A young Nigerian woman has taken to TikTok to openly share her distressing financial situation, revealing the substantial amount of money she owes various digital lending platforms and her desperate search for solutions before recovery agents become aggressive.
The Viral Debt Revelation
In a series of videos that have captured significant attention on the popular social media platform, the TikTok user identified as @10m_inwealth displayed concrete evidence of her mounting financial obligations. Through screenshots shared with her audience, she demonstrated that she currently owes ₦134,000 to one loan application and an additional ₦80,000 to another platform, bringing her total debt to ₦214,000.
The distressed lady explained that she turned to TikTok as a potential avenue to generate income that could help her settle these pressing debts. Her candid approach has resonated with many Nigerians facing similar financial challenges in the current economic climate.
How The Debt Cycle Began
In a follow-up video, the woman provided crucial background about how she found herself trapped in this difficult financial situation. She revealed that her borrowing journey started as far back as 2020, just before the COVID-19 lockdown measures were implemented across Nigeria.
"It all started in 2020 before the lockdown," she recounted. "I was working, everything was okay. I was on my own and I was really struggling financially and I started taking out small loans. The first loan I took was about ₦11,000 and I was supposed to pay ₦19,000."
This initial transaction marked the beginning of what would become a vicious cycle of borrowing. She described how she began using her entire income to service existing loans, which inevitably forced her to take out additional loans to cover her daily expenses.
The Breaking Point During Lockdown
The situation escalated dramatically when lockdown restrictions were imposed in Nigeria. The woman disclosed that she was unable to work for approximately two months during this period, while simultaneously dealing with the challenges of pregnancy.
"When lockdown happened, I didn't go to work for about two months and I was pregnant then," she explained. "It was very difficult for just me and my partners then."
Despite finally ceasing to take out new loans in 2023, the damage had already been done. She emphasized that some of the debts she's currently struggling to repay originated from loans taken as far back as 2020 and 2021, indicating how long this financial burden has persisted.
Nigerians Share Similar Experiences
The woman's story has triggered an outpouring of responses from other Nigerians who have faced comparable challenges with digital lending platforms. One user named @vendor in alimosho commented: "It will be well .. it's my story too ..have paid off the ones I can and still doing the needful too."
Another respondent, @Salau Adenike, shared: "I have 1 month left to settle fairm money was given 2m to pay 5.2m for 18months." This highlights the substantial interest rates and challenging repayment terms many borrowers face.
Perhaps most striking was the testimony from @SweetMaris kitchen, who revealed: "Imagine borrowing 25k to pay 45k in 7days. Now the 25k is 250k because of late fee. Omo how will I pay 250k, please ooo loan people should do better abeg." This comment underscores how quickly manageable debts can spiral into overwhelming amounts due to penalties and accumulated interest.
The conversation expanded beyond individual struggles when @Habibat mentioned: "My husband is in debt not even big debt, all together around 700k, Always in and out of d station, may God help me through," indicating how loan app debt can affect entire families and lead to legal complications.
This viral story follows a recent report about another Nigerian who celebrated after finally repaying an ₦8,300 loan taken in November 2022, demonstrating that recovery from digital lending debt is possible with determination and time.
