My Terrible Experience with Online Loan App Company!

If you are in Nigeria, you must have probably taken note of those ads pop-up on Facebook and other platforms that talks about offering loans, we have quite a number of financial organizations that offers people Loan Online in Nigeria. That is, you don’t have to see or meet them in person to obtain a loan from them. It is nice idea for meeting present urgent needs, and that was why I opted in for them, but today I will share my very ugly experience with some Loan app company with you.

I will make reference to 2 Loan App, and that is Okash and Easycredit.

You can get their app downloaded on playstore, even though I only got to know about them via their facebook adverts, I was really in need on that day, I downloaded the app and fill all my details with them.

Now, the problem is, they only offer 10k for a start, but for every #10,000 you are going to pay them back #3000 interest, which must be paid in two weeks’ time. I really did not bother about the duration of time, because I needed the money urgently, but then, I got some very ugly experience with them. To start with; Okash App contacted me via the whatsapp, and promised to give me a higher loan (50k) if I pay back on time, I struggled and raised the money to pay them back, guess what? I only got #14,000 Loan in return from them, and worse of all is, they contacted me a day to the due date of my loan repayment and they even say, if  I pay back early enough, they will give me 90k, that was what made me to source for the funds and pay them, but at the end, it was so regretful with disappointment.

As if this was not enough, they also did it the second time, they contact me a day to my due date and said, if I can pay early, they will give me 150k (by this time….. I know it’s all lies), so I declined it. I was having some financial issues then, which made me not to be able to pay them on the due date, so they kept calling and talking about how that they will blackmail me to my contacts and send terrible messages to them on my behalf, I was just trying to calm them down and work towards how to pay them, to make things worse, unlike Carbon and Quickcheck, they do not allow half or part-payment, so you just have t look for the money and make sure it is complete otherwise, they won’t take it from you, I do not pay them through their bank account transfer or USSD, as I don’t trust them, I only pay via the mobile app, which is better and more reliable.

Apart from their outrageous and overwhelming interest rate, another worse experience I had with them is, daily the interest increase by 2%, so if you are meant to pay back 13k on your due-date, and you delay for a week or two, you may up end up paying 25k or even more. I receive the shock of my life with Okash, when I delayed to make payment, fortunately, someone came to buy some goods from me and send me a transfer into my bank account, I use my GTBank ATM Card details to register on their app and make payment for their loan, so when I received the money in my sterling bank account, I intend to make a transfer to my GTB and pay them, but guess what? They actually deducted the money form my sterling ank, I was shocked, I had to go to the bank and confirm, the banker told me, they used BVN to get their money from any account associated with the BVN I entered when I signed up.

That makes me feel very uncomfortable and insecure with them, what if they had deducted more than I owe them? That’s height of cyber insecurity.

The case of Easy Credit Loan App

They also charge crazy amount of money as interest for only 2weeks, and if you fail to pay, they will use their calls to kill you, they also use whatsapp to threaten you and they promise to give higher loans when you pay on time but at the end, they do not, they will even give you lower amount than the previous amount you collected, even when you did not default in payment. I had to delete the two apps from my phone.

In Conclusion!

It is good that we have the option of taking loan online from the comfort of our home, to run businesses or meet pressing need, but you have to be careful of some of these loan companies, so that they don’t make you poorer than you were before you met them, also look at their loan interest rate before you apply, some interest rate are really too outrageous and should not be considered at all!

Worse of all is the place of your reputation and image, I have seen a number of loan companies sending me terrible messages about friends or people that I know who got a loan from them but never paid back, this can be so humiliating and embarrassing, it spoils your image and good reputation before people, consider your options well before processing an Online loan, another terrible consequence is having your BVN Blacklisted on Nigeria Credit bearue, this is really bad, it can affect your next employment opportunity, it can also affect your from obtaining loans from government or any other offers that consider BVN before approving your financial offers.