Why you should avoid online lending sites

[Knowlopedia]

Online lending sites have been around for a couple of years now and they are getting popular day by day. This gives one the opportunity to borrow money without having to go through the stress of submitting unnecessary documents

Here are some valuable reasons why you should avoid online lending sites.

1) Unprecedented, unregulated fees.
2) Terrible customer service, especially in the wake of disaster or even tragedy
3) Possible identity theft - scammers collect your data and use it to make purchases on your behalf without you knowing about it until the bill comes due. You may be asked for payment for items you never bought!
4) Overwhelming credit dependence - if you're already in debt, this can be a dangerous game to play with your finances.
5) Despite what their websites may say, many online lenders are really not regulated at all.
6) Lack of a centralized location - you must deal with each individual lender, who may not be of the same caliber as others on the site.
7) Unsatisfactory payment plans.
8 ) The companies are very unlikely to help you once you start to accumulate debt rapidly due to their high interest rate (which even the #1 biggest online payday loan company has dropped significantly over the past year).
9 - Not a supplement ; they're a complete scam - they will never get your debt paid off in full.

 

[Mika]

Based on what the OP has written here, I don’t think the OP has any experience with online lending platforms. I don’t think he has ever heard of platforms like Kiva and Lending Club. It is true that these platforms do not support borrowing options for users in many countries, however, these sites accept lending globally, you can become a lender and earn interest on your money. These sites have changed the lives of many people where borrowing option is available. You should really check Kiva, a lending site that has changed the lives of numerous individuals in Africa. The sites are so secured, that it is less likely that you will lose money as a lender.

 

[lens]

Based on what the OP has written here, I don’t think the OP has any experience with online lending platforms. I don’t think he has ever heard of platforms like Kiva and Lending Club. It is true that these platforms do not support borrowing options for users in many countries, however, these sites accept lending globally, you can become a lender and earn interest on your money. These sites have changed the lives of many people where borrowing option is available. You should really check Kiva, a lending site that has changed the lives of numerous individuals in Africa. The sites are so secured, that it is less likely that you will lose money as a lender.

It is very interesting that you are sharing this information on the platform. I am so elated to hear this from you. I wouldn't think twice because I trust your judgement, and I will definitely try the website out.

 

[Augusta]

I don't know why I don't just trust online lending. it is one to hing I have never tried doing online. There's one I try to sign up a while back but immediately stopped when I was asked to input my BVN. I don't know how genuine it might be but I can't just bring myself to leave such sensitive information online.

So I think we just have to be very careful with lending platforms online. A lot of them are just scammers tbat want to ripped people off their hard earned money. So it is good to act responsibly with them.

 

[lens]

I don't know why I don't just trust online lending. it is one to hing I have never tried doing online. There's one I try to sign up a while back but immediately stopped when I was asked to input my BVN. I don't know how genuine it might be but I can't just bring myself to leave such sensitive information online.

So I think we just have to be very careful with lending platforms online. A lot of them are just scammers tbat want to ripped people off their hard earned money. So it is good to act responsibly with them.

Most of the online earning site would expose your personal details and if they are dubious, they could siphoned your money because they
have your secret codes.