₦airaland Forum

Codes151:
It’s crazy.

That rubbish should stop.

If you put money in bank for 2 years, does it get to 1.4m?


Loans % should not deviate far from savings %

If you PUT money in bank, it will never get to that 1.4 m
BUT when you don't have money and go to BORROW money from the bank
they will give some stupid high interest rate.
Banks typically give loans to big guys.. million-million etc
But these loan app guys give small amounts. So they're kind of correct with
their interest rate.
The main issue here is the man probably didn't do what he promised with
the loan, did not get his money back, and then ran away from the loan people.
They did state CLEARLY their payback conditions WHEN he was originally taking
the loan.

AngelicDamsel:
You downloaded the app to take another loan.

He be mumu na

if I leave #80k in their possession for 2 years, will it yield #1.4m?
no?
then getat

why did he go back to is old habit in the first place?

Loan sharks don go hire 'Esquire' to spread fear and panick amongst debtors

No be only credit score, na jamb score

I smell lies.

Owing someone just 10k,my mind no go rest until I pay ,I hate owing gbese ,when I did easy buy then,na their payment will be my first priority,when I paid finish they're telling me I'm qualified to collect loan,I swore for them deep down my mind....not me and you people again

HydraFeeds:
Around 2018, I borrowed 5400 naira from Branch . I was unable to login to pay back since then and I was really scared it would have skyrocketed but when I was able to login about 3 months ago ,the amount to pay back was still the same .

The money is small and they are considerate, have you paid them the 5400 now?
I used them before eventually yanked all of them off, once I finish paying the fair money own, I will instruct them to close my account, that's what i did for Ealla, Carbon, Branch, Palm credit, that's waste of energy and resources.

That must be very scary. My advice there certain loan app like okash and easimoney belonging to Blueridge company that will do you the same. The moment you default, the start charging overdues very 24 hour. You early got trapped because they give out loan to pay in two months no matter the amount at 50% interest rate. This is from personal experience. You feel helpless and confused. Their no ethics in the business only exploitation.

HydraFeeds:
Around 2018, I borrowed 5400 naira from Branch . I was unable to login to pay back since then and I was really scared it would have skyrocketed but when I was able to login about 3 months ago ,the amount to pay back was still the same .

It probably skyrocketed at some point. After some while, these loan apps give waivers. At least the registered loan apps. In this man's case, they are only preying on his gullibility because eventually, they will still waive it off to default.

Spending loan money is sweet. Paying back the loan is not sweet.

Are they telling us that that's what 80k would have got you after 2yrs?

calabaman:
Anything loan is not good.

Aswear!

Those a55wipes would tarnish your image without breaking a sweat if you default.

And they love calling in the middle of the night thereby cancelling your sleep.

Id bet they only prey on the gullible and broke but allow the rich breath.

But the man mumu sha....

Does deleting an app make the debt vanish? 🤔🤔😁

They are real a55wipes and their aim is to milk people dry and tarnish their image.

I am currently working on getting some of them banned. Even after you pay off the loans, they keep spamming your phones with unsolicited calls and adverts on a daily basis, just to make sure you keep coming back.

They've put a lot of people in a vicious cycle of loan collection.

In China, you will go to jail and your credit score is looked at wherever you send applications be it school, govt or private. In fact, your credit score is a skill to prove your personality.

sonssyo:
The money is small and they are considerate, have you paid them the 5400 now?
I used them before eventually yanked all of them off, once I finish paying the fair money own, I will instruct them to close my account, that's what i did for Ealla, Carbon, Branch, Palm credit, that's waste of energy and resources.

I paid them back immediately. I don't like debts .

Loan app is bad and should be discouraged.

Some time last year, I was dead broke and I had no option but to borrow 1500 from a loan app for a week with about 90% increase ,on the due date ,I was being threatened that I will be called criminal and all my friends that have forgotten me will remember me for bad when they post my picture to them .

I also borrowed 300k from fairmoney last year and I paid back over 500k now they are calling me to come and borrow 550k ,when I check the interest rate ,I will be paying back over 1m .

This is ridiculous.

I see all the loan shark companies as criminal establishments where the operators take advantage of the poverty in the country and desperation on the parts of poor Nigerians to fraudulently enrich themselves. The exorbitant charges they take over a short period and the fact that they hide these charges until one has taken the loans give them out as scammers! Therefore, I won't blame anyone who fails in meeting their repayment obligations.

It is a scammer vs scammer thing!

Lols

Never take serious legal advice from a charge and bail lawyer. This so-called barrister is obviously one.

There are laws in place that limits the amount of interest rate that could be charged on any loan. A principal that moved from 80k to 1.4million in two years implies a whooping 318% compound interest rate. That's robbery; it's illegal, and any seasoned legal practitioner ought to know that.

CaptainZubi:
It probably skyrocketed at some point. After some while, these loan apps give waivers. At least the registered loan apps. In this man's case, they are only preying on his gullibility because eventually, they will still waive it off to default.

Perhaps I was lucky cos I can't imagine how much it would have been and the ridicule they would have subjected one to if it's all these new unregulated apps .

Most time ,the default fee accumulates daily .

Ringstonermasks:
d barrister is smoking cow shit


Let me give d man d correct advise... if it from any loan app that is not registered by the government or insured by FDIC, give dem ur middle finger... let dem fuk demselves


If it Okash or Fairmoney or those loan apps that are FDIC insured and recognised by government, u can then reach out to them at ur own convenience. Don't beg dem with ur salary o. Make sure u av eaten well and there is money left to give away, then contact dem to come and take what u av... With toothpick sef, pay dem small small bt tell dem u will only pay 120k. And listen to their explanation.

Currency dey fall and interest dey high ?



Mind u, it won't affect anything. How many people dey talk abt credit scores for Nigeria ? if u want loan from Lapo or loan creditors in d future, they won't look into that. that's a fact.

I know people would say am encouraging debtors, bt let tell d truth without putting d guy into panic mood.

The thing about the credit score is true .. they don't follow that shiit...

He should delete the app again.

For them to continue increasing the amount means, it's all this quack.

A reasonable company would av stopped the increase and even dropped the main capital for you.

HydraFeeds:
I paid them back immediately. I don't like debts .

Loan app is bad and should be discouraged.

Some time last year, I was dead broke and I had no option but to borrow 1500 from a loan app for a week with about 90% increase ,on the due date ,I was being threatened that I will be called criminal and all my friends that have forgotten me will remember me for bad when they post my picture to them .

I also borrowed 300k from fairmoney last year and I paid back over 500k now they are calling me to come and borrow 550k ,when I check the interest rate ,I will be paying back over 1m .

This is ridiculous.

Run, never look back, I don't just delete the app, I write to them instructing them to close the account, I normally use them for business, with the rate of dollars now, business is no longer profitable and that makes the profit to be almost zeroed out, so there is no profit on top of high interest. Please don't take anything, at least this year, I'm sure of saving a least 3m from my salary by the grace of God

HydraFeeds:
I paid them back immediately. I don't like debts .

Loan app is bad and should be discouraged.

Some time last year, I was dead broke and I had no option but to borrow 1500 from a loan app for a week with about 90% increase ,on the due date ,I was being threatened that I will be called criminal and all my friends that have forgotten me will remember me for bad when they post my picture to them .

I also borrowed 300k from fairmoney last year and I paid back over 500k now they are calling me to come and borrow 550k ,when I check the interest rate ,I will be paying back over 1m .

This is ridiculous.

it's true. I took a loan of about 500k or so with fairmoney. Am paying back 1M & 50k in 9 months. All the gain is going to fairmoney. Waiting man go do when bank has refused to give money for Business. And mand need capital to package bussiness

He be wan collect anoda one

Compound interest plus scam loan app to the dubious fellow. Who is smart ER

If the government is not gaining or benefiting from this, the unregistered ones should be be wiped out.

Thomthom:
it's true. I took a loan of about 500k or so with fairmoney. Am paying back 1M & 50k in 9 months. All the gain is going to fairmoney. Waiting man go do when bank has refused to give money for Business. And mand need capital to package bussiness

may God help you to pay it off on time and be buoyant enough not to get loans from loan apps anymore .

HydraFeeds:
may God help you to pay it off on time and be buoyant enough to get loans from loan apps anymore .

Amen o. God bless u bross

AKWATGOLD1:
Why will he obtained a loan from fintech app without paying back for two (2) solid years. The outcry is not needed.

Person wey never fit pay 80k na him wan pay 1.2million. Oga, u self think am.

For me o, those loan shark just wicked but the borrower self no try.

but I heard if you wan a travel out…. They will look into your credit score and it may affect your visa if you are owing a loan app, how true is this house?

victorsola:
loan apps that are not registered to nigeria, all this Chinese loan app. The registered no dey increase the interest like that na all those fake ones dey do anyhow .

Abeg u fit list few of the unregistered apps... Ma try them out

uuzba:
If you PUT money in bank, it will never get to that 1.4 m
BUT when you don't have money and go to BORROW money from the bank
they will give some stupid high interest rate.
Banks typically give loans to big guys.. million-million etc
But these loan app guys give small amounts. So they're kind of correct with
their interest rate.
The main issue here is the man probably didn't do what he promised with
the loan, did not get his money back, and then ran away from the loan people.
They did state CLEARLY their payback conditions WHEN he was originally taking
the loan.

Someone has a reply for you below:
👇👇👇

emmyN:
There are laws in place that limits the amount of interest rate that could be charged on any loan. A principal that moved from 80k to 1.4million in two years implies a whooping 318% compound interest rate. That's robbery; it's illegal, and any seasoned legal practitioner ought to know that.