If you want to take a loan, especially a small short term instant loan, then using your phone would be your best bet. However, there is the need to be very careful when taking a loan with your phone. The fact that it is very easy taking a loan with your phone means that someone else can easily access your phone and use it to take a loan in your name. Here are some of the reasons why you should be very careful when taking out loans with your phone.
It is possible to become a victim of fraud when you take out loans with your phone. If any of your friends are aware that you take out a loan through your phone and get to know some of your sensitive details, they could take advantage and take out a loan with your phone. They could subsequently transfer the money from your phone to their phone. However, most would avoid this knowing that a simple check to your account would reveal where the money went and put them in trouble. Thus, they could try to use your ATM card instead to get the money or look for other anonymous ways of spending the money that would be difficult to trace back to them. You would be left out with having to pay the loan as well as having to pay whatever interest has accrued on the loan. In other to avoid this, you should always make sure you keep all your sensitive details such that nobody else will be able to access or know them.
Vengeance and pranks
Another reason why you should be careful when taking out a loan on your phone is to protect yourself from your wicked and naughty friends. If they should get to know that you are registered with a company for loans, they might just take a loan on your behalf without your knowledge. You might notice the extra money on your account and either report or use it. At the end of the day, you would be left with having to pay back the loan and the interest. This is why loan companies such as loanbyphone would often ask for a code before the loan is dispatched even if it is being sent to your account. Keep such codes properly hidden from everybody.
Using the wrong company
Another reason why you should be careful when taking a loan on your phone is to avoid using the services of the wrong loan company. Considering that some of your important information would be required by the company, scammers could use a wrong app or USSD code to get your information. Even when getting from a genuine company, you should be sure that your information would be protected on the platform. This would help to protect you from cyberfraud or your information being used to clear your account or for other reasons.