This Loan App Will Penalize You For Early Repayments
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This is not click-bait! You have read the title correct.
As absurd as it may seem, it is actually a real situation that is both baffling and irritating in equal measure.
Take a scenario whereby you are approved for a loan to be repaid in 30 days.
However, on the 17th day, you are lucky enough to come across enough funds to offset your pending loan which will give you an opportunity to apply for a much larger loan amount.
So you make early repayment and proceed to apply for another amount.
Behold! For all your troubles, you are greeted with a red font message stating that you are not eligible for a loan at the moment and that you should try and re-apply after a set period.
A feeling of dread instantly engulfs you as you come to terms with the reality that you actually used your last remaining funds to repay a loan early in anticipation to be approved for a subsequent loan.
While it may make more sense to encourage early repayment on loans advanced so as to minimize possible cases of default on due dates, this loan app will PENALIZE you for repaying your loan early.
Heck! this point is even emphasized in their FAQs section.
So, If you ever plan on taking a Branch loan, please stick to the repayment schedule or else!