How To Stop Loan Apps From Accessing Your Bank Account Or Money In The Bank Account
Many loan apps in Nigeria are funded to access your account. Your account may be accessed by the loan apps. This loan app may be used to access your bank account for reasons such as to check your creditworthiness, payment process, and others. This article discusses this at length. Follow through!
Why loan app require access to your bank account?
Bank account detail is a very sensitive details about your life. This platform holds your money and your funds. Additionally, it also provides you with information regarding activities to your bank. However, here are some reasons why some loan apps access your bank details.
1. Credit Worthiness
Your creditworthiness is one of the key reasons why loan apps require your bank account. They need it to know how regularly you have been able to pay back your loan. However, they may also try to check your eligibility for a loan. Loan apps vary in their requirements. So, your bank account may be a source of getting nice information. The loan app may also serve as a means of checking your repayment capabilities.
2. Payment Process
When you collect a loan from a loan app, you intend to pay it back. This payback process can be made easier when the loan app accesses your bank details. Your bank details may help you to pay back your loan on time. The loan app may just deduct their money easily from the bank account. This deduction might help you do away with any debt you have with the platform. This process would help minimize the penalties attached to every loan.
3. Eligibility
While you need the loan, the loan app may need information as to your eligibility. Eligibility connotes requirements. When you want to get a loan from a bank, you would have to meet some requirements. Similarly, with a loan app, you have to meet some criteria. One of them includes being at the appropriate age. Whether you are 18 years of age or you operate a student account, this can only be known when they access your bank account.
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Can the Loan App Access Contacts after being Uninstalled?
No. This is because when you Uninstall an app, you tend to limit their accessibility to your mobile phone. When uninstalled, no app can gain entry to your mobile phone. The app has no access to your mobile device after it has been permanently deleted from your device.
The permission granted to your phone has been permanently cut short after the app has been deleted. It can no longer have access to your data, contacts, and information. This uninstallation process is very vital in hiding your contacts from the app.
It is pertinent to note that the information and details you gave the loan app might still be in their database. This database allows information to be stored with the loan app for months and even years. So, it is advisable that when you delete the app, do well to remove your information too.
How to Stop Loan Apps from Accessing Your Bank Account
Step 1: Review the permission
Most app tends to ask for permission. This permission needs to be accepted before the app can fully be installed. Although you need to install the app. What you do is that you tap on ‘Install’ and then you reject the permission to access your bank account. This is because your bank accounts are a very important part of your business. Do well to accept permission for only items you want the loan app to access
Step 2: Opt for manual payment methods
Loan apps are fond of withdrawing an amount from your bank without permission. Do well to reject this method of payment. It would only grant permission to your account. Do well to choose a manual payment process. This method is able because when you want to pay back your loan, you will be fully aware of this process. This process would allow you to know how much you can pay back.
Step 3: Opt for Virtual cards
Do well to have a separate account from your original account. This would limit unauthorized permission to your real account. It would protect you from unauthorized access. This bank account is very important because you would have full control of your money. However, allow a little funds to be in your virtual account so that you can pay easily.
Step 4: Monitor your bank account
Consistently monitor your bank account so that you won’t be disappointed when authorized money is withdrawn from your account. However, look for any suspicious act so that you can detect it easily.
FAQ
How can I get a loan in 5 minutes?
At Fibe, you can get an instant cash loan in 5 minutes. All you have to do is download the Fibe app or log into the Fibe website.
How do I get a 50,000 loan?
Carbon loan, you can get up to fifty thousand naira loan immediately
How can I get the loan instantly?
FairMoney is another fast, reliable, and free Android loan app that’s available in Nigeria and India. FairMoney is another fast, reliable, and free Android loan app that’s available in Nigeria and India
How to stop the bank from accessing your account?
Step 1: Review the permission
Step 2: Opt for manual payment methods
Step 3: Opt for Virtual cards
Step 4: Monitor your bank account
Does your creditworthiness reduce if you don’t pay back the loan?
Yes. Your creditworthiness would reduce whenever you fail to pay a loan back.
Conclusion
This is a very good article. It has discussed the process of how to stop loan apps from accessing your bank account or money in the bank account. You can follow the steps such as Step 1: Review the permission. Most app tends to ask for permission. This permission needs to be accepted before the app can fully be installed. Step 2: Opt for manual payment methods. Loan apps are fond of withdrawing an amount from your bank without permission. Do well to reject this method of payment. Step 3: Opt for Virtual cards. Do well to have a separate account from your original account. This would limit unauthorized permission to your real account. Step 4: Monitor your bank account. Consistently monitor your bank account so that you won’t be disappointed when authorized money is withdrawn from your account.
