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Nairaland Forum / Nairaland / General / Business / Unregulated Interest Rates By Borrowers, A Fraud Unchecked. (208 Views)
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Unregulated Interest Rates By Borrowers, A Fraud Unchecked. by Nobody: 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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