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Few things to note before you take a loan from Loan Apps

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Few things to note before you take a loan from Loan Apps

Before you take a loan from one of the loan apps in Nigeria, there are a few things you really have to know. First, you need to understand that they have access to your SMS and contact information. 

Permission was given to them while installing their app. It has come to my understanding that most people rarely read the mobile app terms and conditions before downloading and entering their personal data. Honestly, this is very bad because some of the apps are designed to steal people's personal information. 

Your contact information is the only way the loan company can reach you to repay the money you took from them when you defaulted. They also use your SMS to keep track of other companies from which you have borrowed money in order to rate your credit check/limit.

It might interest you to know that they have access to your bank details, such as your bank account number, your real name, and your bank verification number (BVN). Some of the companies also request the name of the organization where you work, your income rate, your house address, and two emergency contacts they can reach when you are unavailable. 

Therefore, before you take a loan, be sure that you are ready to give out the above-mentioned information. Don't be angry when they reach your contact to inform them about the loan you took from them after the due date because you were the person that gave them permission to do so. 

If you have anything else to add to this article, please do so in the comment section.Feel free to like and share this post with your friends and family. Thanks for reading. 

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