Expert Review
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Umba
Umba is a secure loan platform approved by the Federal Government. They prioritize customer privacy and refrain from contacting your phone contacts or guarantors. However, it's crucial to settle overdue loans promptly. Umba is a registered Microfinance Bank and has the authority to report unpaid debts to credit bureaus, potentially impacting your credit score. This could hinder your ability to secure loans from other financial institutions in Nigeria, and rebuilding your credit score may take up to 6 months, even after repayment.
If you have outstanding loans with Umba, consider repaying them at a manageable pace. You can spread your payments over several months, for example, ₦5,000 per month, depending on your outstanding balance. Avoid rushing to repay all at once to alleviate undue pressure.
Always repay Umba in installments and refrain from borrowing from other loan apps to settle your debts. This practice may exacerbate your financial situation and lead to further difficulties.
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EaseMoni
Let's dive into EaseMoni and what you need to know:
1. They're legit loan apps, fully registered and approved.
2. You won't find them spreading rumors or tarnishing your name.
3. If you don't hold up your end of the deal, they'll escalate the matter to the right authorities.
4. Their overdue interest rates are fair, but once you've paid off the principal and initial interest, you can choose not to pay the overdue charges.
5. Avoid the temptation to borrow from other loan apps to settle your debts. Instead, pay them back when you have the funds, even if it takes a few months.
6. Use Truecaller on your phone to screen calls from them, giving you the option to dodge their calls if you're not in the mood to chat.
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Carbon
Carbon is a trustworthy loan app authorized by the Nigeria government. They respect your privacy and won't call your contacts or guarantors. However, it's important to settle overdue payments promptly. Carbon is like a bank and can report unpaid debts to credit agencies, which might hurt your credit score. This could make it hard to get loans from other places, like banks, in Nigeria. It may take up to 6 months to rebuild your credit score, even after you pay off your debt.
If you owe money to Carbon, try to pay it back gradually. You can split your payments over a few months, like paying ₦1,000 each month, based on what you owe. Don't rush to pay it all at once to avoid stress.
Always pay back Carbon your loans. Don't borrow from other loan apps to pay them back, as this could make your financial situation worse.
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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