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OTUNBA FEMI
1.2K posts

OTUNBA FEMI
@femilowkey
I’m here to leave a mark. Evolving daily.Inspiring minds. Living legacy
Katılım Mayıs 2018
422 Takip Edilen346 Takipçiler

From
Car sporting they have moved into begging and harassment, if something isn't done soon Ikoyi won't be safe again because it would be full robbery and kidnapping @tokunbo_wahab @followlasg @jidesanwoolu @ikoyibridge #carspotters
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This loan app is illegally threatening me and my family.I do not know the person that took this loan ..This is harassment and psychological abuse. Name: GOCASH PLUS
No: 08080594006 @fccpcnigeria
@NigeriapolicePR @PoliceNG @NITDANigeria
This needs to stop. please take action.


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1.🚨 Sharing my recent experience with a digital loan in Nigeria, hoping it helps others make informed decisions. I took a loan of ₦350,000 from FairMoney Microfinance Bank, and what I discovered in the repayment structure shocked me.
2.The loan was approved for 9 months. Interest rate: 15.27% per month. That looks small on the screen, but when calculated for that 9month tenure , it equals 122.25% APR. This means I will repay ₦666,512.58 that’s ₦316,512.58 in interest alone.
3.Even more concerning: when I explored early repayment, the app required me to pay the entire loan + all future interest, not just what I owed up to that point. Essentially, closing the loan early gives no relief.
4.This early-closure condition was not clearly visible in the offer screen before disbursement. It was buried inside the loan agreement after funds had already been released. Transparency matters, and this feels like a trap for borrowers.
5.The loan agreement also gives FairMoney the right to sweep money from any bank account linked to my BVN and allows them to change terms at any time with only notice. As a consumer, these powers are worrying.
6. To be clear: I’m not saying people shouldn’t borrow, but it’s important to read the fine print. If you don’t, you may end up paying far more than expected, with little flexibility to repay early.
7.I’ve already filed a complaint with FairMoney. If unresolved, I’ll escalate to @fccpcnigeria and @cenbank. Nigerian consumers deserve fairer and more transparent loan practices. #ConsumerProtection #LoanApps
8.If you’ve had similar experiences, please share. The more we speak up, the harder it becomes for unfair practices to hide. Borrow responsibly, and always check the total repayment.
#FairBanking #FCCPC #Nigeria


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