₦airaland Forum

Curiosity made me ask dis question,I mean how do loan apps companies make their money?

I was going through tiktok dis morning and I saw a lot of people saying they are oweing loans apps for several years now,sum even say dey owe 500k and above.

While others owe 2 to 3 different apps.like in my own case,I'm currently oweing 5 diff apps 850k..

Bt even with these high dept people owe them, they still come online begging more people to take more loans..

So am wondering lyk....how do these guys make their money.
I'm just curious....

Jmichael1:
Curiosity made me ask dis question,I mean how do loan apps companies make their money?

I was going through tiktok dis morning and I saw a lot of people saying they are oweing loans apps for several years now,sum even say dey owe 500k and above.

While others owe 2 to 3 different apps.like in my own case,I'm currently oweing 5 diff apps 850k..

Bt even with these high dept people owe them, they still come online begging more people to take more loans..

So am wondering lyk....how do these guys make their money.
I'm just curious....

Them no dey gree give me pass 15k loan imagine.

Thereedemer:
Them no dey gree give me pass 15k loan imagine.

Dem dey gv me reach 1miter ooh

Una no dey pay because our financial institutions are not properly synchronized and these loan apps often give loans at illegal rates, while others are unlicensed, if not them for don dey serve una court notice and recover their monies by auctioning off una properties.

I personally take these loans (though unnecessary 😅) - like 5k to 10k and pay weeks before the due date... That way you build your credit score over time, and can actually get lower rates and higher loan amounts if the need arises in the future.

But they make their money from outrageous interest rates.

Jmichael1:
Dem dey gv me reach 1miter ooh

Mayb them mistake u for michael jordan.

Jmichael1:
Curiosity made me ask dis question,I mean how do loan apps companies make their money?

I was going through tiktok dis morning and I saw a lot of people saying they are oweing loans apps for several years now,sum even say dey owe 500k and above.

While others owe 2 to 3 different apps.like in my own case,I'm currently oweing 5 diff apps 850k..

Bt even with these high dept people owe them, they still come online begging more people to take more loans..

So am wondering lyk....how do these guys make their money.
I'm just curious....

The way CBN is moving.

You would soon curse yourself for being a debtor in Nigeria.

Even before then, you know you can travel out of this country legally, right?

There are big corporates you can’t work with, cuz background checks like this are done.

I don’t know why so of you live this reckless debtor life.

Omo una get mind ooo. I just checked my Opay loan offer now but dem no born me well mae I take am.

This interest na for ritualists😂😂😂

My advice to everyone is to avoid all these loan sharks ‘cos of their insane interests.

Reql loan sharks will come to your house and smack you by then you will be forced to pay up.

It's a trap, please don't fall for it.
Don't ever take loan from these apps, you'll become their slave forever... You'll never break free from their grip.

Some of them are being used by politicians to launder huge amount of money, so they use the loan apps to legitimize the money, or in another words 'clean' the money, otherwise, these loan apps don't really make profits. I use to work for one loan app, name withheld Computer Village, Ikeja. We were more than 500 workers and this your question use to come to my mind. Everyday, about 80 to 100 debtors are assigned to one person to call all through the day to pay up their loans, but hardly you will see who will refund even 10 to 20k. I use to feel headache everyday just making calls until I quit. So do the maths, 100 debtors assigned to over 500 workers each, with the company buying thousands of sim cards, android phones. Each person can use more than 5 sim cards a day because whatsapp and truecaller keep blocking. And workers do make over 100k in salaries. So it is clear that these loan apps are actually into some illegal businesses, only God knows because no evidence. But I still believe their hands are not clean, so how they make their money is unknown. But if you talk of 'profit', they don't make profits. They are just using people to cover their illegal business.