Mobile Loan app
By aubrey
@averygirl72 (38526)
Philippines
March 22, 2023 1:24am CST
I've tried many loan app and most of them do not approve my application and some just have loan term of 7 days. I stop trying them then one time I tried another app and it was so fast in just a matter of minutes the loan is on my Gcash. So I was excited and on your first loan it is 0% interest. I tried 1,000 for my first loan and I was happy to try it more. I gave it a chance and on my second loan I'm able to borrow 2,000 but the interest or repayment is 2,700. So how much is the interest with that? They allow me up to 21 days before I pay.
What is nice is the money get transferred to my e-wallet instantly but it was actually a burden to pay the interest. I still give it a chance and I'm on my third loan of only 1,000 pesos for 15 days with interest of 280 pesos.
I think it is good to get those loan if you are able to use it for business and you earn a good profit. I think this will be my last loan and I don't want to try again though it feels good that you can get money right away.
Have you tried loan apps?
12 people like this
13 responses
@flapiz (23272)
• United Kingdom
22 Mar 23
@Mike197602 Exactly Mike. Although I understand why it is crazy expensive as they are taking quite a bigger risk as well.
1 person likes this
@Mike197602 (15511)
• United Kingdom
22 Mar 23
@flapiz They are taking a bigger risk you're right...BUT, in some instances they're sort of preying upon people who are desperate and can't get credit and have to accept the ridiculous interest rates.
Over 1000% is legal robbery in my opinion
1 person likes this
@Mike197602 (15511)
• United Kingdom
22 Mar 23
With short term pay day type loans that we get the apr can be as much as 1250%
insanely expensive.
Credit cards are better and, as you know, it's a competitive market in the UK so you can get nice deals with regards to 0% balance transfers etc so if you manage your money well you could even get a near free loan.
insanely expensive.
Credit cards are better and, as you know, it's a competitive market in the UK so you can get nice deals with regards to 0% balance transfers etc so if you manage your money well you could even get a near free loan.1 person likes this
@Treborika (17895)
• Mombasa, Kenya
22 Mar 23
I have tried so many apps in my country. There are so many of them in my country and right now I am serving a loan by one of the apps here in my country. There are so nice but have the highest interests rates
1 person likes this
@averygirl72 (38526)
• Philippines
22 Mar 23
That is the right thing to do. It does not help actually because of the high interest rate
2 people like this
@averygirl72 (38526)
• Philippines
22 Mar 23
What you said is true. I won't loan again. I just tried them
1 person likes this
@rakski (135712)
• Philippines
22 Mar 23
@averygirl72 good for you. I think gcash offers loan also. They notify me but have not seen it yet if it is true
@arunima25 (90129)
• Bangalore, India
22 Mar 23
I avoid taking loans. I didn't know that there are apps that give you loan..I save for things that I want.
@averygirl72 (38526)
• Philippines
4 Apr 23
I want loans if they are easy to pay
1 person likes this
@averygirl72 (38526)
• Philippines
5 Apr 23
@arunima25 I think I should stay away from loan apps and wait for my money not loans
1 person likes this
@arunima25 (90129)
• Bangalore, India
4 Apr 23
@averygirl72 Hope you find some scheme that suits you. It's easy to pay.
@thebos (5960)
• Kisumu, Kenya
22 Mar 23
I try to avoid using loans and loan apps for security reasons
@averygirl72 (38526)
• Philippines
27 Mar 23
I don’t know about that I hope they are not scam
1 person likes this
@averygirl72 (38526)
• Philippines
4 Apr 23
I think the interest is high I better stop using them
1 person likes this
@allen0187 (58574)
• Philippines
22 Mar 23
These online lending apps are predatory with their high interest rates.
Be careful using these. Better yet, don't use these at all.
@allen0187 (58574)
• Philippines
6 Apr 23
@averygirl72 true. Best to stay away from these loan apps.
1 person likes this
@averygirl72 (38526)
• Philippines
4 Apr 23
Not really helpful in my part. They are the one benefiting not me
1 person likes this
@averygirl72 (38526)
• Philippines
4 Apr 23
It’s better to avoid them I think they are scams
1 person likes this
@brokenbee (11090)
• Philippines
22 Mar 23
I haven't tried yet but home credit is always calling and offering loans up to 23k.. But I always tell them I will just call them if I need one. They always ask me why I don't want to try it and I always say that I don't have money to repay them... Hihi
Have you tried the SLoan and SPaylater in Shopee? I use their SPaylater to pay my bills. Then I activated the SLoan. They gave me 20,000 credit limit but I didn't withdraw... Then they decreased my credit limit to 10,000. I have no plans of borrowing as of the moment.
@averygirl72 (38526)
• Philippines
4 Apr 23
I don’t use Shopee app. It’s good to loan at least 10,000 pesos with longer days to repay
1 person likes this
@Mike197602 (15511)
• United Kingdom
22 Mar 23
To me this sounds like pay day loans that we have over here.
As a general rule I'd say they are very bad and charge extortionate interest rates.
The daily rate may look low but you need to convert that to APR which is annual percentage rate, that is a better indicator of if the loan is value for money.
Pay day lenders don't like you doing this as it'll often show a massive apr.
Personally I'd avoid them if at all possible.
If I needed to borrow money I'd try an unsecured loan for a larger amount over a longer time as they often let you pay off chunks and have no early repayment charges...that is in the UK obviously your country will have different rules.
What is the same everywhere is the fact that short term borrowing like you mention is very very expensive.
@averygirl72 (38526)
• Philippines
4 Apr 23
Yes pay day loans. I think their interest is big the longer the time before paying back the more you need to pay for interest
1 person likes this
@leighnyork (1880)
•
22 Mar 23
I have tried loan apps before.
I only have one issue with them.
They have very high interest rates.
