First it is important to mention that there is nothing wrong in seeking loan for emergency financial crisis.
In recent times, many of these loan apps have flooded the market also known as loan shark.
These apps usually operate without much oversight from Central bank to the detriment of Nigerians.

We recently carry out an extensive user testing and user experience survey on some of these Apps and find some interesting stuff.

Before I proceed, I want to mention that the information I want to share is for those who borrow with the intention to pay.
Here are 8 rules you must consider before taking a loan from any of these loan sharks.

1. Consider family and friend first. [/b]As much as possible, try and connect your close ones to see if they can come to your rescue. Only go for loan app if this effort has failed and the crisis want go away.

[b]2. Don't give too much collateral for your first loan. Many loan apps fool people into thinking that they are borrowing without collateral. The truth is you are being requested to submit more collateral than the loan you will be given at least for your first loan. The collateral you may require to submit include:
i. your personal details
ii. your BVN
iii. your device location
iv. your emergency contacts
v. access to your messages
vi. access to your contacts
vii. your images and photos
viii. a selfie
ix. your bank details including card details for non-consent withdrawal

The list continue. In my opinion I think this is too much for the meager amount they are giving out. Even if you don't pay back the loan the contact that was taken from your phone is worth some amount to the company. Most of the times they sent unsolicited marketing messages to these contacts. How many times have you received messages from these loan platforms even though you didn't request? Where do you think they get your contact?

In my opinion, I think the information and device access requested much commensurate with the loan that will be given out. The loan shark ought to scale up their request as they increase the amount of loan they are willing to give instead of requesting all collateral for a meager amount of money. The funniest part is after given out your information, some of the app platform will claim you do not qualify for a loan.
So for your first loan, beware of giving out too much information and access to your contact. Also beware of sensitive SMS in your phone. Only use platform that first display all the information and access they request before you start filling a form.

[b]3. Go for WYSIWYG. [/b]In our world of web development, there is what we called What You See Is What You Get (WYSIWYG). Many loan app will tell you your limit is N9000 but will disburse N6K+ to you. Beware of such app that will not give you what you see. Usually they have hidden agenda. Better to go for app that will give you the N9000 and add there interest on top.

[b]4. Find out interest rate first. [/b]Many loan app hide their interest rate to catch unsuspecting victim. Before you register at all be sure to know what the interest rate of a loan app is. You can find out from the app FAQ, review on Google App, comment on Facebook Ad, or better still contact their customer care details. Do not submit your details and grant access to your device without knowing the interest rate. It's like going for a loan in a bank without knowing the interest rate, you submit your car as collateral, complete the paper work only for you to say the interest rate is too high.

5. Reconsider if registration is stressful. [/b]If you find out you are having a hard time registering, it's your exit signal. If you eventually do, you may experience problem repaying your loan on time and the company will put you on the list of their defaulters. Worse still they may start messaging your contact for what is a technical error. They may even start to deduct your money on technical issues. Be warned!

[b]6. If you link your card, be careful. Some loan app required that you link your card so that they can automatically deduct their payment. Well, note that the moment you link your card, the card has become vulnerable to attack. I will advice that you never keep any amount of money you are not willing to lose in the account. Better still, go to your bank and block the ATM card. If you can't do that, refer to rule number 2 above, never give too much collateral for your first loan.

7. Don't be fooled by Google Play ratings and reviews. Many loan app pay app reviewers in their hundreds to write favorite reviews and give 5 star ratings to their app. If you want to judge an app based on the user experience, look at the reviews with the names of Nigerians either Igbos, Yoruba or Hausas and other tribes you can recognize. Don't be fooled by anonymous users like Google user and those foreign names. Most times you will see that the real users will give between 1 to 3 ratings.

That is all I can cover, I am sure from experience some of you can also add other rules to help others to these list.

You can share your experience or that of others to guide future users. Name calling of App is allowed.

ONE LAST THING
Rule No 8. If you find yourself needing to always borrow money from a loan app, you have to look at your source of income and find ways to improve it. One approach I preach is through freelancing. If you are interested in freelancing your way to wealth, leave a comment I WANT IN. Once I have 20 interest, I will open a new thread on how to go about freelancing whether you currently have bankable skills or not.

olowolef:
First it is important to mention that there is nothing wrong in seeking loan for emergency financial crisis.
In recent times, many of these loan apps have flooded the market also known as loan shark.
These apps usually operate without much oversight from Central bank to the detriment of Nigerians.

We recently carry out an extensive user testing and user experience survey on some of these Apps and find some interesting stuff.

Before I proceed, I want to mention that the information I want to share is for those who borrow with the intention to pay.
Here are 8 rules you must consider before taking a loan from any of these loan sharks.

1. Consider family and friend first. [/b]As much as possible, try and connect your close ones to see if they can come to your rescue. Only go for loan app if this effort has failed and the crisis want go away.

[b]2. Don't give too much collateral for your first loan. Many loan apps fool people into thinking that they are borrowing without collateral. The truth is you are being requested to submit more collateral than the loan you will be given at least for your first loan. The collateral you may require to submit include:
i. your personal details
ii. your BVN
iii. your device location
iv. your emergency contacts
v. access to your messages
vi. access to your contacts
vii. your images and photos
viii. a selfie
ix. your bank details including card details for non-consent withdrawal

The list continue. In my opinion I think this is too much for the meager amount they are giving out. Even if you don't pay back the loan the contact that was taken from your phone is worth some amount to the company. Most of the times they sent unsolicited marketing messages to these contacts. How many times have you received messages from these loan platforms even though you didn't request? Where do you think they get your contact?

In my opinion, I think the information and device access requested much commensurate with the loan that will be given out. The loan shark ought to scale up their request as they increase the amount of loan they are willing to give instead of requesting all collateral for a meager amount of money. The funniest part is after given out your information, some of the app platform will claim you do not qualify for a loan.
So for your first loan, beware of giving out too much information and access to your contact. Also beware of sensitive SMS in your phone. Only use platform that first display all the information and access they request before you start filling a form.

[b]3. Go for WYSIWYG. [/b]In our world of web development, there is what we called What You See Is What You Get (WYSIWYG). Many loan app will tell you your limit is N9000 but will disburse N6K+ to you. Beware of such app that will not give you what you see. Usually they have hidden agenda. Better to go for app that will give you the N9000 and add there interest on top.

[b]4. Find out interest rate first. [/b]Many loan app hide their interest rate to catch unsuspecting victim. Before you register at all be sure to know what the interest rate of a loan app is. You can find out from the app FAQ, review on Google App, comment on Facebook Ad, or better still contact their customer care details. Do not submit your details and grant access to your device without knowing the interest rate. It's like going for a loan in a bank without knowing the interest rate, you submit your car as collateral, complete the paper work only for you to say the interest rate is too high.

5. Reconsider if registration is stressful. [/b]If you find out you are having a hard time registering, it's your exit signal. If you eventually do, you may experience problem repaying your loan on time and the company will put you on the list of their defaulters. Worse still they may start messaging your contact for what is a technical error. They may even start to deduct your money on technical issues. Be warned!

[b]6. If you link your card, be careful. Some loan app required that you link your card so that they can automatically deduct their payment. Well, note that the moment you link your card, the card has become vulnerable to attack. I will advice that you never keep any amount of money you are not willing to lose in the account. Better still, go to your bank and block the ATM card. If you can't do that, refer to rule number 2 above, never give too much collateral for your first loan.

7. Don't be fooled by Google Play ratings and reviews. Many loan app pay app reviewers in their hundreds to write favorite reviews and give 5 star ratings to their app. If you want to judge an app based on the user experience, look at the reviews with the names of Nigerians either Igbos, Yoruba or Hausas and other tribes you can recognize. Don't be fooled by anonymous users like Google user and those foreign names. Most times you will see that the real users will give between 1 to 3 ratings.

That is all I can cover, I am sure from experience some of you can also add other rules to help others to these list.

You can share your experience or that of others to guide future users. Name calling of App is allowed.

ONE LAST THING
Rule No 8. If you find yourself needing to always borrow money from a loan app, you have to look at your source of income and find ways to improve it. One approach I preach is through freelancing. If you are interested in freelancing your way to wealth, leave a comment I WANT IN. Once I have 20 interest, I will open a new thread on how to go about freelancing whether you currently have bankable skills or not.

I WANT IN