A Nigerian lady has publicly called out a loan app after borrowing N48,000 and discovering that she was required to repay N81,000 within six days, with the interest later climbing to over N88,000 on the due date. She has vowed not to repay any amount beyond the original principal.
Lady Details Loan App's Outrageous Interest
In a video shared on X (formerly Twitter) and reposted by user @vslkemo, the unidentified woman, speaking in both English and Yoruba, expressed her frustration. She stated that she borrowed N48,000 or N45,000 from the app and was told to pay back N81,000 in six days. However, on the due date, the interest had increased to N88,870. 'The interest is too much,' she said. '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.'
Social Media Reactions Highlight Predatory Practices
The video sparked widespread reactions on social media. User @CoolioAnderson commented: 'This is where a working government needs to step in... In Nigeria a man takes care of all the bills alone... 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.' User @TigersGlory remarked: 'These loan apps 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.' Others questioned why she agreed to the terms, with @JohnEyitope asking: 'But didn’t you agree to pay that amount before they gave you the money?? You had an agreement.'
Similar Cases of Loan App Exploitation
This incident is not isolated. Legit.ng previously reported a case where a lady who borrowed N35,000 four months ago saw her loan balance rise to N140,000, despite borrowing only N35,000. She described the interest and additional charges as excessive and called for loan apps to be shut down. In another related story, a lawyer listed five things many people do not know about most loan apps, emphasizing the need for regulation.
Call for Government Regulation
Many commentators have called on the Nigerian government to regulate loan apps, citing exorbitant interest rates and predatory lending practices. User @ThiagoUtdA stated: '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.' The outcry underscores the financial strain on borrowers and the urgent need for consumer protection measures in the digital lending space.
