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Just yesterday I was having a conversation with my friends and they brought up the topic of mobile app loans. I really don't know much about it because I hate loans in general so I listened to hear from their own point of view. As they were talking they point out the fact about how easy it is to borrow from these mobile apps and get away with it.

Some of the things I picked from their conversation is the fact that you borrow little from the start, don't spend it and return is fast. This will increase your chances of borrowing more. Then you keep repeating these process until you are eligible of borrowing a large sum of amount then you run away with it by deleting the app.

Now it's easy to get away because you are not known and what they use as your Collateral is the contact of your phone which leads to the consequences of not paying back. Firstly the interest growing beyond a reasonable normal rate, they start calling everyone on you contact list telling them about your loan and tarnishing your image. People might not think this is harmful but in future,if you need help from these people they've tarnished your image to they won't trust you anymore. Because you now look like a fraud in front of them.

In conclusion, even though it looks easy to borrow and easy to get away with its not woth risking. And it's definitely not a way out of poverty. Starting on a true foundation by borrowing from a physical person or organisation is better. Because then you have a longer period of time to return the money and your image isn't tarnished. By doing this you can invest the money in appropriate business which is a first step out of poverty. Tarnishing one's image will always have a consequence that will bite back in future.

THANKS FOR STOPPING BY AND HAVE A WONDERFUL WEEKEND.

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