My Ridiculous Experience with Loan Apps in Nigeria (Sending Bad messages to my Contact list)

My terrible experience with Online Loan App company
You should be conversant with the ads that pop up on Facebook and other platforms talking about companies that offers you loan, if you’re a Nigerian.
There are many financial organizations that offers loan in Nigeria.
The beautiful aspect of it is that you don’t need to meet them face to face before obtaining a loan, you can be able to meet urgent needs with the loan and that is why many people go for it. But below are ugly experiences encountered by a beneficiary.
We will be making reference to two loan apps; Okash and Easycredit. They can easily be downloaded from playstore.
I got to know about the loan app through their ad on Facebook, as a result of my urgent need that day, I downloaded the app and filled in my details.
They offer 10k for a start and you are to pay 3k as interest for every 10k you borrow and this must be paid within two weeks after borrowed.
I really didn’t bother about the time duration as I needed it urgently. But this was my ugly experience,
Okash App contacted me via whatsapp and promised to give me a higher loan of 50k if I pay back on time, I struggled to raise the money to pay them back, but guess what? I was given #14,000 Loan in return, and worse of all is, they contacted me a day to the due date of my loan repayment and said, if I pay back early enough, they will give me 90k, that was what made me to source for the funds to pay them, but at the end, it was full of regrets and disappointment.
Making matters worse, they also it the second time, by contacting me a day to my due date and said, if I pay early they will give me 150k (by this time I know it was a lie), so I declined it. I was having some financial issues at that time which made me not to be able to pay them on the due date, so they kept calling and talking about  blackmailing me to my contacts and sending terrible messages to them on my behalf, I tried to calm them down and work towards how to pay them.
Unlike Carbon and Quickcheck, they do not allow half or part-payment, so you just have to look for the money and make sure it is complete or else they won’t take it from you. I do not pay them through their bank account transfer or USSD, as I don’t trust them, I only pay via the mobile app, which is better and more reliable.
Apart from their outrageous and overwhelming interest rate, another worse experience I had with them is, on a daily basis after the due date for payment, the interest increases by 2%, so if you are meant to pay back 13k on your due-date, and you delay for a week or two, you may end up paying 25k or even more.
I receive the shock of my life with Okash, when I delayed to make payment. Fortunately for me, someone came to buy some goods from me and paid by bank transfer into my Sterling bank account, I use my GTBank ATM Card details to register on their app and make payment for their loan, so when I received the money into my sterling bank account, I intended to make a transfer to my GTB in order to pay them back, but guess what?
They actually deducted the money form my sterling bank. I was shocked, I had to go to the bank to confirm. The banker said, they use BVN to get their money from any account associated with the BVN I entered when I signed up.
That makes me feel very uncomfortable and insecure with them, what if they had deducted more than I owe them? That’s height of cyber insecurity.
The case of Easy Credit Loan App, they also charge huge amount of money as interest for only 2weeks, and if you fail to pay, they will disturb you repeatedly with calls, they also use whatsapp to threaten you.  They promise to give higher loans when you pay on time but at the end, they do not, infact, they will even give you lower amount than the previous amount you collected, even when you did not default in payment. I had to delete the two apps from my phone.

In Conclusion!

It is good that we have the option of taking loan online from the comfort of our home, to run businesses or meet pressing need, but you have to be careful of some of these loan companies, so that they don’t make you poorer than you were before you met them, also look at their loan interest rate before you apply, some interest rate are really too outrageous and should not be considered at all!
Another humiliating aspect is the content of the messages they send to WhatsApp contacts of their defaulters. It can tarnish the image and reputation of a person, consider your options well before processing an Online loan, another terrible consequence is having your BVN Blacklisted on Nigeria Credit bearue, this is really bad, it can affect your next employment opportunity, it can also affect your from obtaining loans from government or any other offers that consider BVN before approving your financial offers.

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