Expert Review
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Swiftnaira
They'll shoot off SMS to your contacts, saying you owe them money.
Brace yourself for a barrage of nasty WhatsApp messages if you're just a day late.
Their repayment plans usually last between 6 to 14 days, making it a real struggle to pay up.
Expect overdue interest rates of 5% to 7% per day, pushing you deeper into debt.
Don't bother paying them back once they tarnish your name. They've already got what they wanted.
Since they're not licensed, they can't take legal action against you. Their only weapon is to smear your reputation.
Avoid borrowing from other loan apps to settle your debts; you'll only dig yourself into a deeper hole.
Use Truecaller to screen and block their calls, sparing yourself unnecessary stress.
The best way to break free from loan sharks is to stop borrowing altogether.
Block them on WhatsApp and report them directly to WhatsApp and Google Play Store to protect others from falling into the same trap.
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Credit moi
Loan Agreements in Nigeria: Understanding Your Rights
Under Nigerian law, loan agreements can be deemed invalid or unenforceable in certain situations. These include:
- Unlicensed Money Lenders: Operating without a valid license from the Central Bank of Nigeria (CBN) or relevant state authorities can make contracts unenforceable.
- Excessive Interest Rates or Hidden Fees: Contracts with unconscionable terms may be unenforceable under consumer protection laws, as regulated by the CBN.
- Fraud, Misrepresentation, or Coercion: Contracts obtained through deception, misleading statements, or threats can be voidable.
- Breach of Privacy & Harassment: Loan apps that invade borrowers' privacy or engage in harassment may have contracts that can be challenged as invalid under the Nigerian Data Protection Regulation (NDPR) and FCCPC guidelines.
- Lack of Written Agreement: Loan agreements exceeding ₦20,000 (varies by state) require a written contract signed by both parties to be enforceable.
- Violation of Loan Tenure & Repayment Rules: Contracts that violate CBN guidelines on microfinance lending may be challenged.
- Duress or Undue Influence: Contracts signed under threats, blackmail, or undue influence are invalid under Nigerian Contract Law.
- Lending to Minors: Loan contracts with individuals under 18 years old are automatically void.
Understanding these points can help borrowers navigate loan agreements and protect their rights.
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Cash bus
Let me give you the lowdown on Cash bus:
They'll shoot off SMS to your contacts, saying you owe them money.
Brace yourself for a barrage of nasty WhatsApp messages if you're just a day late.
Their repayment plans usually last between 6 to 14 days, making it a real struggle to pay up.
Expect overdue interest rates of 5% to 7% per day, pushing you deeper into debt.
Don't bother paying them back once they tarnish your name. They've already got what they wanted.
Since they're not licensed, they can't take legal action against you. Their only weapon is to smear your reputation.
Avoid borrowing from other loan apps to settle your debts; you'll only dig yourself into a deeper hole.
Use Truecaller to screen and block their calls, sparing yourself unnecessary stress.
The best way to break free from loan sharks is to stop borrowing altogether.
Block them on WhatsApp and report them directly to WhatsApp and Google Play Store to protect others from falling into the same trap.
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Cash farm
Here's the lowdown on Shady Sharps like Nairabus:
- They spread rumors like wildfire: If you miss a payment, they might tell your friends and family you owe them money. Talk about embarrassing!
- They get mean real quick: Forget friendly reminders. Shady Sharps love bombarding you with nasty messages on WhatsApp the moment you're even a day late. Not cool, right?
- Time pressure is their game: They often give you super short deadlines to repay, like 6 to 14 days. Feeling the heat? This makes it hard to catch up, and boom, you're stuck in debt.
- Interest rates that bite: Imagine getting charged extra every single day you're late. Yikes! That small loan can snowball into a HUGE problem in no time.
- Don't be fooled by their bluff: Remember, Shady Sharps are often unlicensed. Their main weapon is shaming you, not taking you to court. So, don't give in to their threats – they already got their payback by hurting your reputation.
- They're like a sneaky chameleon: They have tons of different apps under different names. Trying to pay one Shady Sharp with another is a terrible idea. It's like playing whack-a-mole, but you always lose!
- Silence is your shield: Don't reply to their messages or pick up their calls. Block them on WhatsApp and report them directly to the platform and app store. Fight back by ignoring their drama!
- Break free for good: The only way to escape Shady Sharps is to stop borrowing from them. It might seem tough, but you've got this! Remember, you survived before they came along. Trust yourself to find other ways to make ends meet. Don't let them control your life!
Here are some extra tips to help you stay safe:
- Install Truecaller: This app can help you identify their calls and block their numbers. ️
- Seek help if needed: Talk to a trusted friend, family member, or financial advisor if you're struggling with debt. There are people who want to help!
Remember, there's always another way. Stay strong, stay informed, and don't let Shady Sharps like Nairabus control your life! You've got this!
Step by step guide to break free from loan apps
What you should know
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Any loan sharks that defame are never linked to the credit bureau in anyway and all they say to you are lies.
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Loan shark money cannot help solve anybody matter to better 40% - 70% in 7 days, they are simply misery compounders!! Do away with them.
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Loan Apps major aim is to make outrageous profit from people and render people bankrupt. Dont be a victim
What people are saying
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