Online loan apps are fast and easy — but not all of them play fair. Some charge outrageous interest, invade your privacy, or harass you when you miss a payment. Here’s how to stay safe:
- Always read the terms and conditions. Some apps hide interest rates, rollover fees, and penalties in fine print. If it’s not clear, don’t click “Accept.”
- Check if the app is licensed by the CBN. A licensed lender follows rules and can be held accountable. You can check the Central Bank of Nigeria’s list of approved lenders online.
- Avoid apps with a bad reputation. If an app threatens users, contacts their relatives, or shames people on WhatsApp — that’s a red flag. Reputable lenders don’t use harassment.
- Review app permissions before installing. If a loan app wants access to your contacts, photos, or location — ask why. That’s often how harassment begins.
- Compare total repayment, not just speed. Fast loans are tempting, but if you’re repaying double in 14 days, it’s not worth it. Check the APR and repayment schedule before borrowing.
- Stick to regulated apps and platforms. Use lenders known for fair terms, data protection, and customer support. Some mobile money platforms now offer safer loan options.
- Report bad actors. If an app violates your privacy or abuses you, report it to FCCPC or CBN. You’re not helpless — laws exist to protect you.
👉 Protect your phone, your wallet, and your dignity — borrow smart.