A Nigerian TikTok user has sparked widespread concern after revealing how a modest N16,000 loan from a digital lending platform ballooned into an astonishing N365,000 debt obligation.
The Viral Debt Revelation
The woman, who goes by the username @drannymodesa7 on TikTok, shared a video that quickly gained traction across social media platforms. In the concerning footage, she documented an incoming call from the loan company while expressing her distress about the astronomical increase in her repayment amount.
The original loan of N16,000 had somehow escalated to a demanded repayment of N365,000, though the exact reasons for this dramatic increase remain unclear from her video explanation. The borrower could be heard reassuring the caller that she would settle the amount soon, despite the seemingly impossible sum.
Public Outcry and Shared Experiences
The video's caption, "Make una help me ehh. I borrowed 16k and it's now 365k," triggered an avalanche of responses from Nigerians who have faced similar situations with digital lending platforms.
One user, @Good Ness, commented: "Omo i borrow 160k to pay 250k when i no reply them for 6 month na dem dey beg me to pay initial amount." This suggests that some borrowers have experienced lenders eventually negotiating down to the original borrowed amount after prolonged non-payment.
Another comment from @lily served as a warning: "I pity people wen nor Dey pay,sounds like joke until you reach embassy," indicating potential consequences for international travel due to damaged credit profiles.
Patterns of Predatory Lending Emerge
The comment section revealed multiple instances of similar lending practices. User @ife-unusual shared: "Me yesterday. I borrow 12k from 12k the money din enter 16k??them wan use call kill me I don Dey regret self."
Another borrower, @Bronte, reported: "Them lend me 15k to pay 18k after a week it increases to 25k. Na so I pay them 16k, they call me once in a while and I already recognize them I no pick."
User @keji offered some reassurance to the original poster: "If them see say u no pay them go reduce am to the actual amount u borrowed," suggesting that persistent non-payment might force lenders to accept the principal amount.
The situation highlights growing concerns about digital lending practices in Nigeria, where seemingly small loans can quickly transform into overwhelming debt burdens through unclear interest calculations and penalty structures.
This case follows previous reports of Nigerians struggling with multiple loan app debts, with some borrowers facing aggressive recovery tactics from lenders. The viral video serves as a cautionary tale for those considering quick digital loans without fully understanding the repayment terms and potential consequences.
