Nigerians love loan apps because they make borrowing money fast and simple. Some loan applications, though, ask to access your contacts, which may be a privacy issue. There are steps you can take to stop or prevent loan apps from accessing your contacts if you don’t want them to.
The ultimate collateral in case of default for the various loans they have accessed is the hundreds or thousands of contacts (as the case may be) covertly stored on their mobile phones or smart phones, whether Apple or Android. This was something that borrowers and in fact many Nigerians were unaware of.
The numbers that were saved on their phones and accessed by the lending applications in Nigeria served as the lenders’ insurance, guarantees, and actual collateral against any failure to pay or other types of repayment defaults. In essence, instant loans were to be guaranteed and secured by the borrowers’ reputation and dignity, or whatever was remained of it, in the case of default.
The reality is that your contacts, which you used to download the loan app and secure the lending from the app platform and keep “safely stored in your mobile phone,” are “your collateral and guarantee for loan repayment.” We can promise you that no lending app in Nigeria will accept your request if you want to apply for a loan but have no contacts in your phone.
The ultimate collateral in case of default for the various loans they have accessed is the hundreds or thousands of contacts (as the case may be) covertly stored on their mobile phones or smart phones, whether Apple or Android. This was something that borrowers and in fact many Nigerians were unaware of.
The numbers that were saved on their phones and accessed by the lending applications in Nigeria served as the lenders’ insurance, guarantees, and actual collateral against any failure to pay or other types of repayment defaults. In essence, instant loans were to be guaranteed and secured by the borrowers’ reputation and dignity, or whatever was remained of it, in the case of default.
Here are some strategies for preventing loan applications from accessing your contacts.
Examine the app’s permissions. If you obtain a loan app, it might ask for access to your contacts. Review the app’s permissions closely before approving this request to determine whether you want to grant access. You can revoke approval if you’ve already given it by going to the settings on your phone.
Use a burner phone number: Instead of entering your primary phone number when registering for credit applications, use a burner phone number. The loan application won’t be able to reach your contacts in this manner.
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Use an additional phone: If you frequently use loan applications, you might think about using an additional phone without your contacts. To protect the privacy of your friends, you can only use this phone for loan apps.
Opt-out of data sharing: A few loan applications ask for your consent to share your data before granting you access to a loan. Make sure to turn off data sharing if you don’t want loan applications to be able to access your contacts.
Use a virtual private network (VPN): By obscuring your IP address and encrypting your internet traffic, a VPN can assist you in protecting your privacy. To stop loan applications from accessing your contacts and other private information, you can use a VPN.
Retract permission to access contacts: If you’ve already given a lending app permission to access your contacts, you can do so in your phone’s settings. Turn off the contact access authorization by going to Settings > Apps > Loan App > Permissions.
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In conclusion, loan applications can make it simple to get quick loans, but they also put your privacy at risk by gaining access to your contacts. You can avoid loan apps from accessing your contacts and protect your privacy by using the advice provided in this piece. Always remember to carefully read the terms and conditions before using any loan app and to review the app permissions before giving access.
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