Lady Who Borrowed N48,000 from Loan App Cries out over How Much They Told Her to Repay in 6 Days
- A Nigerian lady has publicly criticised a loan app over its 'outrageous' interest after lending her N48,000, vowing not to repay above what she borrowed
- According to the lady, she simply borrowed N48,000 only to find out that she is required to pay N81,000 in the next few days and on the due date, she saw a higher amount
- She shared her dashboard on the loan app, sparking conversations about the outrageous interest loan apps charge their borrowers
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A lady has cried out on social media after seeing the amount that a loan app asked her to repay in six days for lending her N48,000.
In a video Legit.ng sighted on X, the displeased lady, who spoke both in English and Yoruba, tackled the loan app, saying the interest is too much.
Source: Getty Images
Amount loan app asked lady to repay
Narrating her situation with the loan app, the unidentified lady said she borrowed N48,000 and was required to repay N81,000 in the next six days.
However, on the due date of the loan, she found out that the interest has increased to over N88,000. She vowed not to repay beyond the original loan amount.
"I am calling out a loan app. I think I borrowed N48,000 or N45, 000 from you and I am asked to pay N81,000 in the next six days.
"The interest is too much...Today is just one due date, and I'm seeing N88,870 interest. Who will pay that money? I am not joking with you guys, before you post me that I have HIV, I quickly decided to call you out.
"I will not pay the money. I have already reached out to their mail and they have not replied me. Go and remove that money.
"N48,000 was the amount in my account, and that is what I would repay to you guys," she said in a video reposted on X by @vslkemo.
Barrister speaks on common borrower mistakes
Speaking exclusively with Legit.ng, Barrister Chisom Darlington Madubuike, an associate at G Elias, shed light on the common borrower mistakes and what one should check before accepting a loan.
"The biggest mistakes are borrowing from unregistered loan apps, granting broad data permissions without reading them, and focusing only on the headline interest rate while ignoring fees and penalty charges.
"Therefore, I advise that before accepting any offer, borrowers should confirm the app is on the FCCPC's registered list, understand the full cost of credit, check what data access is actually being requested, keep records of the loan terms/agreement, and have a lawyer review such agreement for them before accepting the loan."
Source: Getty Images
Watch the video below:
Loan app: Lady's predicament sparks reactions
Legit.ng has compiled some reactions to the lady's outcry below:
@CoolioAnderson said:
"This is where a working government needs to step in. Living in the abroad is not easier than Nigeria considering the bills, in Nigeria a man takes care of all the bills alone, but in the abroad you need your partner to support you.
"Part of what people enjoy in the abroad is access to affordable loans, access to credit to buy house, buy cars, credit cards to buy things without interest that is killing."
@TigersGlory said:
"Hahaha 😆 😂.
"These loan app should be sent to jail..
"If she has 81,000 in six days, why would she bother to borrow at all?
"That's why people are not repaying.
"The loan apps are criminals."
@JohnEyitope said:
"But didn’t you agree to pay that amount before they gave you the money ??
"You had an agreement."
@DoyeenOfLagos said:
"Why would you even accept such an arrangement? That's almost 100 percent!"
@ThiagoUtdA said:
"Loan app, the interest they put is just too high I think the government really need to regulate most of this loan app because most are just scammers."
In a related story, Legit.ng reported that a lawyer had listed five things that many people do not know about most loan apps.
Lady who borrowed N35k cries out
Meanwhile, Legit.ng previously reported that a lady who borrowed N35k four months ago had cried out after seeing 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.
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 her borrowing just ₦35,000.
Source: Legit.ng
