₦airaland Forum

Why wont Nigerians default on loan apps.

Just imagine, fairmoney wants to give me 400k to pay back 900k in 9 months.

Do they seriously think I will pay back that money?

I just need cash to support my business.

I was expecting 400k to be around 600k in 6 months

Daylight robbery, if you take that loan you ARE DEAD

My brother abeg run o

Your village people might be whispering to your hear to go for the loan ... Please try as much as possible to ignore... Abort that mission..

Take am no level

Take am,

Dem be thief what's fair about that interest rate,
Dem never see anything,

If I see 1million loan, and the pay back dey ridiculous I go take the loan, when we don drag payment taya I pay Dem back 1.2million,

See temptation o, abeg avoid am o

Cunny customer and cunny seller

PapaNnamdi:
Take am,

Dem be thief what's fair about that interest rate,
Dem never see anything,

If I see 1million loan, and the pay back dey ridiculous I go take the loan, when we don drag payment taya I pay Dem back 1.2million,

CBN put its interest rate at 27.5%. What about that


https://www.youtube.com/watch?v=hdH7RWjI_4s

Follow me carefully:

There is what they did up there.. just arithmetic.. ever heard of compound interest.

Though they applied some element of greed.

The interest is stated clearly there. 13.74%..

At the end of first month 400,000 becomes 455,000 (+13.74% interest)

If you pay say 99,000, balance becomes 356,000

*at the end of second month, the interest takes 356k up to 405,000

If you pay 99,000, your balance becomes 306,000

*at the end of the third month, the 13.74% takes the 306k to 348,000

You pay 99,000, your balance becomes 249,000

..the money continues that way till the 9th month when it would be around the last 99,000

You could decide to pay off along the way, they simply calculate the balance at that point and tell you.

99,000 times 9 which amounts to 891,000 - a whooping 491,000 increase, is just greed.

Where I fault them is that percentage interest on loan repayment should not be taken wholly on monthly basis.. Interest are calculated on yearly basis and spread across the months equally.. e.g the 13.74% is divided by 9 to give about 1.5% on monthly balance. This is what most Nigerian banks do. But online loan sharks used the entire percentage to calculate your interest on a monthly basis. That is wrong.

My candid advice.. avoid them as much as possible. Anyone giving you an interest of over 100% on a loan in less than 1 year is not helping but punishing you..

trium:
CBN put its interest rate at 27.5%. What about that


https://www.youtube.com/watch?v=hdH7RWjI_4s

That's annually. The interest shouldn't be upto 100k if they were to follow cbn rates

trium:
CBN put its interest rate at 27.5%. What about that


https://www.youtube.com/watch?v=hdH7RWjI_4s

and who told you that rate is monthly

Alright

Kelklein:
Follow me carefully:

There is what they did up there.. just arithmetic.. ever heard of compound interest.

Though they applied some element of greed.

The interest is stated clearly there. 13.74%..

At the end of first month 400,000 becomes 455,000 (+13.74% interest)

If you pay say 99,000, balance becomes 356,000

*at the end of second month, the interest takes 356k up to 405,000

If you pay 99,000, your balance becomes 306,000

*at the end of the third month, the 13.74% takes the 306k to 348,000

You pay 99,000, your balance becomes 249,000

..the money continues that way till the 9th month when ot would be around the last 99,000

You could decide to pay off along the way, they simply calculate the balance at that point and tell you.

99,000 times 9 which amounts to 891,000 - a whooping 491,000 increase, is just greed.

Where I fault them is that percentage interest on loan repayment should not be done on monthly basis.. Interest are calculated on yearly basis and spread across the month equally.. e.g the 13.74% is divided by 9 to give about 1.5% on monthly balance. This is what most Nigerian banks do. But online loan sharks used the entire percentage to calculate your interest on a monthly basis. That is wrong.

My candid advice.. avoid them as much as possible. Anyone giving you an interest of over 100% on a loan in less than 1 year is not helping but punishing you..

You deserve an accolade for this breakdown.
Are you a teacher?

trium:
Cunny customer and cunny seller

How am I cunny?

I only applied for a loan.

Versitee:
Why wont Nigerians default on loan apps.

Just imagine, fairmoney wants to give me 400k to pay back 900k in 9 months.

Do they seriously think I will pay back that money?

I just need cash to support my business.

I was expecting 400k to be around 600k in 6 months

Collect it but don't pay them back. Use the 400k to flex this Christmas.

Gbadugbakun:
Collect it but don't pay them back. Use the 400k to flex this Christmas.

Oshey!

Shebi na flexing dey hungry me

wiseone28:
I'm watching with keen interest

You be spoken words artist

Thats too much. I am guessing that should be a global record interest rate.

Collect it and pay back the exact money you borrow with maybe a little. Anything wey wann sup make e sup.... Everyone in Nigeria knows what loan app is

Anything loan with repayments different from simple interest rates is a con.

Palm credit
Almost made my homie commit suicide 💔 😔


After then the guy became stronger and start borrowing from every loan shark app and never paid back .


Bro went from prey to predator mood grin
Bro has collected total of 570k from more than 39 loan apps .


Like na him new yahoo be that. I don't known how he runs it, but seeing him turning into a villain amazes me .

Funny thing bro is sreaching for new loan apps everyday.

RealityKings1:
Collect it and pay back the exact money you borrow with maybe a little. Anything wey wann sup make e sup.... Everyone in Nigeria knows what loan app is

They will not agree o.

The balance go still dey wait for me.

Versitee:
Why wont Nigerians default on loan apps.

Just imagine, fairmoney wants to give me 400k to pay back 900k in 9 months.

Do they seriously think I will pay back that money?

I just need cash to support my business.

I was expecting 400k to be around 600k in 6 months

I thought Nogerian government said they have clapped down on all these loan app companies?

Versitee:
Why wont Nigerians default on loan apps.

Just imagine, fairmoney wants to give me 400k to pay back 900k in 9 months.

Do they seriously think I will pay back that money?

I just need cash to support my business.

I was expecting 400k to be around 600k in 6 months

It was when I was still young, naive and ignorant I usually Judge Nigerians who always choose the Fraudulent Path and Other Vices Ways to survive most especially those from the Trenches.

But as I grew Older, Wiser and Vast in life. I figured out Nigeria was solely built on EVIL.

Personally I detest cheating others and I have never scammed anyone in my Life. Although there are small Runs and Manipulation in here and there in business. But I'm saying it with my Full Chest that I have never Scammed or Destroyed the life of my fellow Human Being.

I personally know at least Three Nigerian Pastors and Imams who Cheat their Workers at will and I'm not talking about small cheating here. Imagine a person calling himself men of god taking 60% out of 100% of what is supposed to be fully yours every month.

PapaNnamdi:
Take am,

Dem be thief what's fair about that interest rate,
Dem never see anything,

If I see 1million loan, and the pay back dey ridiculous I go take the loan, when we don drag payment taya I pay Dem back 1.2million.

Collect am, use am invest, throw away that sim and change your bank. Bye to loan apps

trium:
CBN put its interest rate at 27.5%. What about that


https://www.youtube.com/watch?v=hdH7RWjI_4s

That's annual interest rate...at the end of the loan cycle.

And 27.5% of 400k is 110,000.

That's 510,000 repayment....as against ±900,000

Versitee:
Why wont Nigerians default on loan apps.

Just imagine, fairmoney wants to give me 400k to pay back 900k in 9 months.

Do they seriously think I will pay back that money?

I just need cash to support my business.

I was expecting 400k to be around 600k in 6 months

The loan offer was made based on current economic realities.

If it's not good enough for you please reject it and seek a loan from another company

PapaNnamdi:
Take am,

Dem be thief what's fair about that interest rate,
Dem never see anything,

If I see 1million loan, and the pay back dey ridiculous I go take the loan, when we don drag payment taya I pay Dem back 1.2million,

We try as much as possible to avoid giving loans to thieves

Rexymania:
Collect am, use am invest, throw away that sim and change your bank. Bye to loan apps

No business that was funded with stolen funds will ever grow!