Online loan services are getting popular nowadays. I don't know how the business operates or how profitable it is. But when I think about it, it seems like a risk taken too far. Do you think that online loan services is a risk of business taken too far?
Online loan services as a business: A viable business or risk taken too far?
- Thread starter Kross
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Many young people lead a lavish lifestyle, spending more than their salary sometimes, so they require a loan. In many countries, online loan services are flourishing.
eLdavis
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For me i think this kind of business is just too risky, i have heard cases of people who struggle to get the loan back from those who they gave it out to.
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This can be very risky business considering the cases of frauds online. You also need to follow regulatory laws of the country where you operate.
I would be risk of a business taken too far. But it might strive but you have to be sure it is for trust worthy people
There might be special incentives that I don't know about running online loan services but I can't risk to run such a business.
This is a risky business, but I think it is in high demand. There are many financial institutions here offering online loan service.
I can't risk it with online loan as a business. It is looking to me like something that would bring losses.
Official online loans have been registered with the government financial authority, these online loans are provided by fintech companies through mobile apps, easy and fast process, debt collectors who are in default often act outside the rules and are rude.
What would the fintech do when people borrow money and refuse to pay back? Are they not losing completely in that instance?
As far as am concerned, it is absolutely wrong to borrow money from those online monsters! I have borrowed money from them, the way they treat their customers is too embrassing. They will even starting calling your contacts! Better beware!
