Best 5 Loan Apps In Nigeria Apk – If James Okapara were to review the choices he made a month ago in an attempt to revive his sick mother, he would undoubtedly avoid anything to do with online loan apps and show them everything.
The proliferation of online loan apps across Nigeria by some fraudulent and unscrupulous profiteers has become a necessary evil for many low-income Nigerians, who are forced to take loans to cushion the effects of the harsh economic realities of country. Unfortunately, many of them fall into the web of fraudulent loan apps hosted on the Google Play Store by individuals and companies to dupe low-income earners. Chijioke Iremeka writes:
Best 5 Loan Apps In Nigeria Apk
25-year-old Okpara, from Orlu in Imo State, was racing against time to save the life of his mother, who was seriously ill in a hospital bed, awaiting a blood transfusion. He manages to rescue his mother from the cold hands of death, but he is unable to escape the tragedy that follows because he is unable to repay the loan he took to get his mother back on her feet.
Top 15 Best Investment Apps In Nigeria For Nigerian To Invest 2022
The brilliant young man, a talented drummer, regretted it when he downloaded the NCash online loan app on his Android mobile phone.
According to an eye witness, Mr. Solomon Forjesus, Okpara was forced to borrow N26, 000 on November 4, 2021 to buy blood and was required to repay N35, 100 on or before November 10, 2021 (within six days ) or risk. Being embarrassed and humiliated by the app’s debt collection officers.
Unfortunately, Okpara was unable to meet his repayment obligations within six days, bringing the total amount repayable to N35, 100 with interest of N9, 100 on a loan of N26, 000.
Based on a promise made to him by a good Nigerian, the young man full of life hoped to move abroad for greener pastures. On the day the loan was expected to be repaid, he went to the village to see his recovering mother. Along the way, he desperately tried to repay his lender by transferring money online, but was unable to do so successfully due to network glitches.
Vivavideo Premium 7.12.5 Hacked/cracked Mod Apk Download 2021
After returning to his hometown, Okpara was still unable to repay his loan when he received a message from the loan app’s customer service officer demanding a refund.
After Okpara was unable to respond accordingly, the debt recovery officers began to embarrass Okpara and his contacts by sending hostile messages. In the messages, Okpara was tagged as a fraud and members of the public were advised not to have anything to do with him.
Sadly, the man who sponsored his trip abroad received hostile messages, and after reading that Okpara was a fraud, withdrew the plan. He stayed far from Okpara because of the messages.
Okpara’s dream was dashed after several failed attempts to get his sponsor to see the situation from a different perspective. He was emotionally broken and went into a mental breakdown. And that was the last straw that broke the camel’s back.
Best Loan Apps In Nigeria (2022)
It turns out that he missed such a life-changing opportunity and with the humiliation that followed, his blood pressure rose and he died. There is no thanks to the harmful online Shylocks loan debt recovery drive that is spread all over the internet.
To resolve what happened to Okpara and how acts of shame and embarrassment affect borrowers, clinical psychologist, Dr. Kandifidele Onwuraokoye said such experiences can lead to psychological trauma, which can be fatal if not addressed immediately.
“The unusual treatment of these online loan applicants has resulted in abuse likely to lead to post-traumatic stress disorder. Remember that they are already stressed before they get a loan to clear their head. Overstraining them can lead to this condition, and if help is not immediately available, it can be fatal.
“It can lead to suicidal tendencies and even suicide. This may be the explanation for what happened to Okpara and if this approach to debt recovery is not addressed, it could happen to more people,” he said.
Top 15 Best Loan Apps In Nigeria That Offer Quick Loans In 2022
Other Nigerians have suffered a similar fate at the hands of online lenders. Many people make their way through this on a daily basis, unfortunately the inconsistencies have not yet been resolved by the regulatory bodies.
Their investigations showed that the two evils from the impact of the Covid-19 pandemic and the strangulation of government policies are driving unemployed and underemployed people to borrow for maintenance, not knowing where the repayment funds will come from.
“The two tragedies that are destroying Nigeria are the increase in prices of goods and services in the country without providing employment opportunities, or increases in wages and salaries. The situation will worsen next year as the government plans to raise fuel pump prices,” said Able Ndukwe, an economist.
He noted that many low-income Nigerians have resorted to borrowing to survive due to job losses and salary cuts due to the pandemic. Unfortunate people fall into the trap of fraudulent loan apps.
Best Loan Apps In Nigeria 2022 [latest!]
“While there are other real loan apps, predatory digital loan apps are covered as platforms where one can get an instant loan without any collateral other than Bank Verification Number (BVN), name, photo and video recording permission request, location access, touch the device. , media and files,” said the economist.
It has been learned that some fraudsters, especially amateur cybercriminals, are deliberately hosting online loan apps so that they can get the personal information of suspects to their banks so that they can catch their next victims.
They require borrowers to repay the loan within seven to 15 days with higher interest than the 91 to 365 days shown on the Google Play Store before they download the app. It violates the Google Play Store rules updated in August 2019.
An investigation revealed that the Google Play Store does not allow apps that promote personal loans where loan applicants are expected to repay the loan in full within 60 days or less than 60 days. Why the rule is not being enforced is a question that is bothering many borrowers.
List Of Fake Loan Apps In Nigeria 2022 [ List Of Fake Loan Companies In Nigeria ]
“We do not allow apps that promote personal loans that require full repayment within 60 days or less from the date of loan issuance (short-term personal loans). This policy applies to apps that offer direct loans, lead generators and those that connect consumers with third-party lenders,” the Google Play Store policy reads.
Meanwhile, most of those who downloaded these apps regret their actions. Some are torn. They are currently asking the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC) and law enforcement agencies to intervene and protect them.
“My experience with Easy Credit has been the worst. One day after my due date a girl called and threatened to tell all my contacts that I have Easy Credit. Immediately, I transferred N10, 000 to Easy Credit account but it was not treated,” said Akpotu Ifeturi, the victim.
She claimed that after repaying the N10, 000 she borrowed, she was being charged 1.5 percent interest on a daily basis, late repayment.
Zash Loan App: All You Need To Know
“I keep getting messages about interest charges until it adds up to N59,000 in a month. The N10, 000 I paid earlier never showed up. One morning all the money was cleared in my account, but no one said anything to me. I also sent proof of payment, still no response. I hate myself for using this app. They are deceived,” she said.
Also, to promote his business Mr. took a loan from Fair Money. If Benjamin Udoh’s story is anything to go by, Nigerians who get loans from these apps are in trouble.
Udoh, a trader, borrowed N200, 000 from Fair Money and was required to repay it with 50 percent interest within three months or risk having his personal bank details shared with the public. With 50 percent interest, he was to repay N300 in three months at the rate of N100, 000 per month. Udoh returned N100, 000 in the first month, but in the second month, he returned N50, 000 blaming poor sales.
As a result, he went into default for a few weeks, and while this was happening, he received calls and emails from the app team asking him to offset his debt. One of the messages reads: “Dear Benjamin, your N200, 000 Fair Cash Loan is three weeks overdue. A late payment fee of 1.5 percent per day is charged for late payment. Log in to make a refund.”
Shame, Suicide And The Dodgy Loan Apps Plaguing Google’s Play Store
Although he asked for more time to repay the Fair Money email, late payment interest of 1.5 per cent was activated and added to the loan daily, making it more difficult for him to hand it over.
“As a result of a loan of N200, 000 for which I was to pay N100, 000 as interest for three months, I spent N230, 000 for five months of service interest.
Best instant payday loan apps, how to get loan online in nigeria, get loan in nigeria, education loan in nigeria, best loan giving apps, best loan apps like dave, loan in nigeria, easy loan in nigeria, best loan apps 2021, best personal loan apps, quick loan in nigeria, best payday loan apps