Man Cries out for Help as Loan App Demands N4.9 Million Repayment, Shares How Much He Borrowed
- A Nigerian man who borrowed money from a loan app is seeking a way out after he was informed that his total repayment amount is N4.9 million
- The frustrated man shared the amount he had borrowed from the loan app, saying he was in a situation of life and death at that time
- Outrage has trailed the repayment amount the loan app is demanding as people offered him possible solutions
An unidentified Nigerian youth has turned to social media for help after a loan app told him he is to repay N4.9 million.
@john322226, an X user known for calling out fake punters and raising awareness on the dangers of gam.bling, posted the man's appeal on the platform after he received it in his inbox.
Source: Getty Images
Amount of loan man took
@john322226 was blown away that the loan app demanded a payback interest of N3.2 million for a loan of N1.7 million, adding that they refused the man's request for liquidation. He wrote:
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"Wow!!!😳😳 loan app gave him 1.7m naira to pay back interest of 3.2m naira which means total repayment is 4.9m😱😱he took this abnormal deal because he was in a life and death situation.he wants to pay now and asked for liquidation and they refused."
Source: Getty Images
Details on man's N1.7 million loan
According to the message the man sent @john322226, he took the N1.7 million loan out of desperation.
"I collected 1.7M and the repayment amount is 4.9M. The interest is 3.2M I needed that money so urgently as at that time my brain wasn't functioning well," the man explained.
A screenshot of the loan details from the loan app showed the loan duration was 18 months, and the man had taken the N1.7 million loan to develop his business.
The loan pricing was pegged at 191.0%, bringing the total repayment amount to N4,947,000.
See man's tweet below:
Reactions trail loan app's N4.9 million demand
@Leklek125 said:
"Jesus that loan is life and death indeed, I never see the business you will that money and able to repay 4m in 18month.
"Just try and return their 1.7m and rest.
"They are also a thief."
@TheBoyFromDelta said:
"Why accept such loan agreement in the first place, the interest rate is too high 191% that's like paying 200% as interest, duration of the loan made the interest amount outrageous, he collected it for a year and 6months, but the interest is too much."
@shankz77 said:
"Why isn’t anyone noticing that he took that money to pay back in 18 months, that’s why the total interest is that high.
"Even if they give him at 10 per month, 170k times 18 months is 3million.
"It actually adds up in my opinion.
"They ain’t ripping him off as much as y’all think."
@fobecyril said:
"If not wickedness tell me what it is. Very inhuman owners, country is hard yet you choking people."
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@Cyrusthagoat said:
"Lmfao, they have terms and conditions.
"You ignoring the terms and conditions because you were in a "life and death" situation is not their fault.
"While the interest is extravagant.
"They were clear about the what you will be returning before you borrowed it.
"You were never forced!!"
@IamV1CTOR said:
"How do you loan someone 1.7m and expect 4.9m in return? That’s not a loan, that’s financial wickedness. People are already struggling stop turning desperation into exploitation."
@Shomite said:
"Since the loan app chooses to be greedy and selfish, nothing will make me pay the loan.
"If them like make them post my noodles picture."
Nigerian man and loan shark
According to a report by ICIR, a Nigerian man, Raufu Kareem, was once bullied by a loan shark after he was wrongly credited with a loan he no longer wanted.
It was later discovered that the company was unlicensed to lend money. When Kareem pointed out that their office location was fake, they resorted to threats.
In a related story, Legit.ng reported that a barrister had shared how Nigerians could report loan apps that disturb them and falsely use their photos.
Man who playfully borrowed N10k cries out
Meanwhile, Legit.ng previously reported that a young man who playfully borrowed N10k from a loan app had cried out over the repayment amount he was given.
According to the Nigerian youth, it was his first time borrowing money on the loan app, and he did not expect such a repayment figure.
He lamented that he was searching for someone to share the money with. His post stirred mixed reactions online.
Joseph Omotayo, the HoD of the Human Interest Desk, contributed to this article, adding a report about an unauthorised loan app.
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Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
