The 31-year-old Abuja-based lawyer was elated when the approval of his loan request arrived shortly after filling, on the app, the Know Your Customer form with necessary details such as his Bank Verification Number .After repaying the initial N10,000 with an additional 20 per cent, being the interest for seven days, Mr Garba turned to 9credit for another loan. He repeated the cycle until the eleventh time when he defaulted.
The legal practitioner eventually sometime early in September made attempts to repay the loan on the app but was unsuccessful. He then decided to make a direct bank transfer to the money-lending platform’s bank account.“I began to experience trouble with the app so I wasn’t able to pay up at the initial time.
He said he got perturbed when the calls persisted and they claimed that he paid through the wrong agent, three days after making the payment. He said the actions of 9credit ‘’Is a disrespect towards the laws guiding its operations in Nigeria, and as such have caused great injury to the character and person.’’
According to what is stated on the 9credit website, the interest rate is 0.07 per cent per day and is over 25 per cent per annum. ‘’For the data obtained from the data subject to be considered as lawful and valid, data processors and controllers are to ensure that they seek the consent of the data subject without coercion, undue influence and fraud,” Kenna Partners, a multi-service law firm in Nigeria, states in its 2021‘’Additionally, the data obtained should be subjected to certain data rights of the data subject which include; right to rectification, right to information, right to erasure, etc.
On NairaPlus, there are juicy offers, including one that allows a six-month repayment period with an interest rate of 1.3 per cent monthly, but Mr James opted for a seven-day repayment plan when he requested a N13,500 loan. “Now, the interest rates that have incurred on the debt is on the high side now, I think about N70,000 and that is not even the issue. But the life-threatening messages and insults are too much and I have been the one suffering it,” she narrated.
“And for me, as a business person, it has also affected my business, it has affected my reputation because I sell cosmetics online. And my details as a fraudster are all over cyberspace,” Ms James lamented. ‘’The overdue charges are a lot compared to what they sent to you in the beginning,’’ she said. ‘’What it shows on the LCredit App is that they supposedly sent you N18,900 but they sent me N14,000, meaning that N3,927 is for ‘service charge’. Isn’t that too much?” Ms Adeoye queried.
Those guys especially sokoloan companies are so unprofessional
I swear am also a victim of abuse from them, as am speaking have off my what's up and my line became of this threate
Honestly something needs to be done urgently to curb this ugly trend. Data violation is a serious crimes
'investigation'? Everybody already knows this shit. You are about 212 days late to this news event.
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