Lady Who Borrowed N35,000 4 Months Ago Cries Out After Seeing Loan Balance, Mentions Amount
- A young lady drew the attention of the public to the amount she saw as her outstanding loan balance, months after taking a loan
- She explained in the video that she borrowed money from a loan app 4 months ago and lamented online after seeing her new balance
- She mentioned in the video the exact amount she borrowed and what it had increased to after four months of non-payment
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A young Nigerian lady who borrowed a total sum of ₦35,000 panicked as she took to her social media page to share her experience after checking her loan balance.
She said in the video that loan apps need to be shut down because of the interest and the additional charges added to her loan.
Source: TikTok
Lady borrows from loan app
In her TikTok video, the young lady explained that she took a loan of just ₦35,000 and decided to check her loan balance four months later, only to see a much higher amount.
According to her, the loan balance had risen to ₦140,000 despite borrowing just ₦35,000.
Source: TikTok
Lady mentions her outstanding loan balance
In the TikTok video she posted, @sophyhair2 said:
"They need to pack up loan apps. I took a loan of ₦35,000 and within the space of 4 months, the money has become ₦140,000."
Ifeoluwa Abolade, Esq., was contacted by Legit.ng to share her expert opinion on the story.
She spoke about what a person can do if they find themselves in such a situation.
When asked what regulatory body a borrower can report an abusive or unfair digital lending company to, Ifeoluwa Abolade, Esq., said:
“Yes, so you can report to the FCCPC, the Federal Competition and Consumer Protection Commission."
“In cases where you feel like your data rights have been breached, for example, your contact numbers are being obtained or your pictures are being shared, your data has been breached. You can also report to the Nigerian Data Protection Commission (NDPC).”
She spoke further when asked the question: Can a loan app legally threaten, harass or publicly shame someone who fails to repay a loan?
Her detailed response:
“No, no, no, no. They don’t have the right to do it unlawfully. They have to recover their loan through lawful means. Harassing, threatening, or publishing a person’s information is not lawful.”
Watch the video below:
In a similar story, Legit.ng reported that a Nigerian man cried out after the N20,000 he borrowed from a loan app increased to more than N86,000 after 247 days.
He shared a screenshot of his loan dashboard online and said he was not willing to repay the amount because he believed the interest charges were too high.
In a separate story, Legit.ng reported that a Nigerian man cried out after borrowing N159,000 from a loan app for an emergency. As his repayment date approached, he said he did not have the money to pay back the loan.
He shared a screenshot showing that he was expected to repay more than N220,000 just 34 days after receiving the loan and asked other borrowers how they handled similar situations.
In another story, Legit.ng reported that a Nigerian lawyer explained that people who owe loan apps cannot be arrested by the police or other security agencies because debt is a civil matter, not a crime.
He cited provisions of the Police Act 2020 and the Nigerian Constitution, saying borrowers' rights are protected by law. The lawyer also advised anyone who is unlawfully arrested or intimidated by the police at the request of a loan app to take legal action.
Man rejects loan app's repayment terms
Meanwhile, Legit.ng recently reported that a Nigerian man refused to repay a loan app because he said its repayment terms were against the rules.
The man, Leonard IB Marcus, said he asked the loan app to let him repay the loan based on the Central Bank of Nigeria (CBN) guidelines, but it refused. He claimed the app wanted to charge him 2% interest every day instead of the 1% monthly limit set by the CBN.
Source: Legit.ng
