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Stats: 2,639,706 members, 6,177,232 topics. Date: Wednesday, 03 March 2021 at 04:19 AM
|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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