₦airaland Forum

A loan shark responds following an error involving a woman who was granted a loan of N2.5m instead of N2500 and was slammed with a repayment sum of N6.8m.

FairMoney Nigeria (@fairmoney_ng), a leading digital lending platform, has responded to a viral post in which a user alleged that their aunt mistakenly received a ₦2.5 million loan instead of the intended ₦2,500, alongside an added interest of ₦4.6 million.

The platform, in its official response, suggested that the error may have been caused by the aunt selecting the wrong loan amount during the application process.

In a public reply via X, FairMoney stated: “Thank you for letting us know about your Aunt’s request! She must have selected the wrong amount when applying for the loan, and the interest rate is determined by her current credit score check. Please chat with us in the DMs so we can assist her further.”

While the response sounded progressive solution-wise, many users have since slammed the company for their ridiculous loan rate.

Follow up with the Latest Gist

They are lucky ,the woman is a God fearing person. That's why she refunded the money and wants any crazy interest indebtedness to be cleared off.
Try with the boys, they will clean up and damn the consequences,2m is a lot of money now.
But,how on earth can you put interest rate of 4m over a loan of 2m? Everything in this country is just crazy

yinkus6750:
They are lucky ,the woman is a God fearing person. That's why she refunded the money and wants any crazy interest indebtedness to be cleared off.
Try with the boys, they will clean up and damn the consequences,2m is a lot of money now.
But,how on earth can you put interest rate of 4m over a loan of 2m? Everything in this country is just crazy

E shock me too, that's double the money plus muni

How do you dish out a loan of #2.5m just like that? Because you want get excess interest?

They should not worry. For those that have already gotten their visa, flight ticket money is readily available on fair money.

Something is not adding up with this your story Op?

From 2500 to 2.5m means that your aunt has good crediting rating, what does she need 2500 for?

Do people request for loans as small as N2,500 on loan apps?

DyshApp:
E shock me too, that's double the money plus muni

Unfortunately that's how loan sharks operate ..

SisterAnn:
Something is not adding up with this your story Op?

From 2500 to 2.5m means that your aunt has good crediting rating, what does she need 2500 for?

Don't mind people with their made up stories. Even if you have a good credit score, they can only give out a 2.5 million loan if you earn more than that monthly. The question is, why would someone who earns at least 1million naira need a 2500 naira loan?

We4all:
Don't mind people with their made up stories. Even if you have a good credit score, they can only give out a 2.5 million loan if you earn more than that monthly. The question is, why would someone who earns at least 1million naira need a 2500 naira loan?

The story get kleg.

I don't think there is any loan app that will give loan of up to 1,million once no matter how good your credit score is.

Secondly, for her to be seeking 2.5k loan, it means her economic status is very low, I don't want to use the word poor, because who seeks for a loan of 2.5k, not 25k or 250k..doesn't make sense in anyways because someone seeking for such amount obviously doesn't have huge financial strength, which means the loan that will be made available to her can't be up to a million so this loan shark is not being truthful

Point of correction; Fair money is not a loan shark but a registered and legal financial institution in Nigeria

Gadafii:
I don't think there is any loan app that will give loan of up to 1,million once no matter how good your credit score is.

Secondly, for her to be seeking 2.5k loan, it means her economic status is very low, I don't want to use the word poor, because who seeks for a loan of 2.5k, not 25k or 250k..doesn't make sense in anyways because someone seeking for such amount obviously doesn't have huge financial strength, which means the loan that will be made available to her can't be up to a million so this loan shark is not being truthful

You're making sense🤔