Should you be scared of loan app threat? Hmmm

Getting a loan from loan apps is very easy, but it comes with many headaches and pain, especially if you default on loan repayment.

No referee, no collateral—this makes it easier for people to collect loans from loan apps or loan sharks.

In this article I’m asking the question should you be scared of loan app threat?

Because if you default on loan repayments, it comes with lots of insults and harassment from these loan apps or loan sharks.

So, should you be scared of them?

I will answer the question below.

Should you be scared of loan app threat?

No, you shouldn’t be scared of loan apps’ threats, especially the loan sharks, as those threats are empty. The highest they will do is destroy your reputation among family, friends, and colleagues.

Now, I’m going to list some of the threats issued by loan apps to their defaulters and why you should simply ignore these threats.

However, please kindly repay your loan.

Because these loan apps don’t request referees or collateral, it becomes possible for some not to repay the loans. Please kindly do that because it is necessary.

1. Block your bvn

This is one of the common threats issued by loan apps,  “we are going to block your bvn”.

Come on, these loan apps can’t do such things. They don’t have the power or the capacity to block BVN.

This is purely an empty threat to scare the life out of you because we value our bank verification number, and without a BVN, you will not have access to your account or the funds in your account.

Whenever a loan app threatens to block your BVN, please ignore that threat because it is an empty threat.

2. I will take you to court

This is another popular threat by these loan apps, threatening to take a loan defaulter to court.

You see, this threat doesn’t hold water because it’s just another tactic to scare you into repaying the loan.

Now, listen. This is quite different from loan companies and banks because these have the capacity to sue you, whereas the methods used to collect loans from banks and loan companies are different from those of these loan apps.

So, these big boys can sue you, not loan apps or loan sharks.

To learn more about loan apps, especially registered loan apps suing loan defaulters, go through this post on Can Loan Apps Sue You In Nigeria? Explained.

3. I will visit your house

I have seen several people state that loan apps threaten to come to their house and deal with them.

Quite laughable indeed.

When a loan app starts issuing this type of threat, then you should know that it is not a registered loan app.

Since it is a loan app not registered with the Central Bank, they cannot do anything to you because their dealings are illegal and not recognized by the Central Bank.

More often than not, loan sharks make this type of threat, but I’m telling you that it’s just an empty threat.

4. Track your location

Can loan app track your location?

I doubt so.

I dont think loan apps can track someone’s location unless they are criminals especially the loan sharks.

Regardless of the fact that these loan apps, especially the loan sharks, are uncivilized and unethical, I don’t think they will go to the extent of tracking a loan defaulter’s address unless they are criminals.

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What you should worry

You should worry about your reputation because they will tarnish your image.

Yes, for sure, these loan apps, especially loan sharks, are quite good at tarnishing the image of a loan defaulter.

Depending on the type of career you have, you wouldn’t want these people to paint you in a negative light among your colleagues in the office.

Aside from your colleagues, what about your friends and family? They may get notified by these loan apps that you’re a debtor.

I have seen them tagging a friend of mine as a criminal.

I received countless messages on WhatsApp from these loan apps stating my friend is a criminal, debtor and a fraudster.

It’s quite painful, though.

Lastly, someone said a particular loan app threatened to tag him as a Rap!st.

I said they can’t do that, and if they do, don’t you ever pay them a dime because this is well beyond harassment.

It seemed they knew about the implications and didn’t go so far as to tag him as a Rap!ist.

Please repay your loan

If you value your reputation and sanity, always endeavor to repay your loan before the deadline.

For me, if you value your reputation and sanity, avoid these loan apps, especially the loan sharks, because of their methods of handling loan repayment.

Their tactics are so unethical, and they just don’t care at all.

I don’t recommend people borrowing money from them unless you’re sure to repay the loan on time.

How to avoid loan app threats

To avoid threats from loan apps, follow these key precautions:

1. Use Only Verified Apps: Download apps from official sources like Google Play Store or Apple App Store. Check reviews, ratings, and developer information to ensure legitimacy.
2. Research the Lender: Before applying, investigate the company. Verify if it is registered with relevant financial authorities like the Central Bank or consumer protection agencies.
3. Review App Permissions: Be cautious of apps requesting unnecessary access to personal data, such as contacts, location, or media. This can prevent misuse of sensitive information.
4. Avoid Sharing Personal Data: Don’t give out sensitive information—like your BVN, bank PINs, or passwords—via text or on unverified platforms.
5. Understand Loan Terms: Read the terms carefully, especially fees, interest rates, and penalties. Some loan apps exploit borrowers with hidden charges and unfair practices.
6. Report Abusive Apps: If a loan app engages in harassment or breaches privacy, report it to relevant authorities and the app store to protect others.

This is where I draw the conclusion on should you be scared of loan app threat. Your comments on this matter are much appreciated.