Dos and don'ts of borrowing from lending apps: Tips for safe and smart borrowing

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Dos and don'ts of borrowing from lending apps: Tips for safe and smart borrowing

//business-finance.news-articles.net/content/202 .. ding-apps-tips-for-safe-and-smart-borrowing.html

Published in Business and Finance on Friday, November 29th 2024 at 4:31 GMT by Bill Williamson
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Lending apps have revolutionized the way people access loans by making the process quick and convenient. However, borrowing money through these apps comes with its own set of risks. If not handled wisely, it can lead to financial strain or scams. Here's ...

The article from Moneycontrol discusses the dos and don'ts of borrowing from lending apps, emphasizing the importance of safe and smart borrowing practices. It advises borrowers to thoroughly research the app's credibility, check for regulatory compliance, and read user reviews before downloading. Key tips include understanding the terms and conditions, being wary of apps that ask for excessive permissions or upfront fees, and ensuring the app has a clear privacy policy. The article warns against sharing sensitive personal information unnecessarily, falling for too-good-to-be-true offers, and ignoring the fine print which might hide high interest rates or hidden charges. It also suggests maintaining a repayment schedule, borrowing only what is necessary, and considering alternatives like traditional banks or NBFCs if possible. Lastly, it stresses the importance of timely repayment to avoid penalties and maintain a good credit score, and to be cautious of apps that use aggressive recovery tactics.

Read the Full moneycontrol.com Article at [ https://www.moneycontrol.com/news/business/personal-finance/dos-and-donts-of-borrowing-from-lending-apps-tips-for-safe-and-smart-borrowing-12879678.html ]

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