can loan apps Sue you or block your BVN? check below to see all you should know.
loan apps have been helping people to solve their financial problems for ages now.
recently, we noticed some illegal and fraudulent loan apps which we normally referred to as loan sharks.
if you’re among those who normally borrow money from these online loan companies, check below to see what they can do if you refuse to pay back the money as agreed between you and the company.
<h2>can loan apps sue you for not paying back your loan?.</h2>
the action taking by the loan apps towards their users depends on the kind of loan company you are dealing with.
also, your responses towards their customer care agent will determine the action they will take towards you.
legally, a fully government registered loan app can sue you to court for not paying back the money you borrow from them.
before such loan apps takes this action, they might have notice a fraudulent activities in your records.
the way you respond to the loan apps will determine their next move.
if you keep giving them hope that you will pay back the loan, they will not report you or sue you to court but if you behave in a way that a fraudulent enough, they can report you to the law court for running away with their money or trying to scam them.
NOTE: the case will not be a criminal Case or any form of case that may lead you to jail.
your court cases with a loan company over inability to pay back your loan is a civil case which can not lead you to jail though you may spend a lot of money in the law court trying to solve this issue.
it is important to pay back your loan once you get the money because the interest keeps on adding to you, you must pay your loan back if you’re dealing with a verified loan apps though they will not frustrate your life like Loan sharks.
on the other hand, loan sharks can not sue you to court due to the fact that they don’t work in accordance with Google or legal policy.
in summary, loan apps can sue you to court for not paying back your loan only when they notice that you are planning not to pay back the loan again.
the more the money stays with you, the more they make more money from you because the interest rate will be generating money to them daily
<h2>can loan apps block or blacklist your BVN.</h2>
one of the massage loan sharks normally send to Their users is that they will block their BVN or blacklist the BVN.
<blockquote><strong>loan app cannot block your BVN but they can blacklist your BVN.</strong></blockquote>
what I mean here is, loan apps can blacklist your BVN and stops you from borrowing money from them or from other loan companies or bank.
the important thing to know here is, the loan app that can blacklist your BVN are those who works in accordance with government policy or those who maintenance FCCPC act.
normally, loan companies will be happy if you couldn’t pay back your loan on time because the longer you keep owing them without paying back your loan the more they make more money from you through the interest rate attached to the loan.
before a loan app blacklist your BVN, they will make sure that you are having an intention of running away with their money.
below are what legit loan apps do whenever they notice that they are dealing with a fake or fraudulent client.
<li>legit loan app can sue you to court for planning to run away with their money.</li>
<li>legit loan app can blacklist your BVN to stop you from borrowing money from other loan companies or banks.</li>
<li>they will also stops you from proceeding with your Visa application as a fraudulent record will be showing up on the Data recorded on your BVN.</li>
<li>loan company may stop you from getting a job.</li>
it is not advisable to keep a loan for a long time as the interest rate will make it too much for you to pay back.