I have never been one to go for loans through these digital platforms, but I have witnessed situations where individuals take loans from platforms like Opay, FairMoney, PalmCredit, Carbon, Branch, and OKash. For some who couldn’t pay up, they are tracked through their family members or even friends. This is because they dropped their numbers as guarantors. So, once they fail to pay back at the due date, these guarantors are messaged, pressured, and basically obliged to tell the ones who took the loan to pay up. From there, the lenders don’t stop as they start threatening them.
Sincerely, I don’t even know how these things work because I’d rather take loans from my siblings than go outside of my boundaries. I got an SMS some years ago where the message said I should contact someone — a coursemate to pay up his debt. I got confused about how he would put me as a guarantor, but I waved it off because it was none of my concern, and I didn’t bother to ask why he would do such a thing.
So, just days ago, I decided to see for myself how this loan thing works and to check what people actually see in these apps because I do see the option in my Opay account. Also, many times, I would be recommended some registered platforms where I could take a loan but honestly, I just don’t see myself taking a loan elsewhere. At least I’m the kind of person who saves up for emergencies and does not likely need it and if at all I needed one, my siblings are my go-to, and they are always ready to help me, even without taking interest except I just wanted to appreciate them with a little token.
Aside from that, I have taken a loan on this platform before, which I was able to pay back smoothly, and ever since, I haven't done it again.
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So, I decided to play around with this platform called Easemoni (well-known for bombarding people with loan offers). I have always received countless messages from them encouraging me to take a loan. Is it by force? Lol
As I checked it out, I was told my loan limit is 170k. So, I went further to see the interests and all of that. I was shocked to see the high interest they’d be taking from me for 170k. For 60 days, I would pay an interest of #56,406. For 30 days, I would pay an interest of #30,702. That’s so much, about 33% in just one-two months!
I was like, “Is this what people do?” How do they cope with taking such a loan and pay that high interest? It’s too much. No wonder most people wouldn’t be able to pay back, and they are threatened through SMS and calls.
If we need to annualize that interest, it’s like paying 200% interest per year. This is just predatory and nothing less than financial robbery. They kind of cheat people. They know people are desperately in dire needs, and because of this, they take advantage of them, thereby trapping them to keep paying debts. Now, if you miss a payment, they add insane penalties just like this one, they start adding a daily 1% interest after the due date. These ones go for people they know are urgently in need.
Honestly, I would say that unless it’s a life-or-death situation, loans like this should be avoided. There are better alternatives to go for and not these platforms that exploit people because of their desperation. I couldn’t stop laughing because I don’t see myself going for such loans, and just in case it’s ever needed, there are other places where the interest isn’t as high as these ones.
One could go to places like cooperative societies, microfinance banks, I mean the legit ones, please, even family and friends if possible. But most importantly, I would implore everyone, if they aren’t doing that already, to save ahead for emergencies or whatever. I take every opportunity to save, even if it’s just a little cent, to avoid going for platforms that are like predators.
Seriously, there’s a reason why they are called loan sharks indeed. Sharks are known for stalking their preys and would attack unexpectedly without showing mercy. That’s what these lenders do, they don’t just collect your money, they go for blood. That’s how dangerous their system is.
All images are screenshots from my Opay wallet
