Lawyer Shares 5 Things Many Don't Know About Most Loan Apps, Cautions Nigerians: "Listen Carefully"
- Barrister Confidence Aribibia, a Nigerian lawyer, has highlighted certain things that she believes many are afraid to say about most loan apps
- According to the lawyer, some of the loan apps that people panic about operate in the dark, as they are not even licensed by the Central Bank of Nigeria
- In a lengthy post, the legal practitioner listed some information that many might not know about most loan apps, exciting Nigerians
A Nigerian lawyer, Barrister Confidence Aribibia, has opined that most loan apps that threaten people thrive on the fear of their unsuspecting users, ignorant of the law.
Barrister Confidence, in a Facebook post on April 13, noted that some of the loan apps people panic about are not licensed by the Central Bank of Nigeria and, as such, operate in the dark.
Source: Getty Images
"...Some of those apps you’re panicking over are not even licensed by the Central Bank of Nigeria. They are operating in the dark. No proper office. No real structure. Just pressure, threats and fear.
"Once you delay payment, they start calling everybody in your contact, sending shame messages, threatening you like they own your life and you’re there shaking..." the barrister wrote.
Lawyer's message to Nigerians about loan apps
In her Facebook post, Barrister Confidence stressed that some of the loan apps cannot sue you for defaulting on loan repayments because they are operating outside the law.
She added that an unlicensed loan app has no legal right to charge interest.
"...Listen carefully.
"Those apps you’re afraid of, they cannot take you to court. Because to go to court, you must come with clean hands. He that seeks equity must come with clean hands. How do you enforce the law when you are operating outside it?
"And here is the part nobody tells you. An unlicensed loan app has no legal right to charge interest. Yes. No licence no legal backing for those outrageous interest figures they keep adding..."
According to the barrister, most of the loan apps are not properly registered to operate, are not licensed to lend money, cannot legally enforce the exorbitant interest they charge, cannot blacklist your Bank Verification Number (BVN) and cannot properly report you to credit systems.
She urged Nigerians to stop being intimidated by loan apps that are not operating legally.
"...They survive on one thing: Fear.
"The moment you understand that, half of their power disappears. I’m not telling you to run away from your responsibility.
"But I’m telling you this for free. Stop being intimidated by people who are not even operating legally..."
Source: Facebook
See the lawyer's Facebook post below:
Loan apps: Mixed reactions trail lawyer's advice
Legit.ng has compiled some reactions to the lawyer's advice below:
Francis Emmanuel More-Blessing said:
"While you tell people not to be intimidated by these loan app, our people too shouldn't not take advantage of them , as far wen people borrowed the money,at least the money rescued them at that moment of pain 🤷.
"That's humanity.
"At least if the interest is too much to pay, let's pay the exact money we borrowed."
Mimi Elle Olubunmi said:
"U can also advise they avoid taking a loan they can't pay back. But loan can be person to person as long as it can be proved with correspondence tenable."
Obinna Ugboaja Africantallestman said:
"If you borrow money from anyone whether the person is licensed to lend money or not, endeavor to pay back as agreed."
Lukumon Onimama said:
"Yes ooo.. l borrow 95000 thousands naira.they Said l will pay 150 + thousands naira which l agree. And l have pay back about 80 or more than... because things get as be this days... they are now adding daily interest like say tomorrow no dey..when them called me.l told them to stop put daily interest that is making fear to even pay the money...now instead of 70 thousands naira balance the money now don go back to something 150 thousands naira again..they want to kill person ni oooo wallahi."
Sam Emerald said:
"This is one of the most useful information you have shared with laymen. Here in Kenya we say, Your Reward is in Heaven."
In a related story, Legit.ng reported that the FCCPC had denied approving 48 new loan apps.
Lawyer's advice on handling loan apps
Meanwhile, Legit.ng previously reported that a lawyer had advised Nigerians on how to handle loan apps.
The lawyer shared that when loan apps call people because of their contact's debt, such persons can sue.
According to the legal practitioner, the fact that loan app representatives hide behind phone calls does not mean that they cannot be sued.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
