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  CreditGo

  Category: Dangerous Loan

  Interest rate: 35%

  Send firm replies to loan app agents to stop their cyberbullying and blackmail.  

  The fastest way to stop cyberbullying is to stand up and fight back!

  fight back they will leave you alone within a few days. but If you can't handle them simply block them using Truecaller to have peace of mind

  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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  SenteHub

  Category: Mild Loan

  Interest rate: 30%

  Loan Agreements in Uganda: Understanding Your Rights

  Under Ugandan law, loan agreements can be deemed invalid or unenforceable in certain situations. These include:

  1. Unlicensed Money Lenders: Operating without a valid license from the Bank of Uganda can make contracts unenforceable under the Financial Institutions Act.
  2. Excessive Interest Rates or Hidden Fees: Contracts with unconscionable terms may be unenforceable under consumer protection laws, as regulated by the Uganda Microfinance Regulatory Authority (UMRA) for Tier 4 microfinance institutions.
  3. Fraud, Misrepresentation, or Coercion: Contracts obtained through deception, misleading statements, or threats can be voidable under the Contracts Act.
  4. 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 Data Protection and Privacy Act.
  5. Lack of Written Agreement: While not strictly defined for all loan amounts, having a written contract is advisable for clarity and enforceability.
  6. Violation of Loan Tenure & Repayment Rules: Contracts that violate guidelines set by the Bank of Uganda or relevant regulatory bodies may be challenged.
  7. Duress or Undue Influence: Contracts signed under threats, blackmail, or undue influence are invalid under Ugandan Contract Law.
  8. Lending to Minors: Loan contracts with individuals under 18 years old may be void or voidable, depending on the circumstances, under the Contracts Act and the Children's Act.

  Understanding these points can help borrowers navigate loan agreements and protect their rights in Uganda. Borrowers are advised to seek legal counsel or financial advice when entering into loan agreements.

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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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