This is called Pay day loans it is also practised in America.
Usually,the interest on such loans are high hence the name.

The problem about loans in Nigeria is not about the people giving out these loan but the people collecting and reneging on their promise.

How can u seek for loan knowing u won't pay up as at when due...that is stupid and crazy!even banks wouldn't tolerate u let alone online lenders.

Pay whatever u collected as loan and stop borrowing if u can't pay.

There is actually no pity here if u can't stick to agreements which u signed and promised but later goofed. The rich becomes rich,because they learnt the art of sticking to agreement, promises kept and foster relationship for more loans.

There is an adage that says:if the roads are good it would be used often. But in this case u have destroyed the road yourself.

How far now did you pay abi they have stopped calling

Shellsploit:
Useless apps
That was how one was texting me everyday that i will be reported to EFCC and that all my family members will be notified that i am a fraud...




Las las local man just ignored till date!

I'm going through it o, borrowed from Lcredit in April, I've been paying interest on interest, I pay 11500 every 2weeks to Lcredit, which is 23000 per month out of 35k salary, because of a 40k loan, and I don't want to borrow higher to pay as the loan will keep going up.
Now I'm fed up, because of 40k I've paid this people 115k, and they want to still keep collecting it, Im scared of them sending messages to my contacts, but at this point, I'm wondering if I won't let go like this, as I'm meant to pay again today, but I don't have, will I go and borrow again?
They're killing me softly, I wonder if they'll agree for me to pay little by little.
Just confused.

The best thing for you is to stop paying, they can't do anything worst than sending useless message to your contact...
If you continue paying, one day, before you know it , you will pay more than 1 million naira for a loan of less than 100k..
If they like, let them go to court, you will win the case...
Their interest rate contradict money lending law, and for such according to CBN acts, the contract you have with them is invalid.
If you go to court, they will pay you some refund, any money lending more than 55 percentage interest per annum is invalid and cannot stand in the court of law

If you have complaints to make about loan sharks, you can forward them to this email address: lendersinterimregistration@fccpc.gov.ng with proofs/screenshots. Please, don't wait till you're defamed 🙏🏼

I believe we can put an end to this madness for good.