Online Loans

Discussion in Loans started by ADSSOLSN • Apr 24, 2017.

  1. ADSSOLSN

    ADSSOLSNMember

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    hi fellows, of late there are many online apps which offer loams without security.
    however, failure to pay leads to bad report at the local loans regulatory board.
    I am tempted to take a loan with them but their interests are sky high and the risk of ruining my credit worth stops me.
    have you ever taken a loan online?
     
  2. janemariesayed

    janemariesayedActive Member

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    No, I have never taken a loan online. If the interest rates are so high I don't think that I would bother. I would rather go to a bank or somewhere that is reputable and easy for me to access and talk to a human being. I don't live by credit anyway. I have never found the need to get a loan, other than when I had a mortgage.

    My motto is if I don't have the money to pay for something then I must wait to buy it until I do have the money. Living this way has meant that I don't owe any money to any one or any establishment. Everything I own is paid for already. By not buying on credit I get to purchase things at the proper price rather than paying heaps extra because of interest.
     
  3. Jaylen Gomez

    Jaylen GomezNew Member

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    It's hard to trust an online loan and as i check most of them offer and giving a high interest that will put you into a deep situation.Why dont you try some cooperative near you.
     
  4. Gad

    GadMember

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    I have a couple of unpaid loans from these online lending platforms(apps).Money will never be enough so when I saw mobile applications giving "free" tempting money I had to borrow.They do not ask for any security apart from one's national identity card.The result is that now am stuck in debt.The 90 day cap for repaying my loans has passed.In turn I was reported to the credit bureau and a bad report was filed.

    I am hoping that soon I will be able to clear up my name but,the blame would be on the developers of the applications.Creating such apps takes money right at the consumers doorstep.The low earning consumers borrow with no rigid income of repaying the loans.I would suggest that lending be left for banks only.
     
  5. luri

    luriActive Member

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    I have often thought that I should try online loans, I even applied to couple of lending websites, however, my loan was not approved. I know interest rate is high, however, I also know that getting loan traditional way, from banks and financial institutions in your area, is really hard. First of all your credit score needs to be very good, secondly you need collateral, you need to pay processing fees. It takes months before your loan is approved.
     
  6. Zero

    ZeroActive Member

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    I would consider it if it were from a reputable and trustworthy company, but i would definitely recommend not taking it a big loan and just sticking with smaller amounts.
     
  7. Shine_Spirit

    Shine_SpiritActive Member

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    If I already avoid loans personally at all costs... Imagine online loans? o_O There is no interest in this type of acquisition (except for some extremely critical situation)... Otherwise, no way. It's not my "thing". :)
     
  8. Jasmin Cottontail

    Jasmin CottontailActive Member

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    I haven't and don't have any plans of applying for online loan. I don't like being in debt especially if the interests are high that the person who borrowed money will have a hard time paying. My mom-in-law have this problem although she didn't apply her loan online, the interest rate is high and now she's struggling paying her debts.
     
  9. Jamille

    JamilleActive Member

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    I've never taken an online loan because I've always been wary of sites that asks for personal information online. But it can work for people who need the money for something urgent. Just make sure that they're dealing with a trusted bank or financial institution and that the website has an https prefix on its URL. Citibank, for one, offers online loan to their credit card holders beside the traditional loan facilities. They claim approval within 24 hours and fast crediting of proceeds, too. The interest rate is competitive and is basically the same rate they're offering for offline loans.
     
  10. larryl332

    larryl332Active Member

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    Well call me old school but I still need the personal opinion and knowing the person who is doing my money, especially when it comes to the big things like a house and car. I might get closer to doing the online option, but we shall see.
     
  11. Rossy

    RossyMember

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    I have tried several online loans. They might not give you a decent loan at first. You will have to earn your way up to higher loans by paying on time.
    However, I somehow have a problem with their extremely high interest rates and yet some of them expect to be paid back in less than a month. Most of which I have tried have an interest rate of around 30%. This is as high as a shylock's interest rate. I would only advise you to take an online loan if it's the only option you got.