Loan apps in Nigeria: why you should not borrow their money


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There are many reasons why you should borrow money but never should you think of borrowing money from loan apps in Nigeria.

Loan apps in Nigeria: why you should not borrow their money

Wondering why I said so, take a deep breath and follow me on this adventure.

Gone are the days of visiting a bank before getting a loan in Nigeria, there are numerous platforms available for anyone willing to get a loan.

The arrival of loan apps in Nigeria was celebrated by millions of people including me, (the writer) due to the role they play in ensuring people are not stuck in strange situations.

Whether during financial difficulties, emergencies, business purposes or any expenses you might think of, these loan apps are available for you to access.

The fear of walking into a bank to fill numerous forms, answer questions and most importantly drop collateral was seen as an advantage of using loan apps.

Loan apps offer the simplest way of borrowing money from the comfort of your home.

The hardest thing to do when trying to access loan apps in Nigeria is gaining access to the internet to surf their website or mobile app.

Safe, reliable and easy to operate were the attributes of loan apps in Nigeria during the early days but things have changed dramatically.

The platform has become a place where no one who values their mental health should use.

Though some Nigerians are still trying to access loans from these apps, below are reasons why they should think twice before doing so.

1. Privacy Invasion

I use to think no one has access to the contacts on my mobile phone unless the network provider but I’ve realized the truth.

Loan apps in Nigeria have become famous for invading the privacy of their customers to source for their close contacts or business partners.

These close contacts are sent unethical messages about the loan borrowed by their customer despite their involvement in the deal.

As if this is not enough, some loan apps go as far as putting a call through. Despite the aggression of Nigerians toward this act, it has not stopped in 2022.

2. High-Interest Rate

Banks were criticised for their interest rate in the past but no one would have predicted the rate loan apps will offer their customers.

According to research, the interest rate of some loan apps in Nigeria increase every seven days.

Inability to pay up your loan before the stipulated time attracts interest daily, a move that should not be so.

READ MORE: How to earn money in 2022 without indulging in fraud

3. Disheartening Message To Clients

Customers are always right was a popular saying in Nigeria but that does not work with loan apps in the country.

Loan apps in Nigeria have forgotten about customer relations and they’ve been consistent in sending a disheartening message to customers.

Instead of urging customers to pay their loans, they are threatened.

Recently, an obituary picture of a customer yet to sort out his was posted on social media despite that he’s not dead.

Loan apps in Nigeria: why you should not borrow their money

4. Bad Customer Service

Loan apps in Nigeria offer the worst customer service.

The pressure and target given to their staffs have seen them carry out their duty without thinking about the reputations of the company.

In a case whereby there’s an issue of paying back your loan, hardly will the customer care answer your call.

However, they are always on hand to threaten and torment you over an unpaid debt. 

5. Your Reputation and Mental Health Is Important

The situation of things in the country might be hard and frustrating, however, if you value your reputation and mental health, it is advisable to stay clear of loan apps.


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