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  Crédit levier-prêt sécurisé

  Category: Mild Loan

  Interest rate: 24%

  Under Cameroonian Law, loan agreements must comply with strict financial regulations to be legally enforceable. Borrowers have rights protected by:

  Banking Sector Regulation Law (2018)

  OHADA Uniform Act on Contract Law

  CEMAC Microfinance Guidelines

  Data Protection Law No. 2010/012

  When a Loan Agreement May Be Invalid in Cameroon

  1️⃣ Unlicensed Lenders
  → Any lender operating without approval from COBAC (Banking Commission of Central Africa) or MINFI (Ministry of Finance) is illegal.
  → Verify licenses via www.minfi.cm

  2️⃣ Excessive Interest Rates
  → The CEMAC region caps interest rates at 30% APR for microfinance institutions.
  → Contracts exceeding this may be challenged in court.

  3️⃣ Fraudulent Practices
  → Misrepresentation of terms or hidden fees voids contracts under OHADA Contract Law Article 96.

  4️⃣ Illegal Harassment
  → Loan apps cannot:
  • Contact your phonebook without consent (Data Protection Law)
  • Threaten or defame you (Penal Code Section 154)
  → Report violations to ANTIC (National Cybersecurity Agency).

  5️⃣ Missing Documentation
  → Loans above 100,000 FCFA require:
  • Signed agreement
  • Clear repayment schedule
  • COBAC/MINFI license number

  Borrower Rights & Recourse

  ✔ Right to Cancel: 3-day cooling-off period for digital loans
  ✔ Right to Complain: Submit grievances to COBAC or MINFI Consumer Protection Desk
  ✔ Right to Privacy: Lenders must comply with Law No. 2010/012 on data collection

  Penalties for Illegal Lenders:
  • Fines up to 50 million FCFA
  • License revocation
  • Criminal prosecution for harassment

  Safe Borrowing Checklist

  ✓ Confirm lender’s COBAC registration
  ✓ Ensure APR does not exceed 30%
  ✓ Never share phonebook access
  ✓ Insist on a written contract

  Victim of predatory lending?
  📞 COBAC Hotline: +237 222 22 25 72
  📧 MINFI Complaints: dg-microfinance@minfi.cm

• 

  Hicash

  Category: Dangerous Loan

  Interest rate: 35%

  No Public Shaming, Just Friendly Reminders

  Unlike some loan sharks, they won’t blast your contacts, but you can expect gentle (or not-so-gentle) reminders to make your payments. Open communication is essential, so feel free to discuss your repayment plan with them if necessary.

  Overdue Fees: Your Choice

  Like most loan apps, they charge extra for late payments. The good news? Once you’ve paid the original loan amount and regular interest, you won’t have to worry about late fees. Sounds great, right? Just keep in mind that settling everything helps improve your credit score.

  Block Annoying Calls (But Think Twice)

  If their reminders start to feel like harassment, you can use Truecaller to block their numbers. However, completely shutting them out might prevent you from accessing potential repayment solutions.

  Avoid the Debt Spiral

  This is crucial! Only use MyCashier if you’re absolutely certain you can repay on time. Borrowing from another app to pay off this one can lead to a financial disaster.

  Selective Blocking with Truecaller

  You can use Truecaller to identify and block their calls if needed, but remember that clear communication is often more effective than shutting them out entirely.

  Explore Your Options

  Don’t feel pressured to borrow if you’re not comfortable. Consider other solutions, such as budgeting, finding additional income, or seeking financial advice before committing to any loan, even one that boasts "secure savings."

  Your Well-being Matters Most

  Your financial peace of mind and a good credit score are paramount. Use MyCashier responsibly, ensuring you fully understand their terms, interest rates, and repayment options. It’s always best to borrow only what you can realistically repay.

  In conclusion, there’s no magic app that guarantees instant wealth. Stay cautious, make informed decisions, and remember that you have options beyond just loan apps!

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Step by step guide to break free from loan apps

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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

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