How to stop the loan app from accessing my bank account
Worried about downloading a loan app? probably you have battled with denying loan apps access to your contacts now you are also afraid of loan apps having access to your bank account. Many loan apps request permission to access your bank information during the application process so you’re not alone! It can also be a security risk even though it might seem convenient.
How to stop loan apps from accessing your bank account is what we will be teaching you in this guide and this will help you to get back complete control over your finances.
Can Loan Apps Withdraw Money From My Bank?
Loan apps cannot directly withdraw money from your bank account in most cases, without your authorization.
However, there are situations where you could be indirectly impacted:
- Permissions: Granting a loan app permission might give them access to initiate withdrawals for repayments of fees. Permissions you grant to any app are very important so be wary.
- Deception: It’s crucial to be cautious and only use reputable loan apps because some malicious loan apps might trick you into authorizing a withdrawal disguised as another action.
How do I stop loan apps from auto-debiting my account?
Hesitate not to do the following we’ve listed below if you ever find yourself in such a situation.
Double Down with Your Bank:
- Contact Your Bank Directly: Reach out to your bank’s customer service for added security.
- Inform Them: Explain that you want to revoke automatic debit authorization for a specific loan app (provide the app’s name or reference number).
- Extra Security Layer: Your bank can add an extra layer of protection to prevent unauthorized debits from that loan app
Remove Bank Account From Loan App
Removing your bank account from a loan app directly might not always be an option within the app itself, To achieve the same result here are effective strategies.
- Permission Revocation: This is the most common approach. Navigate to “Apps” or “Applications” in your phone’s settings hold the key and locate the loan app. Dive into its “Permissions” section. Look for options like “Bank Account” or “Financial Information” and slam the brakes by toggling them to “Deny” or “Off.” This effective building of a firewall around your bank account cuts off their access.
- Unlink Accounts (if available): Some top loan apps might offer an “Unlink Account” option within their settings. To see if such an option exists explore the app’s settings menu. If it does, utilize it to break the link between your bank account and the app.
- Contact Loan App Support: Reach out to the loan app’s customer support directly, if the above methods do not work. Explain your desire to remove your bank account information and inquire about the process.
Use Virtual Card for Loan App as alternative payment method
Concerned about loan app access to your bank account? Virtual cards offered by some banks can be your secret weapon! Here’s how they work:
- Virtual Vault: Consider virtual cards offered by some banks For an extra layer of defense. Contact your bank to see if they offer virtual cards and how to create them. these temporary card numbers act as a secure vault, shielding your main account from the loan app’s reach.
- Limited Liability: You avoid the risk of overspending or unauthorized debits since virtual cards come with pre-set spending limits. You only load the exact amount needed for the loan, keeping things under control.
- Multiple Cards, Multiple Uses: Need virtual cards for different loan apps? No problem! Many banks allow you to create multiple virtual cards, each with unique details. This way, you can keep your finances organized and separate loan transactions.
How to Leverage Virtual Cards
- Check with Your Bank: Not all banks offer virtual cards. Contact your bank to see if they have this service and inquire about how to create virtual cards.
- Set Up and Link: Once you have a virtual card, follow the instructions provided by your bank to link it to the loan app during the payment process.
- Top Up (Optional): while others require you to top them up with a specific amount before use. some virtual cards are pre-loaded with funds
Repay Your Loan If Any
The most important step to ensure you don’t have to deal with automatic debits or the risk of loan apps accessing your bank account is repaying your loan. Here’s a friendly reminder on how to approach repayment responsibly:
Prioritize Repayment:
- Make it a Priority: Settling your loan balance should be a top priority to avoid further complications or fees.
- Create a Budget: Develop a budget that allocates funds specifically for loan repayments. This ensures timely payments and helps you stay on track.
Consider Early Repayment:
- Save on Interest: If possible, explore early repayment options. This can save you money on interest charges in the long run. The reason for early repayment is to stop loan app harassment.
Choose the Right Repayment Method:
- Automatic Payments: Setting up automatic debit for a fixed amount can streamline the process and ensure you never miss a payment. However, make sure you have revoked automatic debit permissions from the loan app itself (as previously discussed) and set up automatic payments directly with your bank.
- Manual Payments: If you prefer more control, you can make manual payments through your bank’s online portal or mobile app.
Login to Your Loan Apps and Remove Your ATM Card Details
While some loan apps might allow you to remove your BVN, and ATM card details directly within their settings, it’s not always a guaranteed option. Here’s a combined approach to ensure maximum security:
Check Loan App Settings (Optional, But Worth Trying):
Some loan apps might offer an option to remove your bank account information like BVN directly within their settings. Here’s what to do:
- Open the Loan App: Launch the specific loan app on your phone.
- Explore Settings: Look for a section titled “Settings,” “Account,” or “Profile.”
- Payment Methods: Navigate to options related to “Payment Methods” or “Linked Accounts.”
- Remove Card (if available): If you see an option to “Remove Card” or “Unlink Bank Account,” utilize it to remove your ATM card details from the app.
Uninstall the App
Uninstalling the loan app can be a good final step after you’ve taken other measures to prevent them from accessing your contact and bank account. Here’s why it’s a good idea, along with some additional points to consider:
Why Uninstall?
- Added Security: Uninstalling removes the app from your phone entirely, eliminating any potential lingering connection or risk of the app regaining access in the future.
- Peace of Mind: Knowing the app is gone can provide some peace of mind, especially if you are concerned about its data collection practices.
Before You Uninstall:
- Repay Outstanding Loans: Ensure you’ve settled any outstanding loans or fees with the app to avoid any penalties or complications.
- Alternative Payment: If you still need the loan service, consider using a web browser to access their platform and make repayments instead of relying on the app.
The Uninstallation Process:
- Locate App Settings: Head to your phone’s settings and find “Apps” or “Applications.”
- Find the Loan App: Search for the specific loan app you want to remove.
- Uninstall Confirmation: Tap “Uninstall” and confirm the action.
Never forget
- Uninstalling doesn’t necessarily erase all data. Some apps might store data on your phone even after uninstallation. Check your phone’s settings for options to clear app data if you’re concerned.
- Uninstalling won’t remove your loan obligations. You’ll still be responsible for repaying any outstanding loans you have with the company.
Is it possible for a loan app to block your BVN?
No! A loan app in Nigeria cannot directly can not block your BVN (Bank Verification Number). The BVN is a central identity system managed by the Central Bank of Nigeria (CBN). Loan apps cannot manipulate or restrict access to this information.
Here’s why:
- CBN Control: The CBN is the sole authority responsible for managing and regulating BVNs. They issue and maintain the BVN system for all financial institutions in Nigeria.
- Loan App Limitations: Loan apps operate under the CBN’s regulations. They cannot directly interact with the BVN system or restrict access for any individual.
What Can Loan Apps Do?
While they can’t block your BVN, loan apps can report your credit behavior to credit bureaus:
- Negative Repayment: If you fail to repay a loan or make late payments, the loan app can report this information to credit bureaus. This can negatively impact your credit score, making it difficult to obtain loans from any lender (including banks) in the future.
- Sharing Information: Loan apps might share your loan repayment history and other relevant data with credit bureaus. This information is used to create your credit report, which reflects your creditworthiness.
Conclusion
Don’t let loan apps drain your bank account! By taking control, you can keep your finances secure. Here’s the key:
- Revoke access through your phone’s settings.
- Consider using a virtual card shield from your bank (optional).
- Repay your loan responsibly.
- Uninstall the app once you’ve secured your account (optional).
Loan apps can’t block your BVN, but neglecting repayments can hurt your credit score. Borrow smart, stay informed!
