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According to this special report by Lending Naija, debt recovery agents of loan apps in Nigeria have continued to publicly humiliate defaulting borrowers in violation of the country’s cyber laws, while lending companies charge borrowers exorbitant interest rates, pose as loan sharks, and scandalously share images of loan defaulters in Nigeria.
The International Centre for Investigative Reporting (ICIR) claims that although the Google Play Store displayed reduced interest rates and longer loan terms, users of the digital lending apps discovered that the interest rates had increased by more than 50%. The annual percentage rate of interest might range from 75% to 395%. Debt sharks start threatening these embroiled borrowers when they are unable to pay back their loan and start spreading false and malicious remarks to the public.
With the emergence of fintechs and the digital revolution in Nigeria, the unethical practice of publicly humiliating online debtors and publishing images of loan defaulters with their contacts began. Several articles by Lending Naija have been written in opposition to this unlawful conduct by fraudulent loan applications in Nigeria.
Loan apps quickly became popular due to the ease with which loans could be obtained using digital lending applications with only a few clicks, especially without the need for any type of collateral. The borrowers were unaware that the actual collateral was the hundreds or thousands of contacts (depending on the situation) on their mobile phones.
The loan apps used the numbers saved on their phones as insurance against potential default by borrowers. In essence, their reputation and dignity—or what was left of them—were to be used as collateral for loan repayment. Additionally, the portals go as far as publishing images of loan defaulters in Nigeria, making their BVN and other crucial financial information publicly available.
Loan Apps That Share Pictures Of Loan Defaulters In Nigeria
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Victims Share Their Experiences Of Loan Companies Sharing Pictures Of Loan Defaulters In Nigeria
Short-term lending applications on the Google Play Store are required by Google policy guidelines to provide borrowers with at least 60 days from the date of issuance to repay any loan. A lending app cannot share images of defaulters in Nigeria or anyplace else, according to the internet giant. The digital lenders continue to engage in this dishonest behavior. Loan collection agencies have been claiming defaulters dead and labeling them as terrorists, child rapists, paedophiles, and other unprintable names. Additionally, they spread the false information among their contacts, relatives, and friends.
Jane, a loan defaulter, remarked, “It is not a wonderful experience. To soothe herself after calling her phone contacts, the lender stated, in a mix of Pidgin and English, “Who no dey borrow? It is common for nations to borrow, including Nigeria. However, they need to have concentrated on my giving them their money rather than contacting my acquaintances. Although she was unimaginably humiliated, the psychological effect was a sense of having nothing left to lose.
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