Many loan sharks have proliferated the internet. Easemoni, fairmoney, Carbon, Okash, Lcredit, Branch etc. They all promise ease of borrowing money without collateral. But their loans come with problems. Below are some reasons why you should not borrow from loan sharks


1) They have access to your personal information. One of the requirements of borrowing is to surrender your ATM card details, your BVN among other things. Some even ask access to your mobile app

2) The interest piles up. Loan sharks give outrageous interest. They increase daily on the interest to be paid when you default on payment. Some intentionally frustrates your efforts to pay back so interest piles up

3) They dent your name. For ordinary 7000 naira loan, they will send messages to your boss, colleagues, friends and family that you are a fraudster or criminal that duped them.

4) They spoil your credit history. They write to credit bureau of your little debt. This makes it impossible for you to borrow elsewhere when the urgent need arises.

5) They can not give you the kind of money you need for business. Just peanut with just little grace period to pay back. Like 10000 naira to pay back 25000 naira within 7 days

6) They do prosecute some defaulters they catch. We must have been aware of the popular palmpay arrest skits trending


I am loquacioussinner on r i b d o . c o m interactive forum

Wahala for borrower,but Nigeria is messed up, wetin poor people go do!
Don't borrow what you can't pay please

I opened my play store and go throw the reviews and comment in some of these loan apps and I was perplexed with the numbers of Nigerians that apply for a loan from these loan sharks.
Even with their outrageous and short term interest rates people are still applying daily to sort out some of their daily breads.
I actually applied for a loan from SURECREDIT.The app didn't allow me to select the amount I wanted.They quickly sent #4500 to repay #7350.I vex ehn,but as I need am urgently I collect am.I repayed #7200 after 3 days and forfeited the remaining balance but one of the staff called dey call and disturb me say I still dey own 1k plus after the remaining balance elapsed.I no try?
Nigerians dey suffer Abeg.

sonssyo:
Wahala for borrower,but Nigeria is messed up, wetin poor people go do!
Don't borrow what you can't pay please

hmm. What if what you can't pay is what you need. Sapa things

childofdoom1:
hmm. What if what you can't pay is what you need. Sapa things

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