloan has certain approaches that may cause distress. Firstly, they have a tendency to send SMS messages to your contacts informing them of your indebtedness. Additionally, once your payment is overdue, they resort to sending derogatory messages via WhatsApp to your contacts, starting as early as one day past due.
BGloan typically offers repayment plans ranging from 6 to 14 days, which can often be challenging to fulfill. Furthermore, their overdue interest rates range from 2% to 7% per day, potentially exacerbating your financial burden.
It's crucial to resist the urge to repay BGloan once they resort to defamation tactics. This only serves to validate their methods, and they derive their profit when they tarnish your reputation.
It's worth noting that BGloan operates as an unlicensed loan app, limiting their recourse to defamation as their primary tool. Borrowing from another loan app to repay them only perpetuates the cycle of debt, as they often have multiple apps available on mobile app stores.
To mitigate their impact, consider installing Truecaller on your mobile device to identify and block their calls and contacts. Blocking them on WhatsApp and reporting their activities directly on platforms such as WhatsApp and Google Play Store can also serve as a proactive measure.
Ultimately, the most effective solution to break free from the clutches of loan sharks like BGloan is to cease borrowing from them altogether. Remember, your integrity and financial well-being are paramount, and there are alternative means of support and survival beyond their offerings.
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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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