In today’s digital world, taking instant loans from mobile apps might feel convenient but multiple app loans can quickly turn into a financial trap. High interest rates, hidden charges, and multiple repayment dates can make it harder to manage your money.
👉 Here’s why you should avoid them:
-
High Interest & Penalties – Most app loans charge much higher rates than banks.
-
Multiple EMIs – Managing different due dates increases the risk of defaults.
-
Impact on Credit Score – Missed or delayed payments affect your CIBIL score.
-
Stress & Harassment – Unregulated lenders may resort to aggressive recovery tactics.
💡 Smarter Alternative:
Instead of falling into the cycle of multiple loans, consider debt consolidation where you combine all your dues into one manageable EMI at a lower interest rate. It simplifies your finances and helps you regain control.