There's been a lot of fuss lately about the negative impact of Loan apps and how they should be banned from operating in Nigeria. But am yet to see any fuss about the lack of accountability of some Nigerians in regards to taking loans.

Don't get me wrong, am not in support of some of the tactics used in the process of loan recoveries, but loans are not free money and Loan apps are not charity organizations. They are businesses setup simply for the purpose of making profits, just like your Bank.

You all are aware of how hard it is to get loans from conventional banks without a collateral, but now we have digitized financial institutions that are willing to offer Nigerians loans without any collateral from the comfort of one's home, and we are saying that they should be banned?

I think it's time for Nigerians to stop reacting to issuess with their emotions and start approaching them in a logical manner. Yes, it's true that some loan apps can be heartless in their dealings with customers, but that's not enough reason to throw away the baby with the bath water.

One should carry out proper research before applying for loans from any loan app. Take enough time to read reviews from other users (Nigerian users preferably) of the app before downloading.

Finally; please and please, PLEASE, don't take a loan that you know you cannot afford to pay back. Take loans only when you know you have the means to pay back. Remember, a loan is not a free money, and loan companies are businesses, not charity organizations. A word is enough for the wise. Thank you!

You can read more about Loans from my previous thread : https://www.nairaland.com/6924778/it-advisable-start-business-loan

Apart from Carbon, Branch and Fairmoney all other loan Apps are trash.
Imagine, they will tell you to borrow 3000 and payback in 7days and you end up receiving 1900. If I'm right that's almost 56.25% rate

Shai


Most of this loan apps has done more harm than good

Stomoney:
Apart from Carbon, Branch and Fairmoney all other loan Apps are trash.
Imagine, they will tell you to borrow 3000 and payback in 7days and you end up receiving 1900. If I'm right that's almost 56.25% rate

Shai



Most of this loan apps has done more harm than good

Boss what opay?
I got their merchant loan

I do not know much about opay but would advise you go for any of the 3 loan apps listed above.

WhrightJr:




Boss what opay?
I got their merchant loan

Stomoney:
Apart from Carbon, Branch and Fairmoney all other loan Apps are trash.
Imagine, they will tell you to borrow 3000 and payback in 7days and you end up receiving 1900. If I'm right that's almost 56.25% rate

Shai


Most of this loan apps has done more harm than good

You're right, especially Branch. Apart from their loans, their banking platform is also reliable. Bank transfers, airtime & data purchases, utility payment are all very fast and free.

Also, I will recommend Easemoni because of their low interest rates.

I have not tried branch, but you see fairmoney them be odogwu. i just took another fresh loan now sef

drealbenard:


You're right, especially Branch. Apart from their loans, their banking platform is also reliable. Bank transfers, airtime & data purchases, utility payment are all very fast and free.

Also, I will recommend Easemoni because of their low interest rates.

If you want to join the Fairmoney family, you can use my referral code MAAA05, i guarantee you that you will not regret using Fairmoney microfinance bank

I get the direction of the moderator. But you see ehn loan apps have done good to a lot of people. as an agriprenuer sometimes i will have to take loan from Fair money to quickly balance up before getting my money from customers. i have never gone to the bank to borrow money, because i know that they will not borrow me or they will choke me with interest rate. so these loan apps always come to our rescue.

Well if all of them can be like fairmoney, i don't think people will need a reason to ask that they ban loan apps in Nigeria. Some of these loan apps take advantage of the vulnerability of Nigerians too, and at the same time some nigerians too have the bad habit of not keeping to their promise. i use fairmoney too and i have not had any reason to use another app because they satisfy me

joeytrib:
I get the direction of the moderator. But you see ehn loan apps have done good to a lot of people. as an agriprenuer sometimes i will have to take loan from Fair money to quickly balance up before getting my money from customers. i have never gone to the bank to borrow money, because i know that they will not borrow me or they will choke me with interest rate. so these loan apps always come to our rescue.

Loan apps cannot be banned in Nigeria because our current president is a loan freak. He will never sign the bill to ban loan apps, cause if he does it will make him an hypocrite.

WhrightJr:




Boss what opay?
I got their merchant loan

Opay that told me they will give me 100k, but I must install something on my phone so that if I don't payback on the first of any month they will be able to Lock my phone.

techboss1313:
If you want to join the Fairmoney family, you can use my referral code MAAA05, i guarantee you that you will not regret using Fairmoney microfinance bank

I wan use ur referral code