Many Nigerians can relate to the topic if this writeup and I am only here to speak my mind and what I belive is on the mind of many Nigerian LOAN APP users.

Disadvantages of LOAN Apps

Many of these Apps offer 25% for loans, imagine taking a loan of 10,000 and you are asked to pay 12,500 in less 1 week, no and the same app will ask you to invest at 15% per annum.


Many of the Apps when you default will call all your important contacts and also send messages that you are a criminal and don't deserve to be walking free on the roads of Nigeria despite the fact that they most have added the default fee to amount borrowed.

Many Nigerians are not trapped inside the loan trap BORROW FROM ONE LOAN APP TO PAY ANOTHER, this is fast becoming the issue with loan takers leading to depression.

Loan Apps have become the necessary evil and they are cashing in on the poor economic situation of the country and have turned many Nigerians into slaves, because they have ruined their credit scores by reporting to the credit bureau.

What's your take on these loan Apps.

What are your experiences and what do you think is the best way out.

I only know of 15% interest rate for loans. That is paying #11,500 for a #10,000.

About texting your contacts, i can't blame them cuz these people don't know your face or where you stay. Physically debtors are reported to police, family members, old women of the community (these set are the worse, they'll come in the evening and threaten to sleep in your house until you pay).

Pay back your loans at due time. Don't blame them. Since they can't meet u personally, allow them spoil your reputation.

PAY YOUR DEBT

Migo 25%

Branch 25%

The list is on, plus sending defamatory messages to your contacts is bad

It's this same vicious cycle Nigeria is currently breeding if the huge loans we keep taking isn't used to make the country productive and less reliant on foreign made good..and it might surprise u to know that these fintech companies are bankrolled by Chinese bank soft banks and the likes..imperialism at work.