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Opinion: Reasons Why Loan Apps Are Doing More Harm Than Good In Nigeria

At times in life, things get tough and you have to look for other means to sort things out most especially in terms of finances.

Almost everything in life is connected to money and this includes academics, business, relationship, and so on.

For every loan, there are always the interest, and due dates but what happens when you are unable to pay on the due date because of one or two reasons?

Some of these loan companies are not even Nigerian companies and the moment you are unable to pay their money, then they start calling your contacts, threatening to disgrace you and putting your picture and details on social media.

This shouldn't be so because the customer's contacts weren't there when the transaction was taking place, so why bothering innocent people?.

You have the defaulters bvn (bank verification number), phone number, email, name, and picture. That is where the law comes in.

Also the interest is just too much but no one is talking about it. They are making profit by putting out interest rates because Nigeria is a poverty-stricken country, so people are always forced to go for these loan applications despite knowing the risks and implications of what can happen if they don't pay on time.

Another thing is the fact that it is very addictive, once you are qualified and you receive your first loan, and you are successful in paying back on or before the due date, there is a high probability that taking loans will be the first thing you will want to do when you have any slight financial challenge.

Let's not forget the fact that all you need to access the loan is your mobile and they accept your request in minutes if qualified is another crazy thing about it.

If these companies can't be banned and put out of circulation, then I will suggest that some certain measures should be put in place and these include, the introduction of extra days after deadline, reduction of the high interest rate, no interference with the customer's contacts list, and desist from the use of vulgar and derogatory words from the company to the customers.

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Content created and supplied by: Ademikunleh (via Opera News )



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