A Definitive Guide to Preventing Loan Apps from Accessing Your Bank Account

Taking out loans from mobile lending apps has become increasingly popular in Nigeria. However, not all loan apps are transparent with how they deduct repayments. This guide explores effective ways to stop unwanted account deductions by predatory loan apps.

From revoking app permissions and freezing accounts to changing login credentials – you’ll learn practical, actionable steps. Common queries are also answered to boost understanding.

By the end, you’ll feel empowered to restrict unauthorized access and maintain full control over your finances. Let’s get started!

Why Control Loan App Access?

Keeping a close watch on which apps can withdraw funds is important for several reasons:

  • Security: Prevent theft by unauthorized parties misusing account access.
  • Transparency: Ensure clarity on repayment terms before giving access.
  • Flexibility: Ability to adjust repayment options if financial circumstances change.
  • Consumer Rights: Right to determine who can debit accounts at will.
  • Debt Management: Avoid defaults by repaying only what was borrowed initially.

Controlling authorizations safeguards both funds and consumer interests effectively.

Methods for Restricting Access

There are multiple techniques available to stop loan apps withdrawal permissions:

1. Block Debit Card

Remove card details to disconnect repayment linkage.

2. Revoke App Permissions

Limit consent for sensitive data access on devices.

3. Freeze Bank Account

Temporarily suspend all transactions on targeted accounts.

4. Disable UPI Mandates

Remove auto-pay authorizations for linked accounts.

5. Change Login Details

Alter online banking credentials to block cached information.

6. Uninstall App

Completely remove the program post consent revocation.

Each approach will be discussed in detail for implementation guidance.

See also  A Detailed Guide to Upgrading Your Bank Account Online in Nigeria

Block Debit Card Details

Most reputed loan apps deduct via linked debit cards. By removing card info:

  • Login to the bank account via a preferred channel like a mobile app.
  • Select the “Cards” option under the profile or settings section.
  • Choose a linked debit card and select the “Remove” or “Delete” option.
  • Request a new card to be issued by the bank.
  • Make sure the app does not provide new card details.

This severs direct access for scheduled repayments on due dates.

Revoke App Permissions

Restricting consent streamlines access control:

On Android:

  • Go to device Settings > Apps > [App Name] > Permissions page.
  • Toggle off sensitive allowances like contacts, storage, calls etc.

On iOS:

  • Go to Settings > [App Name] > Toggle individual access permissions off.
  • Target SMS, contacts, microphone, photos or other personal info.

Some permissions may still need to be revoked within specific apps.

Freeze Bank Account

Use this when other options fail or multiple accounts exist:

  • Contact preferred bank via website/app live chat or call center.
  • Request selected account(s) be put under “freeze” status temporarily.
  • Receive confirmation of blocked transaction processing until further notice.
  • Later request reversal once repayment plan is re-evaluated.

A short-term fix allowing funds preservation and planning.

Disable UPI Mandates

Remove auto-debit standing instructions via linked payment apps:

  • Login to Google Pay, PhonePe or another UPI app on your phone.
  • Locate the “Mandates” section within the settings or profile area.
  • Select a specific lender mandate and cancel the authorization.
  • This prevents further scheduled auto collection through UPI IDs.

Essential for dismantling alternative repayment setups.

See also  Can I change my BVN name in any bank?

Change Login Credentials

Alter account details to block cached authentication info:

  • Contact preferred bank for assigned login password/PIN reset.
  • On website/app, sign out of all active sessions for added safety.
  • Ensure app is not provided new credentials under any conditions.

While taking precautions against possible data breaches already occurred.

Uninstall Suspicious Apps

Completely wipe programs on devices to deny future access:

  • Search the app name on the phone and select the uninstall option.
  • Clear cache and app data from device settings for thorough removal.
  • Beware of similar looking fraudulent clones – avoid downloading again.
  • Monitor financial records minutely for days following uninstallation.

Optimization Tips

For optimizing access control and security:

  • Check transactions regularly and dispute unauthorized deductions promptly.
  • Set stronger passwords and biometrics for banking/payment apps.
  • Monitor credit reports frequently using CIN for early red flags.
  • Educate friends/family on safeguarding credentials and granting consent.
  • report unscrupulous operators misleading users to appropriate agencies.

With preparation and vigilance, consumers can stay in full command.

Common Queries Answered

Let’s address some typical questions:

  • Can loan apps continue withdrawals after revoking access? Possibly for a limited period till credential updates complete but banks may reverse if flagged.
  • What loans have legal repayment obligations? Only regulated ones are issued by verified CBN-licensed firms versus fly-by-night operators.
  • How to determine legitimate versus predatory apps? Check for physical address, customer support details, and licensing on the CBN register before installing any app.
  • Can restricting access hurt credit scores? Failing to communicate repayment difficulties with verified lenders transparently may impact scores adversely.
  • Will accounts remain frozen permanently? Banks typically allow limited duration freezes after which transactions auto-resume absent further interventions.
See also  Which Bank Can I Open Without a BVN in Nigeria?

Proactively understanding such doubt dissipators aids long term.

Steps to Revoke App Permissions

As one of the most impactful controls, let’s overview the Android process:

  • Long press the app icon from the home screen or locate it in the app drawer.
  • Tap “App info” or select from the three-dot menu depending on the Android version.

-Choose the “Permissions” option within the app settings pane.

  • Toggle individual allowances like contacts, storage, and microphone off.
  • Pay attention to SMS, location, or other sensitive consents very carefully.
  • Check apps individually for extras not captured at the system level.

iOS users can follow the very similar in-built permission settings flow.

Conclusion

In this comprehensive guide, we learned in-depth about various robust yet practical ways to stop unauthorized withdrawals by loan apps. With the appropriate approach selected based on individual scenarios, account owners can maintain full oversight and autonomy over funds management. Use the learnings gained to securely take charge of finances and stay protected at all times against any unpredictable demands. Feel empowered!

Leave a Comment