Nowadays borrowing money is so easy that one does not have to think twice before downloading that app and asking for money. The money is basically at your doorstep or is its fingertips? Well, what people do not know is that with the easy cash, comes loads of problems. Your loan will probably be approved by the lender in five minutes flat. You will be all excited as you take the money to use only to realize that your interest is way above what you expected.
You will have no way of backing out because you already took the money. You are now left with working hard to get money to repay the lender. In case you are unable to repay the money on time that is when you will realize that you put your head in the shark’s mouth. There will be constant messages sent to your phone threatening you. If that does not work, you will find your whole family and even friends getting messages about your loan. Woe unto you if you had not told your family about that little loan you took. The family front will become a battlefield.
Yes, that app in your phone can access contact information that you have and they will use it to compel you to pay up. Don’t even think of ignoring them if you are employed. This is because your boss may get that message from your lender. The best thing to do is avoid as much as possible getting money from mobile lenders. It may seem like an easy deal, but once you are unable to pay, you will have no peace with them. If you must borrow money, make sure you repay it as soon as possible to avoid the high cost of repayment or even being listed in the CRB.
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