There are so many money lending institutions and apps in the country. These institutions have invested alot of money in this business. Anytime they lend you money, you are required to pay back with some interest. Their interest always vary depending on the loan repayment period. Sometimes these institutions may even fine you some money for delaying to pay loans.
Banks mostly requires a security as to give you the loan. You can give your security as your car law book, title deeds or any valuable thing. If you fail to pay the loan as agreed, these institutions have permission from the court to sell your security so as to get back their loan and interest.They always leave you with a reglet and that why most people always try their best to pay these loans.
Money lending apps works abit different because they never ask for a security. They just have your personal details such as your ID number. If you fail to pay your loans, they will report you to CRB. If this happens, you will not be able to secure loans from banks and other money lenders. Sometimes you may be in a very needy situation but still still you won't be able to get help from any money lenders.
Secondly, if you are listed in CRB, your good conduct certificate will not be so good. This means that it will so hard for you to secure a job either from the government or even companies. Always avoid being listed in CRB for not paying your loans.
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