The risk involved in linking your credit card and bvn number to loan apps could be so dangerous if you fall into the hands of wrong loan apps network. But never to worry I’m here to guide you in this article.
Due to the availability of fake loan apps, some people have develop some kind of fear while transacting with loan apps. Some have been thinking asking what is the risk involved in linking your credit card and BVN number to loan apps?
I want to very concise, straightforward and clear here.
The simple truth is, you should not trade with loan apps that have gone against Google policy and the policy of the country where they are operating from.
I will be sharing with you below on things to consider before requesting for any loan from any loan app.
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Table of Contents
Things to Consider Before Applying for Funds from any Loan Apps.
1. Check out for reviews from those who have used the loan app before
2. Make proper research to know if the loan app is genuine
3. Look out for the interest rate before you apply.
4. Check how long the loan app has been in existence.
5. Find out if the loan app you intend to borrow money from have tangible partners.
6. Find out if the have any physical address or location.
7. Checkout for the refund duration giving.
9. Ask questions to know if they request money from lenders before the disbursed funds.
8. Find out if they have any form of harassment, blackmail or traits on customers.
10. Find out to know if they have a good customer care service and so on.
What is the Risk involved in Linking your Credit Card and BVN Number to Loan Apps
There are a lot of risk involved if you become careless with I don’t care attitude.
Most times some people don’t care, some in the quest for urgent funds they become loose… No you shouldn’t do that.
There are great risk involved if you become blind to not checking out the criteria’s have given above. Such risk could come in the short term or long term – no one’s know, no body can predict and that is the Truth.
Despite the fact that some fake loan apps have invaded the system, we can used that as a yardstick to ride off loan apps. There are so many good loan apps to loan money from and pay later which I can attest to because I am a beneficiary.
So without much ado, let me go straight to the main focus of our discussion which is the risk involved in linking your credit card and BVN number to loan apps.
Now here we go.
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1. Your Money is at Risk
It will be such a sad experience to wake up one morning and either some of your money are gone or the your entire account is empty. How will you feel?
By linking your credit card details to some of those unapproved loan apps might result in the above. So you should set boundaries, only loan money from authorized loan apps.
Anything is possible, anything can happen. But my great happiness is that, government Policy and Google policy have separated the woolf from the sheep.
Once Google discover that your loan app is fraudulent or have too much of negative reviews you will be removed from Google play store. But then you have to be careful not to fall a victim.
How can you do this, it simple – follow the criteria’s above to be safe from any form of money scam.
2. Users privacy is at risk.
It is not a good thing for your contact list to be fraud by anyone. The truth is, some loan apps require you to allow them have access to your contact.
Once they get access, they will use it as a kind of guarantor by reaching out to them Incase you fail to pay them after the set date elapses.
But then, some of those fake loan apps might use it as a criteria by taking advantage of it negatively. They might send your contact list messages requesting for their credit card details and by so doing they use it to fraud them of their hard earned money.
Will you want this to happen to your friend’s, relatives or family members?
Of course, no one will love that. So you have to be very careful while loaning money from loan apps, especially the fake ones. This because the adverse effects might be dangerous, unbearable and unbelievable.
Now you know the risk involved in linking your credit card and bvn number to loan apps, you can never fall a victim to them. Please share this information with your friends.