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  Rocket loan plus

  Category: Mild Loan

  Interest rate: 35%

  Legality of the Agreement

  Under Nigerian Civil Law, particularly in the context of money lending and microfinance banking, a contract may be considered invalid, unenforceable, or void in the following situations:

  1. Illegal or Unlicensed Money Lender

  According to the Money Lenders Act, any money lender operating without a valid license from the relevant state authorities or the Central Bank of Nigeria (CBN) is illegal, making contracts with them unenforceable

  2. Unconscionable or Exploitative Terms

  Contracts with excessive interest rates or hidden fees may be deemed unconscionable and unenforceable under consumer protection laws.

  The Central Bank of Nigeria (CBN) caps interest rates for microfinance banks and regulates fair lending practices.

  3. Fraud, Misrepresentation, or Coercion

  A contract is voidable if the lender used deception, misleading statements, or threats to force a borrower into signing.

  Section 19 of the Money Lenders Act states that fraudulent or deceptive lending practices can make a loan agreement unenforceable.

  4. Breach of Privacy & Harassment by Loan Apps

  Loan apps that invade borrowers’ privacy by sending defamatory messages to contacts violate the Nigerian Data Protection Regulation (NDPR).

  FCCPC has declared harassment by loan apps as illegal, and contracts based on such practices can be challenged as invalid.

  5. Absence of a Proper Written Agreement

  Under the Money Lenders Act, any loan exceeding ₦20,000 (varies by state) must have a written agreement signed by both parties.

  If there is no signed agreement, the lender may not be able to enforce repayment legally.

  6. Violation of Loan Tenure & Repayment Rules

  CBN guidelines on microfinance lending specify minimum and maximum repayment tenures.

  A contract that violates these guidelines may be challenged.

  7. Duress or Undue Influence

  If a borrower is forced to sign under threats, blackmail, or undue influence, the contract is invalid under Section 20 of the Contract Law of Nigeria.

  8. Lending to a Minor

  A loan contract with anyone under 18 years old is automatically void under the Nigerian Contract Law.

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  Kashloan

  Category: Dangerous Loan

  Interest rate: 35%

  We will review the apps within the next 48 hours and provide detailed information and also do our background checks

  10 Commandments for Dealing with Loan Sharks

  
  

  1. Ignore Harassing Messages: If loan sharks have already contacted your friends or family, don't worry. You don't owe them anything more. Move forward and focus on your life.

  
  

  2. Unlicensed Apps Are Helpless: Loan apps resorting to defamation aren't legitimate. They can't legally harm you. Their only tool is to shame you.

  
  

  3 Your Contacts Can't Save You: Most of your contacts won't be able to assist you, and they're likely aware of the shady tactics loan sharks use.

  
  

  4 Beware of Short-Term Loans: Loans with short durations and high interest rates often lead to threats and defamation. Avoid loan sharks. If you must borrow, choose licensed lenders.

  
  

  5 Debt Leads to Bankruptcy: Borrowing from these apps can wreck your finances and push you towards bankruptcy. The best solution is to stop borrowing altogether.

  
  

  6 Avoid Overdue Interest: If you've already paid back the principal and initial interest, ignore any demands for overdue interest.

  
  

  7 Don't Cycle Debts: Taking a loan to pay off another leads to a cycle of debt. Loan sharks have multiple apps, and you'll end up deeper in trouble

  
  

  8 Use Truecaller to Block: Install Truecaller on your phone to identify loan shark calls and block them. Also, report them on WhatsApp and Google Play Store.

  
  

  9 Break Free from Loan Sharks: The only way to escape loan sharks is to stop borrowing from them. You survived before they came into your life. Don't let them tarnish your reputation.

  
  

  10 Stay strong, and prioritize your financial well-being: Remember, health is wealth. Do not allow loan sharks to jeopardize your future!.

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