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Unregulated Interest Rates By Borrowers, A Fraud Unchecked. - Business - Nairaland

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Unregulated Interest Rates By Borrowers, A Fraud Unchecked. by Truthspoon1: 12:43pm On Oct 05, 2020
I recently needed urgent cash and someone recommended an application, 9ja cash. Their interest rates were outrageous. 60% interest rate in 2 weeks, i.e 120% in one month and 3120% in one year. Imagine borrowing 100,000 and paying back 3,120,000 in one year. I got to find out this is the normal rates most of these loan apps charge, is it even legal to do this?

I always see news of people who are thinking about suicide because of loans, I am sure they must have fell into these traps.

These are the little changes we need in Nigeria if we want to get better. Man's inhumanity to his fellow man.
Re: Unregulated Interest Rates By Borrowers, A Fraud Unchecked. by Stephenomozzy(m): 12:55pm On Oct 05, 2020
That's the sad reality..... Loan Sharks.

Inasmuch as we know they're businesses run for profit, but c'mon the rates are madly evil. And as there's no policy/body to regulate them... It's a free for all.

They're not very different from banks. Banks will first frustrate you with processes
Re: Unregulated Interest Rates By Borrowers, A Fraud Unchecked. by psucc(m): 1:31pm On Oct 05, 2020
Even the commercial banks are also charging outrageous interest rate.

For example, FCMB, charges 38% on loans for her Salary Plus Loans package targeted at the Civil Servants.

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