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Nigerians Continue To Patronise Loan Apps Despite Crude Ways Of Fund Recovery - Business - Nairaland

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Nigerians Continue To Patronise Loan Apps Despite Crude Ways Of Fund Recovery by Shehuyinka: 5:35pm On Mar 29
NIGERIANS from all walks of life have continued to patronise loan apps despite their unconventional ways of recovering their money.

These loan apps act as platforms where you can get quick loans with no collateral other than providing a bank verification number (BVN) and a request to allow pictures and contacts on a potential customer’s phone.

*Yemisi (not her real name), a resident of Ojo, Lagos, told The ICIR in a chat that despite being warned by friends and relatives about the risk of borrowing money from the Loan Apps, she still went ahead.

“I was warned by several people to avoid the Loan Apps, but I still went in. They almost killed me; I nearly died; they sent horrible messages to all my contacts. At one point, they told my contacts I was a fraudster. Please, I don’t even want to remember,” she said.

Yemisi not only took a loan and regretted it but also introduced one of her friends, Mummy Wura, to the loan facility.

Mummy Wura, in a chat with The ICIR, said she got a loan from CreditAll, and it’s a miracle she is alive to tell the story.

“At a point, I develop high blood pressure. They will call me every day in the morning, afternoon and night, threatening me, even though I promised to pay them in due time.

“They gave me a loan of N60,000; I was expected to pay N80,000 within a month. I defaulted for two days, and I saw hell,” the mother of two said.

According to her, she also borrowed from Carbon Loan App, which claimed they paid money into her account, but she did not see the money.

More victims of the loan app shaming strategy narrate their experiences.
Another victim, Precious, narrates her experience to The ICIR in a chat.

“My name is Precious. I got a phone from Easybuy; I bought the phone on credit. During my payment, I was opportune to apply for a loan.

“So, early this year, January to be precise, I collected another loan.

“The plans I had in paying up the loan were aborted. So, I had to start struggling to pay up.

“I got a series of calls and messages from them that I was a fraud.

“It’s Newedge; Palm credit that gives out loans in Easybuy. So, I got a lot of messages from them, threatening messages.

Precious said she made them understand that she had no intention of defrauding the company. However, they kept sending her threatening messages and reported her to her guarantor.

“I was able to make a payment of N10,000; part payment. After 4-5 days, one of the workers sent another threatening message. I couldn’t bear it,” she said.

READ MORE HERE: https://www.icirnigeria.org/nigerians-continue-to-patronise-loan-apps-despite-crude-ways-of-fund-recovery/

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