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Illegal Clauses in Loan Apps: Know Your Rights

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Timi Agbaje

52,707 subscribers

348,418 Aufrufe • vor 5 Monaten •via X (Twitter)

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Finance apps that ask for full access to contacts, messages, photos, etc. are a red flag, especially if it's a loan app. A lot of these lending apps are digital avatars of predatory moneylenders (Sudakhor in Hindi). The number of people getting fleeced by shady and illegal loan apps has gone up significantly. Many individuals caught up in the web of these apps frequently resort to drastic actions, such as suicide. For every illegal loan app that's banned, two new ones pop-up. It's become a game of whack-a-mole. What makes these apps disgusting is the fact that many of them deduct as much as 10% upfront. Then there's the fact that interest rates range from 50% to 100%, or even 200%+. It's impossible for people who borrow on these apps to repay with such usurious terms. But considering people who borrow on these apps are desperate, they don't notice the fine print. Traditional loan sharks resort to physical threats to recover money. These loan apps harass people by calling all their contacts and sharing private photos and lewd pictures that are morphed. I have always wondered: What if someone uses a new SIM and phone with no contacts, photos, or messages? What would these apps do to recover money if someone gamed this system? It's not like these illegal loan apps report to credit bureaus. To know more about the nuisance of these illegal loan apps, watch this full video on the Zero1 (Zing earlier) YouTube channel.
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VIDEO: How to report harassment from loan apps, by FCCPC The Federal Competition and Consumer Protection Commission (FCCPC) has addressed harassment particularly after loan repayment failures by giving a detailed guide on how to ensure fairness for consumers. The FCCPC in a post on the Friday, January 31 provided a guide to help Nigerians report loan apps for any case of harassment. The post reads: "Are you being harassed by loan apps or unfair businesses? "No consumer should live in fear! The FCCPC is here for you, ensuring your rights are protected and businesses play fair. "Watch this message and learn about your rights! "Lodge complaints at or email contact#fccpc.gov.ng and notify us via DM for tracking." Source: X | fccpcnigeria ---- Follow us for more breaking news and video content For more stories:
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VIDEO: How to report harassment from loan apps, by FCCPC The Federal Competition and Consumer Protection Commission (FCCPC) has addressed harassment particularly after loan repayment failures by giving a detailed guide on how to ensure fairness for consumers. The FCCPC in a post on the Friday, January 31 provided a guide to help Nigerians report loan apps for any case of harassment. The post reads: "Are you being harassed by loan apps or unfair businesses? "No consumer should live in fear! The FCCPC is here for you, ensuring your rights are protected and businesses play fair. "Watch this message and learn about your rights! "Lodge complaints at or email contact#fccpc.gov.ng and notify us via DM for tracking." Source: X | fccpcnigeria ---- Follow us for more breaking news and video content For more stories:

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