Can loan app withdraw money from my bank account?

Read all about how to stop loan apps from withdrawing money from your bank account.

These days, there are many apps that are willing to offer you a small loan with little interest. You can get as low as 5,000 naira and even as high as 500,000 naira in some apps, depending on your credit score and a few other factors.

While there are a few trusted and registered loan apps, there are also a number of illegal and scam loan apps that give out loans at ridiculous interest rates.

Some of these apps are even owned by fraudsters and their aim is to defraud you of your hard earned money.

If you are worried about if a loan app can withdraw money from your bank account, then you need to continue reading this post.

In this post, I am going to be answering the question “Can loan app withdraw money from my bank account” and more.

Remember to leave us a comment after you finish reading and also share with your friends on social media.

Let’s get into it then…

Read my post on how to stop loan app harassments

Can loan app withdraw money from my bank account?

Usually, you will need to add your ATM card details to the loan app in order for them to debit you of the money you owe, when the due date reaches.

This means that the loan app will be able to withdraw the money you owe and also the interest rate on your loan from your bank account.

Although this can only be done with your permission, i.e. if you give them the permission to withdraw money from your account.

How to stop loan apps from withdrawing money from my bank account?

If you want to stop loan apps from being able to withdraw money from your bank account, then you will need to remove your card details from the app and turn off permissions that you have given the app.

Another way is to block your ATM card in order to prevent them from using your card to remove money from your account.

Once you block your ATM card, you can apply for a new one and use it to access your bank account safely.

You can also delete your account from the loan app and uninstall it from your mobile phone.

How to stop loan apps from accessing your contacts?

For Android

• Open your phone setting
• Click on apps & notification
• Search for the loan app and select
• Click on permission
• Disable the permission for your contact, camera, location, and microphone.

For iPhone

• Open your phone setting
• Scroll down till you get to the loan app
• Turn off the permission.

Conclusion

Read my post on what happens if online loan is not paid

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