₦airaland Forum

How do you give someone a loan at interest rate of 40% to pay back with 7 days?

Honestly do you expect anyone to pay back with such ridiculous conditions?

Nigeria financial institutions need to check mate these guys that take undue advantage of Nigerians.

FGN bond per year is not even up to 10%.

CBN what are you guys doing?

Nope. They arent thieves, they are just doing business. They give you loan and your only security/collateral is your BVN no. Its a high risk move, so they charge a high interest rate. No one actually forces anyone to lend money from them so i don't comprehend the ruckus. There are commercial banks, microfinance banks that can also provide same services depending on your credit worthiness.

They are criminals

They are armed robbers including the one that supports them up there

DonBenny77:
They are criminals

The one with the pen is the idiot

Join Kuda and qualify for overdraft. Interest at only 0.3% daily

HarunaWest:
Nope. They arent thieves, they are just doing business. They give you loan and your only security/collateral is your BVN no. Its a high risk move, so they charge a high interest rate. No one actually forces anyone to lend money from them so i don't comprehend the ruckus. There are commercial banks, microfinance banks that can also provide same services depending on your credit worthiness.

Ordinary no one wants to take a loan if not for some critical conditions and you taking advantage of people's condition to inflate things, you are a criminal