"How?" Man Who Wanted to Borrow N400k from Loan App Cries out, Shows Amount He Would Repay

• A Nigerian youth has cried out on social media over the amount a loan app asked him to repay for a loan he wanted to take
• The man found the amount outrageous and appealed to an X influencer to resume calling out loan apps
• Mixed reactions trailed the amount as some people said they would go ahead with the loan, while others criticised the loan app

A man has lamented bitterly over the outrageous amount a loan app told him to repay should he go ahead with taking a loan of N400k from them.

The displeased man reached out to X influencer, @john322226, a self-acclaimed fake punters police who has also been creating awareness on the dangers of betting.

Amplifying the man's outcry, the X influencer decried how loan apps were ruining the lives of desperate Nigerians. The message he received via DM from the man read:

"Loan apps: I don't know why you stopped calling out loan apps. How can you give someone a loan of 40k to pay back 904k that is interested 504k???"

The man attached a screenshot from the loan platform. The screenshot showed that he would be expected to repay N904k for a loan of N400k.

The interest is N504k and should be repaid in 12 instalments for 360 days.

See the tweet below:

Mixed reactions trail loan app's demand

@bourby3 said:

"Me wey borrow 200k to pay 400k naso dem dey call me and I tell dem the owner of the phone don kpai unless they can go meet am 😂 😂 😂 😂 na them dey console me say they’re sorry 😂 till 3yrs dem no call again."

@JAgbontusi said:

"This was what happened to me last week Sunday o. I didn't ask for loan, these people just sent it into my account with interest of 80k plus. Like I wan mad, I nor ask for loan, why Una go come send me money wa I nor need."

@iam_McDon said:

"Once you accept a loan with all the conditions and exact repayment amount before you take the loan, you are irresponsible to come back to say the interest is too much. It is only bad if they hide the true repayment amount."

@chidiobbi said:

"My is on FairMoney app 450k to pay 990k I’m no longer answering there call make the take me to court."

@DeLight_Bearer said:

"I've been out in the streets for 1 year. Separated from my family, barely feed. Drinking garri has become a norm. If I see a loan offer like this, I will take it even if it'll cut my head off, but as long as I'll get a roof for my family and face the consequences. 💔"

@iam_Bonex said:

"The funny thing is they don’t even support liquidation amount where ,if you want to make an early full repayment on a tenured loan you won’t have to pay for the undue interests like standard lenders do . For this EaseMoni guys owned by BlueRidge Bank you have to pay everything including undue interests.

"So your only best option if you don’t want to pay this much interest is taking only a 30 days loan . SMH."

In a related story, Legit.ng reported that the federal government had approved over 100 new loan apps.

Man who borrowed N8,300 from loan app

Meanwhile, Legit.ng previously reported that a man who borrowed N8,300 from a loan app had shared how much he was required to pay.

The man disclosed it on Facebook after he finally repaid the loan, which had stayed for nearly three years.

From the information he made public, he was expected to repay the loan by December 16, 2022. Due to his failure to pay on time, the loan accrued a penalty of N14,857.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng