How Can I Stop Borrowing Money From Useless Loan Apps

Have you fallen for the temptation of useless loan apps used in Nigeria or you came across a loan app you don’t trust at all? Stay with me here to clear yourself of the temptation.

It sounds sad to see yourself being humiliated by these loan apps because you borrowed money from them which wasn’t your intention to do so. If you had the money, you wouldn’t have lent them money. So if you want a guide on how you can stop borrowing money from useless loan apps, this is your final destination, as you will be shown tips on how to get rid of them.

Why Borrow Money from Loan Apps?

Most of the customers you see borrowing money from a loan app have no other option than to do so because they need that money and don’t know what to do about it. Interestingly, if they had any source of income, then there would be no need to borrow any funds from these useless apps.

Furthermore, if you need any money urgently, am sure not every person has a loved one or friend that can easily assist you with that money, so the only option remaining at hand is through the loan apps.

The risk involved in Using Loan Apps that Aren’t Approved by the Central Bank of Nigeria CBN

There are several risks involved in using useless loan apps. However, some customers find challenges in knowing the risks associated with these loan apps.

Some of these risks involved high-interest loans exceeding the rate provided by the CBN, getting access to your BVN and other bank information, and gaining access to your contact against your wish.

Why is lending money from these apps a risk in the first place? Instead, if you pay a low interest rate, you will be charged higher than expected; you might end up not paying this loan if care is not taken due to the high interest rate. Also, they will gain access to your contact and use that as a medium to humiliate you without you knowing about that.

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Ways to Stop Borrowing Money from Useless Apps that Give Loan

What are the ways I can prevent or stop myself from borrowing money from these loan apps? Is that the question you keep asking yourself? If yes, then follow the guide below to scale through borrowing money from these loan apps.

Have Savings You Can Access

If you have a means where you can get money easily through the emergency savings you have, then the need to borrow funds from loan apps would not be considered. So if you want to stop borrowing money from these loan apps, then you should have savings you can access in times of emergencies.

Interestingly, you can save money through Piggyvest, Carbon, Palmpay, and lots more; all approved by CBN.

Make Enquiries Concerning the Loan App you are about to use

Before you can trust your information on any loan app, make sure you find out the reviews about past customers. From there, you would know if they are trustworthy or not.

So, if they are trustworthy, you can go on with your plans. But if the reviews you receive are unpleasant, don’t even make a step towards borrowing money from them.

Use Only Loan Apps that are Licensed by CBN

CBN is the financial body that regulates and monitors the activities of these mobile apps and banks around the country, so if any activity from any of these banking bodies is found unpleasant, then, the CBN would delist it from the list of approved mobile bodies.

So it’s very important you know if the bank you are using is licensed by CBN before making a move. It’s very important to do so.

Ask for Guidance before Using any Loan App

Ask for financial guidance from your loved ones or an elderly person whom you trust. If what you intend to do is right they tell you and guide you on the next action to take, so you must do so.

Get Rid of Unapproved Loan App

If you have downloaded any loan app on your smartphone and you find it to be a useless and unapproved app, then you should immediately delete the app from your smartphone to avoid any form of temptation or getting into problems you didn’t insure against.

Make Reports about Abusive Lenders

In case of any fraudulent activities or blackmailing, you should report such activities to any of the Nigerian financial regulating bodies such as the CBN and others.

FAQS

How do I Stop the Habit of Borrowing Money?

It’s quite simple to do that; get a savings account and begin saving part of your income since the need to borrow money arises when you need money urgently to solve a financial issue.

So, if you have savings at hand, you go there and get whatever amount you need to solve your issue.

How do I Remove my Information from the Loan App?

This can be done in the right way and wrong way.

Before you use a loan app, make sure you enquire if you can delete your information; if you can do that, then use the right way; go to settings, then profile, from you will navigate to your contact information, from there you can delete the information you want to get rid of.

Are Loan Apps Allowed to Call Your Contacts in Nigeria?

No! It’s not possible. No loan app in Nigeria is allowed or granted the right to call your contact because you didn’t pay them on time. If you are prompted to submit your information, don’t do that.

Is it possible for a Loan App to Block your BVN in Nigeria?

In Nigeria, no loan app has access to block your BVN by whatever means. Only the regulating bodies have the opportunity to do so.

Are there Loan Apps that are suspended in Nigeria?

Yes, several loan apps were suspended by CBN in Nigeria including the Cash Door app, the Swiftcash app, the Cashlawn app, and lots more.

Conclusion

Having known how you can stop borrowing money from useless loan apps in Nigeria, it’s now left for you to choose from the list of approved ones if you don’t have another alternative.