Jamiubond009:
All those people wey borrow money and no gree pay back their loans with the thinking that they have escaped,oya nah Phone calls to your family and friends reminding them that you are a fraudster will resume shortly. No rest for the wicked

And una think people still give a Bleep?😂😂😂
Na una go still tire

jaeyking:
The interest of the loan sharks should also be protected

How Nigerians will borrow and refuse to pay is something I can't understand

After the loan shark take drastic measures they start screaming foul play

The problem is most of the loan apps have hidden charges.
For example, you get offered 10k to repay let's say 12k in 1-2 weeks. that's fair right?
well that's until you realize that the 10k you're offered actually has a hidden charge and you'll be credited like 7k.
now how will you lend someone 7k and expect him to pay back 12k in a week?
that's really wrong and just means of extortion.

Justpd:


And una think people still give a Bleep?😂😂😂 Na una go still tire

the contacts Dem dey call sef don't give a shite lol

Thanks Op for sharing this info.
Please where can one see the full list of the approved ones?
@ adenigga
And others.

EriMma1:
Fair money has the best interest rate for now but Dem go use reminder Kee you before the due date. LoL.. hey!

Fair for where? The interest rate of some loan sharks is better than that of fairmoney.
They are just loan sharks in disguise.
How can you lend someone 300k and expect him to be pay back 522k?

Carbon MFB is really nice. Failed transactions are reversed in minutes and you get to see the status of your transactions and the exact time it hits the beneficiary account, so nobody can tell you 'it hasn't entered'. Highly recommended

Getin2ouch:

Fair for where? The interest rate of some loan sharks is better than that of fairmoney.
They are just loan sharks in disguise.
How can you lend someone 300k and expect him to be pay back 522k?

When last did you deal with them? They recently reduced their interest rate though it's high but compared to other ones I think it's a bit fair.

Which ones do you recommend that is better than fair money?

Hezzyluv:
Way to go. Because, some of these loan sharks are just fraudulent. How can you borrow someone #10,000 and expect him to payback 16k within 7day? Shey na bet9ja him wan use the money for

I created thread on crime section, of how one of them keeps calling my mobile line every week telling me to repay the loan l took from them or else, they would send sabotaging SMS/calls to my contacts. And I have NEVER in my life applied for a loan.

Were you forced to take the loan or in your bid to acquire fast and easy money you failed to read the terms and conditions of the loan application.

Abeg don't lie to us here gaan pay up your loan and the interest more importantly.

It human nature to manipulate a system for favorable outcome. That’s why people avoid tax)which is a legal way of not paying tax instead of evading it(which is unlawful ). It’s the for the relevant government agencies to come up with effective regulations to protect both the lender and the customers

Padosky242:


You day mind am .... Nigerians always have a way to telling a story to favor them ....

Didn't you read the terms and condition before applying to collect!

If it's not convenient for you .... Where did you collect it in the first place!??

Nigerians and always looking for how to manipulate a system to favor them

For those of you who are sympathetic to the cause of unapproved loan apps.. pls, read below.


“Findings have shown that interest rates charged by loan apps violate lending ethics. They also involve in the public humiliation of defaulters and engage in privacy violations. Read more: https://www.legit.ng/business-economy/technology/1528618-fg-releases-updated-list-approved-digital-money-lenders-banks-nigeria-adds-popular-names”

Jamiubond009:
All those people wey borrow money and no gree pay back their loans with the thinking that they have escaped,oya nah Phone calls to your family and friends reminding them that you are a fraudster will resume shortly. No rest for the wicked

If they can't abide by the rules. Let them find another business and do. Every business has its risk and those risk are factored in government policies.

yinkus6750:
Every aspect of business, needs to be well regulated by respective government agencies and need to operate base on stipulated guidelines
However, the interest of the financial institutions also need to be protected , to guide against huge loss .

Exactly, there should be a balance in the system. Why the loan sharks go extreme in most cases is because of weak/zero govt registrations, same for the dubious customers.

Student loan interest should be free.

Hezzyluv:
Way to go. Because, some of these loan sharks are just fraudulent. How can you borrow someone #10,000 and expect him to payback 16k within 7day? Shey na bet9ja him wan use the money for

I created thread on crime section, of how one of them keeps calling my mobile line every week telling me to repay the loan l took from them or else, they would send sabotaging SMS/calls to my contacts. And I have NEVER in my life applied for a loan.

But you self reason am. Them no force anybody but the greedy ones go still borrow to play two sure odd

grandstar:


It's good to protected lenders butnot loan sharks.

Imagine paying 25% weekly on a loan? Even the courts will side with you.

What about 25% for a month, is that okay by you? Cause that's the interest rate on my loans

EriMma1:


LoL. Ole .
So if na you Dem come dey offer 600k like fairmoney don increase my credit score, you go collect am? Chai some people no get joy.

I can't that's why I used imagine, all these things no dey freak me.

Everything about Nigeria na to set up committee sucking money before they act. Just take the damn app down on playstore asap.

Never had borrowed money from anyone at any point in my life, and probably never will. 400k available for me from my bank with no collateral but i ain't taking. I don't believe in other people's money for anything

felixzo1:
such terms are illegal in Nigeria. they should operate according to the law

Then you should never have accepted the term in first place , they are not regulated banks so they can set their lending rate anyway they like and it's left for you to reject them

erniok:

Because someone needs funds, you ask for ribs, arms and legs?

That why you should reject their terms from the get go ..if everyone rejects their terms they will have no choice but to step it down or close shop

EriMma1:


When last did you deal with them? They recently reduced their interest rate though it's high but compared to other ones I think it's a bit fair.

Which ones do you recommend that is better than fair money?

I have never taken loan from them. What I wrote earlier happened to someone I know and it was about 2 months ago.

I have only borrowed from easemoni and okash before. And to me their interest rate is way fairer than that of fairmoney.

But I have since stopped patronizing these loan apps and anything loan in general.

Getin2ouch:

Fair for where? The interest rate of some loan sharks is better than that of fairmoney.
They are just loan sharks in disguise.
How can you lend someone 300k and expect him to be pay back 522k?

Over a period of how many months, and how much per month? Why don't you state it. Give a complete information.
It's simple SIMPLE INTEREST in Mathematics.
And do you know there's option to extend your loan date, even receive top up loan.

4Humanity4All:

Over a period of how many months, and how much per month? Why don't you state it. Give a complete information.
It's simple SIMPLE INTEREST in Mathematics.
And do you know there's option to extend your loan date, even receive top up loan.

Over a period of 6 months. To be paying 87k each month.

AmazingELixir:




Were you forced to take the loan or in your bid to acquire fast and easy money you failed to read the terms and conditions of the loan application.

Abeg don't lie to us here gaan pay up your loan and the interest more importantly.

Not in da mud 2 engage u, I'll just let it slide.

Even some microfinance institutuons need to be ban also.

Getin2ouch:

Over a period of 6 months. To be paying 87k each month.

Hmm. While we may not be comfortable with their interest, I believe people see all these terms and conditions before taking the loan and it's not advisable to take a loan if the money is not used to make more money. You can decide to pay back over a period of 12,18 or 24 months though the total amount to be paid back is going to increase. It's simple mathematics. You can pay a little amount of money to extend the due date. I have been lucky to get a top up loan before from them and from what I've heard, they don't call your contacts compared to other apps. Please, let's stop demonizing these loan apps. Some people find them helpful. It's not by force to take loans.

Bro you never see how this fools operates.. and how will you borrow someone money and you expect him to pay almost 50percent interest with the amount borrowed in the space of a week

jaeyking:
The interest of the loan sharks should also be protected

How Nigerians will borrow and refuse to pay is something I can't understand

After the loan shark take drastic measures they start screaming foul play

Getin2ouch:

I have never taken loan from them. What I wrote earlier happened to someone I know and it was about 2 months ago.

I have only borrowed from easemoni and okash before. And to me their interest rate is way fairer than that of fairmoney.

But I have since stopped patronizing these loan apps and anything loan in general.

Which ease money? That one is worst. I downloaded their app last year but when I saw their charges, I immediately deleted it. Men it was Soo high... I just needed 10k to make up one money like that. So I said let me see if other ones will be better than fair money who charges 1500 for 10k. Omor this people charge 3k for 10k. I just jejely went back to fairmoney.

Now, for 10k, fairmoney charges 1400 or thereabout.
40k used to be 10k but now 5k plus if you're paying back in two weeks or 6k + for one month duration.

MrBroke:


What about 25% for a month, is that okay by you? Cause that's the interest rate on my loans

Hmm.m

To me, anything about 25% to me is high.

Palmcredit has been pleading I borrow but it seems they charge more than 25% and their repayment plan a bit harsh.

I would happily recommend Fairmoney and Branch.

I'm looking for a means to pay tuition i considered taking a loan but these apps don't offer much on first loan trial. who can help me here?

EriMma1:


Which ease money? That one is worst. I downloaded their app last year but when I saw their charges, I immediately deleted it. Men it was Soo high... I just needed 10k to make up one money like that. So I said let me see if other ones will be better than fair money who charges 1500 for 10k. Omor this people charge 3k for 10k. I just jejely went back to fairmoney.

Now, for 10k, fairmoney charges 1400 or thereabout.
40k used to be 10k but now 5k plus if you're paying back in two weeks or 6k + for one month duration.

Easemoni is different from ease money o. I once borrowed 12k from them and paid back 13.2k in 2 weeks.

4Humanity4All:

Hmm. While we may not be comfortable with their interest, I believe people see all these terms and conditions before taking the loan and it's not advisable to take a loan if the money is not used to make more money. You can decide to pay back over a period of 12,18 or 24 months though the total amount to be paid back is going to increase. It's simple mathematics. You can pay a little amount of money to extend the due date. I have been lucky to get a top up loan before from them and from what I've heard, they don't call your contacts compared to other apps. Please, let's stop demonizing these loan apps. Some people find them helpful. It's not by force to take loans.

Yeah, they don't defeme their customers. But nothing justify charging an interest of 74% in space of 6 months. There is not even guarantee that a person will gain such percent (74%) of his capital in a year if he eventually invest that money in a business