Sometimes you may get too broke to the core. Such are the times when your bank account reads nil, your salary is already spent, you have broken to your savings account and withdrawn everything.
You also had too much borrowing from friends that you can't afford to ask for more. These are times mobile loans come to the rescue.
However, as much as these mobile loans help, they come along with some burdens:
1. They are addictive
Once you have borrowed money from a mobile application, believe me, you are there to stay.
The deal is so lucrative. Once you pay the loan, you are tempted to borrow again and again, and that will be the routine for quite a while.
2.High-interest rates
When making a payment, you have to do so with some interest.
This normally does not hit you during borrowing but strikes you during repayment time when you have to add an extra fee to what you initially borrowed.
3. Late payments generate penalties
Failure to make payments on time results to penalties in terms of additional fees or getting blocked from applying for another loan for a certain duration of time.
Others come along with threats of listing you with CRB, not forgetting the numerous reminders via SMS and emails.
Finally, failure to repay the loan, no matter how genuine your reason may be, you are listed with CRB.
This is very crucial as you won't be able to access most of the government services.
A wise man said that if you have to take a mobile loan, only take it during an emergency, and take it with a payback strategy in mind.
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