Man Who Took N44k Loan in March Complains As It Turns to N54,000

• A Nigerian man has detailed the experience he had with a loan company after he borrowed N44,000 in March 2025
• According to the man, he could not pay the loan when it was due, so it resulted in many more charges on his head
• He said instead of the N44,000 he borrowed, he paid N53,000 and an additional N21,000 as fine for the overdue loan

A Nigerian man has advised people to avoid taking loans from loan apps since it comes with many complications.

The man made the comment on X after he took a N44,000 loan, which suddenly jumped to N53,000 due to service charges and interest.

According to Onye Madu, on March 2, 2025, he took a loan of N44,000, which was disbursed into his bank account by the loan app.

After the money was disbursed to him, he realised that the amount he was going to repay was N53,000 instead of the N44,000 he collected. This was due to service charges and interest on the money.

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Man pays more than he borrowed

When the loan was due in April, he could not repay as agreed. The loan app started adding 2% charges on the loan. But the man said the overdue charge was supposed to be 1%.

Madu said:

"At first, I was chatting with a representative. She told me a different thing totally from their statement of percentage. She said it is 2% rollover fee on overdue amount charged, while their stated percentage is 1% rollover fee after overdue amount charged."

By the time he was able to pay the principal amount he borrowed, the overdue charges had reached over N21,000.

He said after paying:

"I finally paid my loan today of about 44k that amounted to 53k plus. After paying off my loan the next thing that happened surprised me."

After managing to pay back the loan and the overdue charges, the man lamented that the loan app tried to trick him into borrowing another money, but he resisted the temptation.

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He said:

"I nearly fell for the trap of getting another loan without me knowing that he was tricking me into taking money that I didn’t plan. It is very wicked of your representatives to trick citizens to take loan that they’re not ready for."

See the post below:

Reactions as man pays off his loan

@Izuchuk25008589 said:

"The day money point or any loan platform will call me to take loan. Blood go flow on that phone call."

@Philips452397 said:

"This is just crazy. Even after paying back a loan I got on the due date, they've refused to allow me take another, yet they were calling a thousand times as though it was even up to a day overdue or more."

@darkpikin4real said:

"Easybuy tricked me into collecting a loan of about 300k that I didn't need, worst is they paid it into an account I was owing the bank and wasn't ready to pay. I tried everything to stop the transaction for where! I have earned them never to call my line ever again after clearing."

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Opay customer shares account statement

In a related story, Legt.ng reported that a Nigerian man shared his bank account statement on social media to show people how much he made in the year 2024.

The Opay account statement shows that the man, Emerienwa, made N2,045,921.53 in 2024, but he almost spent it all.

The statement shows that Emerienwa was debited 1268 times, and he spent N2,045,765.13 in the just-concluded year.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng