Stop borrowing money from Money Lending Applications unless you want this to happen to you.

Due to the financial constraints in the country, we all tend to borrow money from money lending platforms anytime we need money to carry out some tasks that will involve using money.

But little do most of us know about the adverse effect of borrowing money from all these money lending platforms.

The disadvantages attached to borrowing money from all these money lending platforms is quite easy, most of the loan platforms that offers such services now always request for your BVN number when you are trying to apply for a loan.

Although, must of us don't see it as a big deal and this is because as Nigerians we will never read the terms and conditions attached to this.

When you submit your BVN number on a Loan Application, they store all the information about you and when you fail to pay back this money at the given time, basically there is what we call Credit Reports which is currently been handled and overseen by Credit Bureaus.

Where you are unable to repay your loan on time, most loan companies give you a lifeline of one month or less.

After that, your BVN, the amount you owe and other details are sent to the Credit Bureaus who then upload it to your report.

It starts to count against you and you may become unable to access loans both from banks and other loan apps until you repay your debt and even sometimes after paying up your debt, you still end up having a bad Credit Report. And having a bad Credit Report stops you from having access to future grants, imagine not being able to collect a loan of 10 Million Naira from government just because you once collect N5000 without paying back on time. Crazy right?

Share your opinion about Money Lending Applications in the comments section below.