₦airaland Forum

AngelicDamsel:
You downloaded the app to take another loan.

Maybe he forgot he had used that loan to borrow money. He downloaded loan app only to find a debt of 1.4 million naira on it. I wonder how he felt when he first saw the figure

Sebi you still dey eat 3 square meals everyday

ednut1:
People who take loans without the intention to pay should be jailed

sprints1:
its called compound interest

I don't think so ,it's simple interest.

Compound interest relies on calculating SI with new outcome of the first SI and Principal.

In most loan apps ,they are always specific about the amount to pay back but when default,there's a daily or weekly increase which will accumulate but the previous accumulation is not the new principal for the next day or week or month .

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.

does matter. Loans should not be their high in respect to savings.

So someone like me, I’d never give my money to bank to enrich them anymore.

My heart is so heavy
Wetting my pillows with tears
Someone please say a prayer for me
I’m tired

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 .

They weren't disturbing you with calls?

Dat loan app get mind I swr

kay29000:
They weren't disturbing you with calls?

I've lost the number .

ify2016:
https://www.legit.ng/people/1639049-after-2-years-man-owing-n80k-redownloads-loan-app-cries-debt-climbs-n14-million/

Every unserviced loan stops accruing interest after 180 days,.it's considered lost and the entire outstanding sum written off at the end of financial year

All the quick-loan companies are criminal organizations of thieves and con-artists

You guys are just complaining of loan app, they are in business to make money even federal approved 33% interest to be paid back on every loan now, and each banks will want to add their own too.


Stop collecting loan if you ain't ready to pay it back, Nigerians knows how to collect money but to return it back na war, ask Nirsal how many people are repaying the household loan they disbursed in 2020

HydraFeeds:
I've lost the number .

Okay.

AngelicDamsel:
You downloaded the app to take another loan.

Ochibaisik:
-Don't get a loan if you don't have a means of paying back.
-Don't get a loan for a lavished lifestyle but majorly for a business that could multiply the loan.

Dont be ignorant, most people do it cos they are desperate to pay school fees or hunger or childs treatment, the loan apps take advantage of the desperation and nigeran government insensitivity to people's plight..

symbianDON:
All this loan sharks/apps should rest abeg!!

Abi?
They should rest after borrowing you their hard-earned money?

EndBuhariNow:
Nigeria appex bank and government are useless, I think they are owners of all these loan app, how can someone loan you money with 110% interest , if you take 190k from fairmony, you will pay 80k each every month for 5 months, imagine that nonsense..... You might need that loan for short term but they will drag it long with no options of repayment, in other places loan are given to soften hardship but here its different game... Everyone has his or her own price

won't pay them that much

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 .

Branch make sense, I have borrow more than ten times from them. I never default.

VaginaAcademic:
for real I took a loan of 600k to pay back 2 million in 2 years 90k every month

this is pure nonsense, our government are aware of this ... In the name of obtaining loan you will enter one chance...

Bukola94:
Branch make sense, I have borrow more than ten times from them. I never default.

them and CBN dey do collabor they are doing day robbery

Bukola94:
won't pay them that much

they go use call commot u for house

Must be a loan shark agent posing as a lawyer
No loan company pursues such a minuscule amount and no LEGAL fintech would even try it

EndBuhariNow:
they go use call commot u for house

they will call forever, I won't give a damn

EndBuhariNow:
them and CBN dey do collabor they are doing day robbery

the interest is so high

Bukola94:
the interest is so high

very high... They are thieves

engrchykae:
I refused to pay back 140k monthly out of my 300k salary.
They took the matter to one court,I told them I will be paying 20k monthly.
The court accepted.
They are devil incarnates

you took them to court or they took you

VaginaAcademic:
for real I took a loan of 600k to pay back 2 million in 2 years 90k every month

this outrageous the interest is too much... Did U pay ?

funstufz:
From N80k to N1.4million in 2 years, the Loan company should be seriously queried on how it arrived at that outrageous amount, nevertheless I am not encouraging obtaining Loan and deferred payment...whatever the underlying issue(s), that amount is nothing but an avenue to swindle him...

It's possible to get to that amount , I had a similar issue with them.

I took a payday loan from them in 2021 , I had an emergency and had to borrow 50k from them to sort the emergency. I had calculated that by month end the loan would be due and I would have collected my salary so I wouldn't default. The loan was to be due for repayment on a Friday about 3 days into the new month so I waited until the last day to make that payment ( I wanted to use all my time so that I wouldn't feel cheated ) , on the Friday I made the transfer in the morning and just felt that that was all. Later in the day a lady called that my loan was due and I had to pay up or risk a penalty which was a daily increase of 1% on any amount due. I checked my app and saw that Access had deducted me and I even sent the payment receipt to the matketer but she said they had not received my payment ( I think Access had some network issues ) , she said I should make another payment so that when Access reverses I wouldn't be in default , I asked her what if the money later went through to their account and I had made another payment would they refund me in full , she said the money would be considered as a loan to me so they would remove their percentage interest and pay me the balance , I was like are you people mad , so my own money would be used as a loan to me and you'll make a profit on money I paid twice into your account , she said yes. I said if that be the case I'm not paying anything until Access either reverses it to my account then I can now make another payment or when Access credits you then you keep your money. This lady kept calling me and bugging me till Saturday the next day. As it would be , Access reversed the money on Monday to my account so I made a full refund of 59800 but they said my repayment had accrued about 1800 for 3 extra days ( Saturday , Sunday and Monday ) so my repayment should have been about 61600. I said I wouldn't pay it and that they could go to hell , eventually I decided to pay the money and leave 1 naira unpaid. So I left 1 naira unpaid and sometime in December last year I decided to even see what was happening with the 1 naira and I saw 79 naira owed in my account , the 1 naira had increased to 79 naira in 4 years. Going by this , it would mean
10 naira would be 790 in 4 years
100 would be 7900 in 4 years
1000 would be 79000 in 4 years
10000 would be 790000 in 4 years
100000 would be 7900000 ( 7.9 million in 4 years )

I just laughed and paid the 79 naira

They are just criminals all these loan sharks

EndBuhariNow:
you took them to court or they took you

they did.

EndBuhariNow:
you took them to court or they took you

they did..

EndBuhariNow:
this outrageous the interest is too much... Did U pay ?

yes. Those guys are ripping gullible Nigerians.

VaginaAcademic:
yes. Those guys are ripping gullible Nigerians.

nigeri government are taking their cut on this... Walihi evil people are ruling this country

engrchykae:
they did.

if I pay them the one am owning them walihi I will block them ooo... Imagine e remain 2 days to pay up, they started calling all my number even as I told them I travel out of the country that they shouldn't worry I will pay on time, they started chatting me on WhatsApp with different numbers threatening to frozen my account, I have to find means connect with someone that pay them ooo. Very greedy ppl with zero customer's service

Thank you for your time, as you have rightly tagged them, they are nothing but Criminals, they should be avoided like plague...unless they change their hoodwinking tactics...

Semaj77:
It's possible to get to that amount , I had a similar issue with them.

I took a payday loan from them in 2021 , I had an emergency and had to borrow 50k from them to sort the emergency. I had calculated that by month end the loan would be due and I would have collected my salary so I wouldn't default. The loan was to be due for repayment on a Friday about 3 days into the new month so I waited until the last day to make that payment ( I wanted to use all my time so that I wouldn't feel cheated ) , on the Friday I made the transfer in the morning and just felt that that was all. Later in the day a lady called that my loan was due and I had to pay up or risk a penalty which was a daily increase of 1% on any amount due. I checked my app and saw that Access had deducted me and I even sent the payment receipt to the matketer but she said they had not received my payment ( I think Access had some network issues ) , she said I should make another payment so that when Access reverses I wouldn't be in default , I asked her what if the money later went through to their account and I had made another payment would they refund me in full , she said the money would be considered as a loan to me so they would remove their percentage interest and pay me the balance , I was like are you people mad , so my own money would be used as a loan to me and you'll make a profit on money I paid twice into your account , she said yes. I said if that be the case I'm not paying anything until Access either reverses it to my account then I can now make another payment or when Access credits you then you keep your money. This lady kept calling me and bugging me till Saturday the next day. As it would be , Access reversed the money on Monday to my account so I made a full refund of 59800 but they said my repayment had accrued about 1800 for 3 extra days ( Saturday , Sunday and Monday ) so my repayment should have been about 61600. I said I wouldn't pay it and that they could go to hell , eventually I decided to pay the money and leave 1 naira unpaid. So I left 1 naira unpaid and sometime in December last year I decided to even see what was happening with the 1 naira and I saw 79 naira owed in my account , the 1 naira had increased to 79 naira in 4 years. Going by this , it would mean
10 naira would be 790 in 4 years
100 would be 7900 in 4 years
1000 would be 79000 in 4 years
10000 would be 790000 in 4 years
100000 would be 7900000 ( 7.9 million in 4 years )

I just laughed and paid the 79 naira

They are just criminals all these loan sharks