By Recently, I have been an addict of both mobile app loans and cooperative loans. I have got a contemptuous attitude towards them not because of anything of a big deal but because of their high rates of interest rates as well as their relation with the customers. I remember taking loans from one of the common apps in my country, little did I know that I was creating a small hell over my head. I borrowed ksh 5000 because I had an emergency that needed an immediate funding. Out of that amount, I was charged a service fee of ksh 1700 and I received ksh 3300 . To add salt on the injury, I was to repay the money back within one week. I read the terms and conditions and I fully signed in .My question is: Even if I was to use that money to boost my business, could it have even made that profit within one week?
After one week was done Ans and even before, I received numerous reminders about the loan. When it was due by two days, my phone was almost busting due to numerous calls and messages from the company. Despite the fact that I told them to pay as soon as possible, nobody heard me. They even threatened to arrest me and call my referees plus my contacts which I found humiliating and ashaming. Despite the fact that I managed to pay the money back, I ended up landing at a loss because the duration I was given never bored any profits.
From that day
I absolutely abstained from the online app loans.
If you must take them, take them at your own risk. I rest my case.
