Business School Founder Shares 7 Steps to Escape Loan App Debt in Nigeria: "This is Your Weapon"
- The founder of Pulseford Business School, Iking Ferry, has stated that escaping loan app debt is possible, and he shared step-by-step ways to actualise this
- According to him, many loan apps in Nigeria behave like debt collectors, street thugs and emotional terrorists, instead of being normal lenders
- He claimed that many loan apps use fear as a weapon against their borrowers, adding that they do not just want their loan repaid but are after your confidence, mind and peace
Iking Ferry, a financial literacy advocate who founded the Pulseford Business School, has spoken out against what he calls the weaponisation of fear by most loan apps.
In a Facebook post in January, the business school founder claimed that most loan apps behave like street thugs, emotional terrorists, and debt collectors.
Source: Getty Images
In a Facebook post, Iking claimed that most loan apps are not just out to collect their money, but also to rob their borrowers of their minds, confidence and peace.
Ways to escape loan app debt
Iking explained seven ways people could escape loan app debt in Nigeria. His step-by-step explanation goes thus:
1. Stop fear first
I’m telling you this as your financial mentor:
No debt is worth your life.
If you have fainted twice, it means:
Your body is already in emergency mode.
So from today:
Put your health first.
Eat well.
Sleep.
Reduce stress.
Talk to your wife openly.
Don’t carry it alone.
2. Write your full debt list
You cannot fight what you don’t understand.
Write everything like this:
1. Loan app name.
2. Amount borrowed.
3. Amount they want you to pay.
4. Due date.
5. Penalty per day.
6. Total outstanding.
Bring it out from your head and put it on paper.
In finance....
Debt inside head = depression.
Debt on paper = strategy.
3. Stop borrowing to pay borrowing
This is where most people die financially.
They borrow from App A to pay App B.
Then borrow from App C to pay App A.
Now they are owing 6 apps.
Brother… That is how people enter loan app prison.
STOP IT TODAY.
No more borrowing from a loan app to solve a loan app.
4. Negotiate like a human being, not like a beggar
This is how you will message them:
“Good day. I acknowledge the debt.
I am currently financially down due to health issues.
I can pay ₦X weekly/monthly.
I’m requesting a restructuring and a waiver of penalties.
If you agree, I will start payment immediately.”
Then you wait.
If they refuse and keep abusing you…
Do not argue.
5. Pay principal first (this is a secret)
I am telling you this as an accountant:
Loan apps will frustrate you with interest.
But the truth is:
Many times they can reduce interest, but they won’t tell you.
So your strategy is:
Start paying small-small but consistently
Even if it is:
₦5,000 weekly.
₦10,000 every 2 weeks.
₦20,000 monthly.
Because consistent payment gives you power in negotiation.
Once you pay part of principal:
Your fear reduces.
Your confidence increases.
Their threats reduce.
6. Take back your phone
Loan apps operate through phone access.
Do these immediately:
Change your passwords.
Remove app permissions (contacts, media, calls).
Block abusive numbers.
Put DND if necessary.
Inform family members:
“Anybody that calls you about loan, ignore them.”
That shame tactic works ONLY when you’re hiding.
Once you’re bold, it loses power.
7. Create a 'debt exit plan'
This one is practical:
From any money that enters your hand, divide it:
Bucket A: Food + health + transport (survival).
Bucket B: Debt payment (consistent).
Bucket C: Small savings (even ₦500 daily).
Yes, save small.
Because if you don’t save small, one emergency will send you back to loan apps again.
Source: Facebook
See his Facebook post below:
Loan apps: Man's advice gets people talking
Legit.ng has compiled some reactions to the man's advice below:
Jimmy Jay Fallon said:
"Sometimes when they tell you to pay a certain amount and they will clear the whole debt, after making payments they won't honour the agreement. I know how to handle them better now."
Promise Fajilade said:
"Them no reach to put me in depression infact na where I go borrow 300m like this I dey find and if I like I no go pay back... Na money I borrow no be person kidney meanwhile I no thief, we plenty wey dey owe and even if na only me... That makes me unique."
Nonny J said:
"Debt steals tomorrow to decorate today.
"Freedom begins when you stop financing comfort with future income.
"Freedom from debt starts with self-control."
In a related story, Legit.ng reported that a lawyer had shared five things that many people do not know about most loan apps.
5 ways to fight back loan apps
Meanwhile, Legit.ng previously reported that a lawyer had mentioned five ways Nigerians can fight back against loan apps.
According to her, a loan app messaging your mother because of N15k is not a loan reminder, but a crime.
She highlighted five things that the Nigerian law prohibits loan apps from doing to borrowers.
Source: Legit.ng
