"This is Crazy": Man Shows How Much Loan App Asked Him to Repay for Borrowing N330k in December 2024

• A Nigerian man has gone public with his astonishing encounter with a loan app that lent him N330k in December 2024
• He had turned to the loan app in a moment of desperation, but did not expect them to charge him such a high interest rate
• Mixed reactions followed the amount the loan app asked him to repay, with some advising him not to comply

A web design teacher, Yuyu Odukoyas, was in disbelief after seeing how much interest a loan app directed him to pay for giving him a loan of N330k.

According to Yuyu, he took the loan in December 2024 because of desperation, as he did not want to beg people for help.

Amount loan app asked him to repay

Yuyu displayed his loan history details, showing that he was told to pay an interest of N415,800, bringing the total money to be repaid to N745,800.

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He said he was made to repay N745,800. The man praised the availability of overdraft.

His Facebook post read:

"I was in a fix sometime very late last year. But since I am always very reluctant when it comes to begging for help, I turned to this FairMoney app to get some ₦₦₦ to sort things out.

"I borrowed about 330,000 which was just a bit above what I needed at the time. You won't believe that I was made to pay ₦745,800 for the 330K that I borrowed.

"The interest is even bigger than the money I borrowed.

"Thank Goodness for Overdrafts now."

Loan app: Man's experience stirs reactions

Legit.ng has compiled some reactions to the man's experience with the loan app below:

Arikya Alamin Isa said:

"You actually saw the interest and still borrowed the money so why complaining now."

Godknows Chris said:

"They are all thief, I had same issue with opay Esimoni, I took a loan and they gave interest that is bigger than the money I borrowed now I am still trying to pay it off and it will be my last time to use that app."

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David Ochiama said:

"I think you stretched the repayment period. If you cut the repayment period short, the interest won't be that high."

Aniekan Okon said:

"Don't pay, wait let them report you to credit bureau, you will see that they'll report the exact amount you were supposed to repay without this overdue charges. Then you can go ahead and make repayment through the credit bureau."

Yusuf A. Adekola said:

"One of the profound reasons why God forbade usury (interest) in Islam is because it’s a subtle form of exploitation — a system that preys on the poor and enriches the already wealthy. Imagine a person in need, borrowing out of desperation, only to be burdened with endless repayment and rising interest. That’s not justice, that’s oppression. And God, in His infinite wisdom, forbade it — because He can never be wrong."

In a related story, Legit.ng reported that a man who borrowed N159k from a loan app had displayed how much he was told to repay after 34 days.

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Man laments his loan limit

Meanwhile, Legit.ng previously reported that a man had lamented his loan limit after repaying the money he borrowed from a loan app.

He stated that he repaid his N110,000 loan before the due date and was expecting a higher loan limit.

The man stated that he was expecting a higher loan limit of over N200,000. Unfortunately, he saw a loan limit of N2,000, but after opening a new account on the loan app, his loan limit was N17,000.

Source: Legit.ng