Young Man Who Playfully Took N10k from Loan App Cries out after Seeing How Much He's to Pay back
- Via the OPay third party loan feature, a young Nigerian man jokingly applied for a N10k loan but is now regretting it
- The Nigerian youth is in regret because of the total amount he is expected to return to the financial services platform
- Lamenting on social media, he said he is looking for someone who would share the money with him
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A Nigerian youth, identified on Facebook as Collins Chelsea, has cried out on social media after taking a N10k loan via the OPay loan feature (provided by a third party).
Narrating how he took the loan, Collins said he played around with the OPay third-party loan feature for the first time and saw he could borrow up to N10k.
Source: Facebook
The young man followed through with the loan application and was credited N10k.
Man in regret after playfully taking loan
Sharing a screenshot of his OPay loan dashboard, Collins lamented that he is expected to pay N11,953 by April 24, adding that he is looking for someone to share the money with.
A look at Collins' dashboard showed the interest on the loan he took is N1,953. Collins wrote:
"🚨For the first time I open my OPAY loan feature just de play with am, I come see say I fit Borrow up to 10k oyana I come press am baba e come drop.🥲
"I'm to pay 11,953 April 24th.😔
"Right now I'm looking for who to share the money with... Omo."
Source: Facebook
Man's loan experience generates buzz
Uche Ransomez said:
"Am here ooh.
"Give me 2k to pay 3k."
Ed Jamescfc said:
"Send me I go pay back next week."
Engr Okoye Sommy said:
"Dem say my own na 60 days... I can't payback in 30 days. And that 60 days dey more expensive."
Isaiah Lubem ĐesţinyChilđ said:
"I borrowed N85k last week e still dey my account 😆.
"Their interest is 14,500.
"That is I'll pay 99,500😞😞."
Utd Gabbi said:
"Abeg share with me I go give you at the end of the month."
Fantasky De Punter said:
"Remember me boss , make least come my opay🥺, nigeria police done freeze my acc."
A further look at the man's screenshot showed that the interest rate of his loan is 19.8%, and the maximum amount he was eligible for was N10,000. The lowest his loan access was N2,000.
While the dates applied and received the loan were not disclosed, he made his post on Wednesday, March 26. Also, since it was a 30-day tenure load, his expected payment date showed he applied for the loan the same day as the post.
Interest rates on loans in Nigeria
According to CreditNigeria, interest rates on personal loans are not the same, as they are very negotiable.
It says commercial banks offer between 12% to 22%, while online vendors' rates could go from 10% to as high as 30%. It pegged microfinance banks' rates at 15% maximum, where the lowest is 5%. Peer-to-Peer platforms could charge a rate between 10% to 20%.
Herlem Solicitors noted that banks could charge 1% management fee on new and renewed loans taken by the borrower.
In a related story, Legit.ng reported that a man who took a loan of N44k from a loan app complained online after it turned to N54k.
Man owing loan app N80k cries out
Meanwhile, Legit.ng previously reported that a man owing N80k had cried out online after redownloading the loan app two years later.
The amount he saw after redownloading the loan app blew him away, and he sought the advice of a barrister. Responding, a barrister advised him to sort it out now.
"My dear you sort it out now cos it will not stop increasing which will affect your credit score so badly and you will out from many opportunities in future... They wi bring it down it down to 50% for you. That's the only option and they may also not agree to your plea. It's their right. They have the power to accept or reject your plea..." the barrister wrote.
Joseph Omotayo, the HoD of the Human Interest Desk, contributed to this article, adding details about the man's loan and interest rates on loans in Nigeria.
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Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
Victor Duru (Editor) Victor Duru is a Reuters-trained award-winning journalist with over 4 years of working experience in the media industry. He holds a B.Sc in Management Studies from Imo State University, where he was a Students' Union Government Director of Information. Victor is a human interest editor, strategic content creator, freelancer and a Google-certified digital marketer. His work has been featured on US news media Faith It. He can be reached via victor.duru@corp.legit.ng
Kola Muhammed (Copyeditor) Kola Muhammed is an experienced editor and content strategist who has overseen content and public relations strategies for some of the biggest (media) brands in Sub-Saharan Africa. He has over 10 years of experience in writing and (copy)editing.
