Man Who Borrowed N8,300 from Loan App Finally Repays Debt After 3 Years, Displays How Much He Paid

• A Nigerian man could not contain his joy after he finally repaid a loan he had taken nearly three years ago
• He borrowed N8,300 from a loan company in November 2022 and thanked them for teaching him 'the hard way'
• He displayed a piece of information regarding the loan he had taken and the amount he repaid to the company

Jah Bless, a Nigerian content creator, has generated reactions on social media after announcing that he finally repaid a loan of N8,300 he had taken about three years ago.

The man tagged the loan company to inform them about his action and appreciated them for teaching him 'the hard way'.

In a Facebook post, the young man displayed details of the loan he had taken back on November 17, 2022.

Amount Nigerian man repaid to loan company

From the information he made public, he was expected to repay the loan by December 16, 2022.

Due to his failure to pay on time, the loan accrued a penalty of N14,857. The interest the loan accrued amounted to N1,494, bringing his total repayment amount to N24,651.

His post on Facebook read:

"Dear PalmPay Nigeria, I've just paid back the loan I took from you guys about 3yrs ago. Thanks for teaching me the hard way😑."

People react to man's loan repayment amount

Nneoma Nwachukwu said:

"Hahaha I borrow from tiger loan 9k to pay back 14k a week...I know meet up next week my money don reach 21k ...I leave it till they beg me to pay only 9k I borrow .... after the payment I block them."

Oby Nwa II said:

"Nothing will ever make me take loan from them again. Took loan of 3k from them last year, didn't make use of it and them been wan burst my phone with calls and messages. I jejely paid then and stay on my lane."

Oloyede Sheriff Iyinoluwa said:

"In my own case, my phone got stolen and the sim I used to open the bank wasn't registered by me so I couldn't retrieve it. I don try log in plenty times dem dey send OTP to the number wey I no get again."

Horloruntoba Abigail Gold said:

"I also borrowed 8k for one month but I actually paid them back within two weeks, though I wanted to pay the money once but it's not working so I paid within two weeks but the interest was like 6k plus the 8k I borrowed making it 14k plus..... I was very annoyed cause I don't understand how the interest is up to that amount within 2weeks of paying back there money because I don't want wahala and that's my first time of borrowing money..... I vowed not to try such again 😠."

Ifeanyi Mimi said:

"My own is 7,800naira. They don tell me watin no good. Insulted me. Call me names. Threaten to post me all social media."

Charles Tailor said:

"Borrowed 65k and it accumulated to over 200k. Money wey never reach 1yr. I Kuku leave am for there."

Qoyum Adebayo said:

"I owe palmpay 15k,nd in jst 10 months after it turn 90k,,,wen someone mistakenly sent money to the acct like dis,,dem deduct the full 90k straight nah then i knew the meaning of u will learn the hard way."

Analyst blames neglect, warns of borrower risk

Financial analyst David Olujinmi has said the man’s three-year struggle to repay a ₦8,300 loan points to issues in Nigeria’s lending system.

He told Legit.ng that the issue likely isn't the interest rate, but rather the borrower's handling of the loan, as some people tend to ignore the debt, allowing the interest to accumulate over time.

"It just makes the lending environment quite difficult even for people who want to truly borrow and pay back,” Olujinmi noted.

Law on business activities in Nigeria

According to the Companies and Allied Matters Act (CAMA), any business, including money lending platforms in Nigeria, must be registered with the CAC to operate so they can be recognised as legal entities.

In a related story, Legit.ng reported that a man had cried for help after a loan app demanded a N4.9 million repayment.

Man owing loan app for years laments

Meanwhile, Legit.ng previously reported that a man owing a loan app for two years had cried out after redownloading the application.

He found out that his debt had climbed to N1.4 million. When he noticed the amount, he took to Facebook to ask the lawyer for a solution.

A barrister advised the desperate man to sort out the loan issue urgently as it could affect his credit score and deny him opportunities.

Joseph Omotayo, the HoD of the Human Interet Desk, contributed to this reporting adding CAMA law on operating businesses in Nigeria.

Editorial assistant Ololade Olatimehin provided exclusive commentary from a financial expert for this report.

Source: Legit.ng