Do you know what the torture of loan app administrators is like? | Telugu News

Loan App: Every day we hear the news of death due to loan app abuse. No matter how many awareness programs are being conducted not to take loans through loan apps, some people are repeatedly taking money through these. Although there are many other ways to take a loan. But do you know how their torture will be if they do not pay after taking a loan through the loan app?

Some people are fooled by advertisements that say, 'If you have a mobile phone, money will be added to your bank in a few moments.' Moreover, they are convinced that the loan is given at a low interest rate. They say only 4 percent interest on each loan. Many people take loan through loan app thinking that they will not get a loan at a lower interest than this. But it should be remembered that this is not the annual interest, but the monthly interest.

Before a person takes a loan app say 4 percent interest. But that is the annual interest rate. That means 48 percent interest will be charged for 12 months at the rate of 4 percent per month. That means an interest of Rs.4 will be charged. After knowing this matter.. some people stop paying the loan amount when the interest is higher than the principal. If it is not paid in time, the charges will be more. Some people are careless about these things. But some loan-providing apps have a plan in advance.

While taking a loan, the message 'Access all options' will appear and it will ask for the option 'Allow'. By doing this all the information on the mobile goes to the loan app administrator. That means all the contacts, photos and videos in the mobile go into their hands. If the loan is not paid in time, the person's information will be forwarded to others depending on the contacts. After that, they put it on social media and defame it. If they still do not pay the loan amount, they send them the already taken over photos and videos and threaten them.

In the end, some who are unable to bear the shame are taking their lives. Even if some complain at the police stations, the damage that should have already been done will be done. So stop taking loan through loan app. If you have gold, take a loan from the bank. Or try taking personal loans only through banks.