GUYS!! Stop Borrowing Money From Loan Apps – See What They Do To Your Phone? - Nigelzient



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Tuesday, March 28, 2023

GUYS!! Stop Borrowing Money From Loan Apps – See What They Do To Your Phone?

In recent years, the use of loan apps has been on the rise in Nigeria. These apps offer quick and easy access to loans for individuals and businesses, with a simple application process and quick disbursement of funds.

The popularity of these loan apps can be attributed to several factors, including the ease of access, the convenience they offer, and the growing demand for credit in Nigeria.

One of the key benefits of loan apps is that they offer a convenient and easy way to access credit. Users can apply for loans through their smartphones and receive approval within minutes, without having to go through the hassle of filling out lengthy paperwork or visiting a physical bank branch.

Additionally, loan apps often have lower requirements for creditworthiness, making it easier for individuals who may not have a strong credit history to access loans.

Another factor contributing to the popularity of loan apps in Nigeria is the growing demand for credit. Many Nigerians, particularly those in the informal sector, may not have access to traditional forms of credit, such as bank loans or credit cards. As a result, loan apps have emerged as a viable alternative, offering a way for individuals and small businesses to access funds for a variety of purposes, including business expansion, education, healthcare, and personal emergencies.

However,  there is a PROBLEM. A serious one.

Last night, I took my time to inspect at least 10 loan apps and their security measures. I noticed something terrifying.

They are using some dangerous technologies to gain access to people’s devices. Even commercial banks and CBN never do reach like that. Some come in the form of malware, and the only way to get rid of it is by factory resetting your device.

Unfortunately, many people are so desperate for money that they don’t take the time to read and understand the access requests before granting them.

Any app, whether licensed by CBN or not, as long as they offer loan services, uses these technologies.

While it can be argued that these measures, helps loan apps to verify user identities, assess credit risk, and prevent fraud, it also poses significant risks to users’ privacy and security.

The use of malware, for instance, can compromise users’ personal data, expose them to identity theft, and damage their devices. I think the use of technology in the lending industry should be balanced with users’ rights to privacy and security.

Given these risks, I would strongly advise against borrowing money from these loan apps. In fact, I wouldn’t recommend them to anyone, even my worst enemy.

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