Is this a fair loan at all, where is CBN? The country keeps detoriarating.

How can a so called digital microfinance bank give you loan of 400k and wants you to pay back 705k in 3 months. This is a criminal act and they must be sanctioned that is if the CBN is really functioning.

Real genuine bank would not charge more than 15-20k on this loan, and the loan period would have been 12 months. These loan apps are criminals. Why would people not default on the loans collected when you are charging them high interest as this. FCCPC must be fast in shutting down this apps. Many committed suicide because they could not pay these loan high interest within short periods, many business owners are running in huge loses because of these loan sharks with their predatory and illegal loans and others sold all they had just to pay off the loan.

FG needs to shut down all loan companies. They're subjecting Nigerians to excessive stress.

Fair indeed!

That is why no mater how enticing that loan is, I will never subscribe to ít

The loan app didn't put a gun to your head and force you to accept the loan. Did they?

Emmajn1:
Is this a fair loan at all, where is CBN? The country keeps detoriarating.

How can a so called digital microfinance bank give you loan of 400k and wants you to pay back 705k in 3 months. This is a criminal act and they must be sanctioned that is if the CBN is really functioning.

Real genuine bank would not charge more than 15-20k on this loan, and the loan period would have been 12 months. These loan apps are criminals. Why would people not default on the loans collected when you are charging them high interest as this. FCCPC must be fast in shutting down this apps. Many committed suicide because they could not pay these loan high interest within short periods, many business owners are running in huge loses because of these loan sharks with their predatory and illegal loans and others sold all they had just to pay off the loan.

A real genuine bank would never give you a loan without a collateral. Bear that in mind!

You people like to come here and give misleading information, please show us where it was stated that the loan is for a period of 3 months

That loan is for 9 months.

I took that exact amount but later told them to review the duration to 3 months so I ckear off the facility, they refused and insisted I pay all the I interest even if I want to repay everything in 1 month.

Is harsh and cruel, even commercial banks dont do such

carl90:
The loan app didn't put a gun to your head and force you to accept the loan.
Did they?

Yahoo boys don't also put a gun on their victims head to obtain money from them. Is it a crime or not?

Omoooooooo �

You get liver to go collect such hooge amount from fair, tho my 15k debt I never pay and I dey wait for their action so I can use the 15k do case with the company


Awon weyrey gbogbo

Smh

Your calculation is wrong from the screenshot. Your total repayment is 470k if you see very well. The 304k is your first payback amount if you accept

This is serious! What sort of interest rate is this? About 90%? Lol.
You don turn money doubler?

The issue here are our financial institutions - Nigerian banks.
Unlike other climes, access to loans through the banks for an average Nigerian is almost impossible.
In sane places, loans are offered to graduates and at reasonable interest rates of 3% to 5% (some even offer zero per cent interest rate) in order to encourage entrepreneurship, innovation and development.

A lot of these online loan companies are run by these Nigerian banks and are used as an avenue to further exploit citizens through ridiculous interest rates.

With a responsible government in place, most of these so-called online loan companies would have been banned and licensed banks mandated to improve on loan offers and accessibility.

OP, I don't think you understand the information before you. The loanee had started making payments already which meant he agreed to the terms and conditions. That should have been the first thing to come to terms with.

MrFollowFollow:

You people like to come here and give misleading information, please show us where it was stated that the loan is for a period of 3 months

You people like everything to be brought to your table. If he says it's three months, what stops you from believing him? It's not like he's taking the loan in your name. Revealing too much here may compromise him.

Fairmoney interest rate is wickedry

Emmajn1:
Is this a fair loan at all, where is CBN? The country keeps detoriarating.

How can a so called digital microfinance bank give you loan of 400k and wants you to pay back 705k in 3 months. This is a criminal act and they must be sanctioned that is if the CBN is really functioning.

Real genuine bank would not charge more than 15-20k on this loan, and the loan period would have been 12 months. These loan apps are criminals. Why would people not default on the loans collected when you are charging them high interest as this. FCCPC must be fast in shutting down this apps. Many committed suicide because they could not pay these loan high interest within short periods, many business owners are running in huge loses because of these loan sharks with their predatory and illegal loans and others sold all they had just to pay off the loan.

you people are just mad. Approach 'real genuine bank' next time then. You lots won't try the shyt you do with all these app if it were traditional banks.

All the terms were there, with conditions. You agreed to them before they gave you the money. Ole buruku!

If you can't stand the heat get the hell out of the kitchen.

A borrower is ALWAYS a servant to the lenders.

YoungBlackRico:
you people are just mad. Approach 'real genuine bank' next time then. You lots won't try the shyt you do with all these app if it were traditional banks.

All the terms were there, with conditions. You agreed to them before they gave you the money. Ole buruku!

na mumu u b. it is called predatory loan, meant to entice and attract you but they swindle you through their high interest rate. You need money badly and you see loan offer that you really would love to take because you needed money so badly, you would surely fall for the offer regardless of the terms attached or how high the interest rate is, but at the end, the loan shark ends up gaining more from you because you will toil hard to pay off the huge interest and might run into a lose in whatever business you are doing while trying to pay off the huge interest.

Let me school you small. Read what you see on the pic below

The moment I apply for a loan, I would look at the terms and conditions and interest charged on capital......

If it's too high, I reject the loan.........

The borrower saw this and still collected the money, probably with a view to eventually default......

The lender is also a criminal, for imposing such crazy interests......

The borrower should test this case in court.........

Emmajn1:
Is this a fair loan at all, where is CBN? The country keeps detoriarating.

How can a so called digital microfinance bank give you loan of 400k and wants you to pay back 705k in 3 months. This is a criminal act and they must be sanctioned that is if the CBN is really functioning.

Real genuine bank would not charge more than 15-20k on this loan, and the loan period would have been 12 months. These loan apps are criminals. Why would people not default on the loans collected when you are charging them high interest as this. FCCPC must be fast in shutting down this apps. Many committed suicide because they could not pay these loan high interest within short periods, many business owners are running in huge loses because of these loan sharks with their predatory and illegal loans and others sold all they had just to pay off the loan.

Nigerians are just greedy people..how can anyone think he will get a loan without any form of collateral? Una never see anything..

Meanwhile, the FG should shut down all loan companies and their operations , they are really enslaving Nigerians.

Please lala to front page for more enlightenment by financial advisor

Emmajn1:
na mumu u b. it is called predatory loan, meant to entice and attract you but they swindle you through their high interest rate. You need money badly and you see loan offer that you really would love to take because you needed money so badly, you would surely fall for the offer regardless of the terms attached or how high the interest rate is, but at the end, the loan shark ends up gaining more from you because you will toil hard to pay off the huge interest and might run into a lose in whatever business you are doing while trying to pay off the huge interest.

Let me school you small. Read what you see on the pic below

As long as no one put a gun to your head to take these loans. The fact remains that you lots are thieves, unwise ones at that. Most of you deserve to be jailed even.

Lexusgs430:
The moment I apply for a loan, I would look at the terms and conditions and interest charged on capital......

If it's too high, I reject the loan.........

The borrower saw this and still collected the money, probably with a view to eventually default......

The lender is also a criminal, for imposing such crazy interests......

The borrower should test this case in court.........

Thank you. This is what I'm saying, you're foolish enough to accept these conditions out of your desperation and then turn around to cry fowl? Had it been been these apps require collateral from these duffons, I think the madness will reduce a bit. Some of them don't even intend to pay back.

click on this link to get money and airdrop updates


https://tdotme/ legit update


remember to change the "." and remove the space between the "/" and l

Guy u be learner. Die the money. Nothing go happen

Pls do note that a real bank will give u such loans without collateral as long as u have an active account that is constantly processing bank transactions or a salary account.

MrFollowFollow:


A real genuine bank would never give you a loan without a collateral. Bear that in mind!

You people like to come here and give misleading information, please show us where it was stated that the loan is for a period of 3 months

Lets take this thread to front page for wider viewership please mods

Lalasticlala
Dominique
Mukina2
Mynd44
MrKnowitall

Why complaining? after reading the terms and conditions clearly stated?
CBN Governor has made it clear that we should stop patronizing online loan sharks MF, we should approach reputable microfinance banks with low interest rate, to get a facility to do business and flexibility of paying back without much stress.

First Bank is not any better.

Imagine those fools posted 10% interest online and I needed urgent cash to buy product for storage, I went there and they told me that it's 30% that I can pay back in 36 months, the idiot was even smiling, imagine 700k to pay 910k in 36 months, I was surprised oh and I showed them what the posted online and they said it's to attract customers, they even gave me forms to open a current account, I was in desperate need of money but I had to use my sense and understand that they are not better than these online loan companies, I just kuku find my way outside and put their useless form in dustbin.

E better make I just go Lapo sef, laslas I didn't collect any loan.

Like a fellow above me said, it's called predatory lending, First Bank is a greedy bank, I am even thinking about using my Access Bank account for my major transactions because I don't see their usefulness, nor be say them go even give you instant alert sef.