₦airaland Forum

Equal2DeTask:
Hmmmm Opay na criminals



Make I take am?

Imagine u paying times 2 plus of that amount.
Opay or ease money no nice.
Our leaders caused all this shit

why them no come write my own off now and them still day out interest, no be so now abi Opay want scam me ni

sketching:
OPay's SEC filing shows $113.15m in loans written off in six months. Here is what the numbers say, what the ₦150bn claim gets wrong, and what borrowers should do.



source: thegazette.ng

I borrow from branch for the past one year now I have defaulted and they did not add one shishi to it and they just call me once once to remember me and have been paying back small small since then

sketching:
Those outrageous penalties and charges are what they claim to write off and report to the government as losses.
Even a normal loan (without defaulting) can double in just 6 months due to excessively high interest rates. They also allegedly prefer offering short-term loans in the hope that borrowers wouldn't have enough "breathing space" to recover from the financial difficulties that forced them to patronize loan-sharks in the first place.

Gotocourt:
Commercial Banks ain't too that bad then 🤷‍♂️.

Not even bad at alllllll.
Have a salary account then u are good to go.
Not all of them subscribed to it though

Magnumproperty:
Why not look for a credible cooperative society to join? Build your savings there in case of emergencies. And you can apply for loans

Abeg, I want to ask question about this

Was introduced to one last month... You have to be a member for about 6months before you can lend from them, good rate and all... You can borrow twice of whatever savings you have with them

Now, my issue is, the money I'm saving with them, is it withdrawable? As in, the normal way one withdraws from banks, can one tell the cooperative he wants XYZ amount out of his savings and it'll be given?

ComeComing:
It's not easy as you think honestly.

don't mind that guy saying what i don't know there maybe he has never been in a situation or predicament that requires money with no one to turn to...if life do you ehn!!!

ComeComing:
It's not easy as you think honestly.

Bro no mind her na because say her side soft na hin make her they talk like dat

dominique:
Many of them borrow with no intentions of paying. If the interest rate is not favourable to you then don't take any loan! Was a gun put in your head to borrow from them? Nigerians are such horrible people yet they deserve to have good leaders.

They know themselves that those loans are high risk that's why they charge such abnormally high rates...meanwhile it's actually against the law to give out unsecured loans, these guys are basically loan-sharks

Rubbish post, oga dey refuse to pay.

atobs4real:
After reaping the masses of crazy interest rate.
Very devilish in the interest rate.

😏😏😏😏😏😏😏Did they force you to collect the loan? Didn't you read their terms and conditions?

atobs4real:
After reaping the masses of crazy interest rate.
Very devilish in the interest rate.
I borrowed ₦200k for 6 months and paid back ₦399k.
What a life .
And for GTB I borrowed ₦200k for 6months and only paid back 220k.
They shall continue to incure bad debth based on their maffian dealings
I dey vess for them.
No sense in the business except reaping off

You no sabi use the modify button? 🤔🤔

Yampotatocarrot:
Abeg, I want to ask question about this

Was introduced to one last month... You have to be a member for about 6months before you can lend from them, good rate and all... You can borrow twice of whatever savings you have with them

Now, my issue is, the money I'm saving with them, is it withdrawable? As in, the normal way one withdraws from banks, can one tell the cooperative he wants XYZ amount out of his savings and it'll be given?

Noooo. You can't withdraw out of the money you save with them. Except you want to close your account that you are no longer interested. The purpose of cooperative is to encourage savings.
You can only collect loan and repay the loan.

atobs4real:
After reaping the masses of crazy interest rate.
Very devilish in the interest rate.
I borrowed ₦200k for 6 months and paid back ₦399k.
What a life

Bro,yours is even better,this evil in disguise disturbed and pressured my life to obtain a loan of 260k with 12 days interest free,I borrowed the money without needing it, thinking if I pay back before the 12days,it will increase my credibility. I paid on the 12th day and these fools told messaged me later to pay an interest of 72k. I just asked the loan recovery agent if he could pay such and let them know they can't trick me into debt. I promised to sue them for any nonsense they try

atobs4real:
After reaping the masses of crazy interest rate.
Very devilish in the interest rate.
I borrowed ₦200k for 6 months and paid back ₦399k.
What a life

Bro,yours is even better,this evil in disguise disturbed and pressured my life to obtain a loan of 260k with 12 days interest free,I borrowed the money without needing it, thinking if I pay back before the 12days,it will increase my credibility. I paid on the 11th day and these fools messaged me later to pay an interest of 72k. I just asked the loan recovery agent if he could pay such and let them know they can't trick me into debt. I promised to sue them for any nonsense they try

The ratio then fell in the first half of 2026 after OPay tightened consumer lending and moved toward merchant loans.

Merchant loans is the way to go, as they hope to cover the gaps in their books.

But the more than doubling of the number of lending apps within just 2 years raises serious concerns. I hope the SEC is really keeping tabs.

atobs4real:
Cooperative can't do that.
Emergency loans in cooperative can't be in multiple places.
I am a member of two coops
But for GTB I am good to go.

Cooperative can't do what? So you are member of two cooperative societies and you are still borrowing from loan apps? I don't understand you oooooh.

The interest rates charged by Opay are beyond what the law allows. The law allows for 1% extra charge monthly. These apps apply 1% daily, which is illegal.

As a rule, any agreement that contravenes the laws of the land cannot be enforced by any court. It is that simple.

Lol.. I use opay for daily transactions.. they keep messaging and pushing me to take there loan, it keep increasing.. currently 4.5m. But during school days those loan apps help o. Until Elon musk give us cashout. Branch was the best I used. I chop one of their customer care self lol. Babe drop another contact

Yet they keep shining 3m loan for my face everyday.

Are yhey tempting me or what?

Magnumproperty:
Cooperative can't do what? So you are member of two cooperative societies and you are still borrowing from loan apps? I don't understand you oooooh.

I have a lot of responsibilities.
I do coop to also safe and get loan for the most important

Major7:
Bro,yours is even better,this evil in disguise disturbed and pressured my life to obtain a loan of 260k with 12 days interest free,I borrowed the money without needing it, thinking if I pay back before the 12days,it will increase my credibility. I paid on the 11th day and these fools messaged me later to pay an interest of 72k. I just asked the loan recovery agent if he could pay such and let them know they can't trick me into debt. I promised to sue them for any nonsense they try

Many devilish experience from the white devil.
They are evil.

Sleekfingers:
😏😏😏😏😏😏😏Did they force you to collect the loan? Didn't you read their terms and conditions?

They are very smart in their doings. They sometimes hide the truth.
Try it and sing the last prayers

If I borrowed and pay before the due date, will they still demand the money again at the exact date? I just want to know.

dominique:
Many of them borrow with no intentions of paying. If the interest rate is not favourable to you then don't take any loan! Was a gun put in your head to borrow from them? Nigerians are such horrible people yet they deserve to have good leaders.

because things are going well for you doesn't mean it's the same with others. Just don't jump into conclusions.

Do you know the horrible hardship that's going on around?

Mek una dey owe Opay, one day they will leave nigeria una go back to tiff tiff GTbank, Access and First bank

I never knew Opay gives loan. The loan arrange on the Opay app is powered by Easimoni. Opay itself operate loans thru Okash. The one time I checked Okash terms & condition I japa. Their loan is slavery. I am sure they are count those outrageous loan interest as part of the writeoff

With the fraudulent interest rates these loan sharks charge, I don't blame anybody who is unable to repay! These loan shark operators are scammers taking advantage of the hardship in the country to milk poor Nigerians dry.

Reduce your interest rates and more people will be willing to patronise you and repay the loans when due.

atobs4real:
I have a lot of responsibilities.
I do coop to also safe and get loan for the most important

Okay. If you are a popular member in these coops. You don't need to patronize all these loan apps what you will just do is that you look for trusted members who will also trust you based on your popularity. Whenever any of these members wants to apply for loan, let's say like 250k and you also need emergency loan of 250k also; just tell the member to request for 500k that you will split the loan and the repayment instead of patronizing all these loan sharks.

If I had known about cooperatives like 15 or more years ago my brother, my investments would have surpassed what I currently have.

atobs4real:
I have a lot of responsibilities.
I do coop to also safe and get loan for the most important

Okay. You can also use coops to run emergency loans also instead of all these loan sharks.

How can you borrow 10k in less than 30 days of your default the accumulate interest in three times of the principal borrowed. Nor be juju be that.

ComeComing:
I owe so many loan apps and na hunger cos am due to no job. The hardship is too much honestly

Migo 5k
Ease moni 20k
Cash x 6k
Okash 5k
First bank (paid)
Fair money (paid)

Make them no come carry me one day o. Na God hand I dey.

The hunger wey hammer you dey learn work. Mine is over 200k.
I was jobless that period but its my fault. I don't blame government or anyone.
Even if it's a fuel station job I could have taken that period to sustain my life.

atobs4real:
Imagine u paying times 2 plus of that amount.
Opay or ease money no nice.
Our leaders caused all this shit

Honestly