Topic: Coping with debt and the loan apps saga: (Read 137 times)

the truth is that nobody just want to take lian from lisn apps like that, it's a product of some kind of financial frustration that leads people to consider taking loans from the loan app. I have hard instances when you don't even what to know if the interest is double of what you are taking. You have a deadline to meet up and you don't have anyone one to call that can help you at that money, what should you do in that situation? Even though you don't have a means of paying the money back, the only thing you want at the instance is to get the money  , fix your problem and later you think on how to pay it back. Dime persons after they owners of the main app might have disturbed them to a point that messages start going to their contact, that's when they will have to borrow from other people just to clear out the debt.

I no sabi much about loan apps, but if this na the range of interest wey dem dey charge, then it is quite high, but the thing is, dem no force anybody to take loans from them. They are ready to release their funds, they fix the interest rate and people decide for themselves if na something wey dem go fit pay back.

I notice say too many Nigerians dey default on their loans from these loan apps, na as you post their interest rate now, na wetin make me understand why people dey refuse to pay back, but nonetheless, there is no justification for a loan defaulter, read the terms and service before taking the loan and if you'll not be able to pay, then don't take it.

This issue of loan taken has become one thing very common among students for this we country, seen to be the last option when family and friends fail to deliver at an urgent time of need. But the habit of taking a loan over and over again after a repayment, I thin a lack of much fund is always a major reason why a person after paying a loan, wishes to take another just in other to be able to afford the basic things he/she needs for the main time. While secondly, I will also blame loan apps for the high number of debt rates, and the reason is simply because when a user tries to clear his debt & has a good credit score, a loan app will keep disturbing such user that he/she has been qualified to apply for a higher loan amount.   

Using loan apps is not advisable to be honest, my own personal experience self don make me learn lesson big time, I don use loan apps in the past sottay at a point, I no fit pay the loan wey they give me again, I come delete the app, but this people never stopped disturbing me, and the worst part be say, I don already pay them the actual amount of money wey them borrow me, na just the interest of five thousand naira wey dey on top na him remain, for my little mind, I think say them go leave that one for me if they discover say I no fit pay am, but for where? This people disturb hell comot for my body, anywhere I dey, they go dey call me, if I block their line, they go use another line dey call me, this thing happen for, I think, 2017, but they call me till 2023 this year, God help me, I begin dey see money, so I decided to just pay them their money so I that I fit get my peace, and today, I dey always try my best to discourage anybody wey come meet me tell me say they won borrow money from loan app, such things no work I swear, and it's addictive like gambling, this is the worst part.

I wonder how loan companies make back their money because a lot of Nigerians owe guys and don't pay back but if you owe the back there is no way that the bank will not take over your property because there was an agreement between you two, owing is not difficult to pay just depend on the personality taken the loan if any loan is taking then the loaner should be considered too because given out loan is a risky business, some people will deliberately don't want to pay, and it is also a habit if you owe should pay or before the agreed day you should start making plans on how to pay back and with that habit, once you borrow the money you will always want to pay back with no issues.


There are times when everybody undergoes challenges if not for that there would be no need to take loans except for those who missed the opportunity to take loans from apps and do not want to pay,  and the interest rate is always judged and there is a way you pay loans and you don't feel it that much if you don't have the complete money you can always, make payment gradually till when you will finish paying. and loan apps are always bringing good offers for loans but don't fall for them if your problem is solved then you can leave their app staying there will just give you more access to loans and if you not careful you might find it hard to pay back.

You are not the only one with financial problem in this life, every living in this life prominently has one or two they are dealing with everyday but they give priority to them one after the other, you cannot solve all the problems of this life, just focus on the important one and live the rest for the day but most importantly, don't joke with your health, make sure you take care of your health before any other aspects d life.


Loan should be alternative to solve emergency situation and not a constant place to borrow fund to meet your wjs goals. I specifically know about a guy that took loan from different loan micro banks to the point he virtually owe majority of all the loan app in Nigeria. He will take loan from one app ate the money, goes to another one to take another to pay the first one and the circle continue until he has accumulated debt of ₦500k and after the due date, he couldn't pay back the money because he is jobless and don't have work. Later the loan companies were threatening him to pay back else they will publish his name, even called most of his contact to report him, it was a shameful experience and that's why you should never take loan if you don't have another means to pay back.

This is a very serious case, as it even look like these loan apps uses diabolical means to people they give loan to. You will take a loan from them and you will be finding it difficult to pay back the money even if you have it and that's how the interest will be accumulating till a certain amount that they will start harassing you with unnecessary calls all the time even intrude your contacts and start telling them how you took a loan and not able to pay back me I can't advice anyone to take loan from all these loaning apps.

Loan apps are sucking demons... their greed is not of this world. How can you charge somebody 25% to 30% in one month? That is ritual money from a very strong juju. I no blame them sha, na our government and the economy I blame.

For Nigeira now, everyone is looking for ways of taking advantage of others that is why you see those kinds of wicked businesses being licensed. Conventional banks charges as low as 1.5% per month while those evil companies charge those exorbitant interest.

As much as it is possible, everyone should avoid those loan apps. It is like monkey dey work, bamboo dey chop.

Most people dey borrow money from different loan platforms without repaying their loans and they will block the ATM card of the bank wey they used to borrow the money so that the online loan platform cannot get access to their money through their ATM card.
Op, concerning this your debt issue, make you just dey in your quiet zone and think about things wey dey chop your money, or whether you dey spend your money in unnecessary things wey dey make you run in debt most times so that you will see how to reduce your debt issue.

I've seen so many people that are into taking loans from different platforms online and later were running helter and scelter because they were unable to make refundments this loan apps or website have their rules, some will keep disturbing you once the due date is reached and also try to take your case up for further investigations through the KYC informations you have provide with them, the also have your bvn numbers which links all your bank accounts together, thy may decide to withdraw their money if you are not giving them any positive response in making t repayment of your overdue loan taken from them, so my advice is for you not to start what you can't finish.

Loans are good sometimes if you know what you're doing, but before taking loans you need to have a source of income so that you can pay the loan back quickly without facing the consequences, and something you don't have chosen to borrow because you should fix some of your problems or you have a business plan that you think will bring you income and you don't have enough money to run the business that will make you borrow loans, because sometimes most people succeed in their life on taking loans to start their on busines without depending on anyone and they become rich.


Yes, being in debt can sometimes lead to further debt because you don't have enough income to cover your expenses.  If your business did not go well, you need to take another one to solve the problem, the interest is their profit and they will not stop encouraging you to come and take loads with them, and if you don't have enough money to pay back definitely you need to find another lender like bank or credit unions to pay the other one, but the most important thing is that you need to pay the loan back before the dew date, that will help you get good records with them and give you another opportunity. Some lenders encourage you to take out another loan with them in the future because the money you borrow from them will most likely be repaid with interest which is their profit, and pay your loans on time However, taking out too many loans can cause you many problems and lead to debt and financial issues.

The issue with loan for Nigeria I no know for other countries but Nigeria own dey different, I no dey blame anybody wey dey take loan from bank, individual or loan app, na who dey in need go take loan, but the interest rate dey big and na because of the interest amount some people no fit pay finish, sometimes person go pay the money finish but the interest money na still dey hold the person.
And one thing with Nigeria banks and loan, once you take loan them dey monitor you and once you pay back the loan them go bring another juicy offer wey go tempt you to borrow money and many customers dey fall for this trap, even opay and palmpay app na them go bring loan offer when person no ready to take loan
The worst part is some people will take loan from online app and decide to block the app or break the sim, things dey way people dey do for debt sha. But the most important thing is if you're not willing to pay back then don't take the loan offer.

Is difficult to pay loan sometimes because sometimes when you collect the loan just don't have the money to pay back before the due date not that they don't want to pay but once you are owing is difficult to pay back is difficult to have money it's true what you're saying just try and pay back so that they were able to borrow somebody else and wants to collect the loan cuz when you don't pay back they don't have another money to give support to any other person who need help

No reasonable person de take clear eyes to collect loan, na financial problems de make dem to consider di option. Loan suppose be last option to raise money for very important needs, like food, Heath matters and rent, no be to take do party, buy ashoebi, or di latest reigning things. Because for person to collect loan mean say di person no get dat kind money for hand, so im suppose consider how to repay di loan back, before collection.

People de make di mistake to put hope say dem get di option of loan, dat one fit make dem not to de cut cost to avoid going back for more loans. Before dem know dem go enter dept wey dem no go fit pay again, and di loan company go come de disturb people wey de di deptor contact, to Tell am to pay im loan, as if say di contacts be guarantors for di loan. Aldo your own reason for collecting di loan de reasonable, because as a student wey no get steady source of income, and you constantly need money for school matters, e no easy at all. Just try de cut cost for every expenditure, so di need to de visit loan apps go reduce.

I frown at loan apps because of the huge interest rate returns expected to be paid back. It is almost double the amount one took out in the first place and when it becomes worse is if the duration of repayment is very short.
Unless it is for immediate business transactions, loans are meant to be taken where one has the hope of earning to repay.
It's just funny how it has become more like a survival tool for both the students, unemployed and even the employed too.

Timely repayment of loans from loan apps always gives one a good credit score, that inturn make ones limit increase, but greed is what makes many not to be able to pay back the loans because they took much more than the limit they know they can payback.

this matter wey you dey talk so no be play oo, some persons deliberately collect loan for those loan app so that them no go pay back after dem don use the money. when it comes to student matter, normally we know say handout and textbook wey students dey buy no dey finish, and most time dem fit use this loan take cover up first before dem begin go find money. the one touch me pass na when person go call me with another line, say make i save em new number because em nor go use the old one again, as em don use am borrow up to 5k. no matter how these network dem try to make their loan trust service legit, boys go still dey manipulate am. but at the end, non of these things good because we nor know wattin go hit us for front, we nor know how technology go advance reach, e fit be say technology go reach stage wen all our online activity wey we use our legal name take register fit just build up to provide our data for assessment or screening, for maybe employment, travel visa, some online activity.... so make we try pay back.

I don't know if it's only at this stage when I'm not all that financially stable that the issue of debt has almost become a regular thing I have been experiencing, but lately I have been battling with unnecessarily debt and the more I try to fix one, something just comes up and I just find out that I'm in another one. I'm beginning to think that it's possible that being indebted brings more debt and that the whole story behind some lenders always wanting you to continuously come back for more loan is gradually getting me wondering.

I have seen guys that have become seriously addicted to taking of loans from loan apps that once they are able to settle the one they've taken previously, they just take another one and the circle continues like that. Their was a time I even used loan apps to a point that almost all of them stopped giving me loan, I know that this is a bad habit but a typical Nigerian student knows how it has always been with cash and most times taking a loan from loan app becomes the last hope of the common students. But then, there seem to be this thing I can't really explain about taking loan from a loan app that always put you in the position to always come back for more loan after clearing the old one and I would like to know if anyone shares this same view with me.

And let me also use this medium to point those that have made it an habit of always collecting loan from these apps and will refuse paying them back even after the agreed date. Na person get the   
App and na him money when you de hold so, try de pay your debt.