The hidden strategy of online loan apps in Nigeria is revealed in this article, and I do hope you use it as a guide and never fall victim to this online loan sharks.
Understanding the strategy of online loan apps is simple.
Now when you sign up, they give you 7,500 Naira to repay 10,000 in one week; and when you repay they make 2,500 from you as I interest.
Following week, they give you 7,500 again and when you repay; they make another 2,500 interest and when added to the first 2,500, they make 5,000 Naira from you in 2 weeks.
They repeat the 7,500 borrowing twice again and make 10,000 from you as interest in 1 month.
By now they will increase your borrowing to 9,500 Naira, to repay 12,000. And that 9,500 in essence is the 10,000 Naira they made from you as interest.
By this time they are not borrowing you their own money but your very own money where they stay in control and increase the funds as you keep borrowing.
And should you default at this time; they impose their inhuman means of collecting money which is not even their own.
I mean your own money they are using to borrow you.
Most of them are even heartless to the point of making you pay interest of 6,000 to 7,000 Naira a month.
So that within 2 weeks thy have already collected back their money and use their own money to borrow you.
Apps like Naira Loan, GGmoney, Didi Cash etc will give you 13,000 to repay 18,000 in 1 week.
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My dear friend, online loan app is a new form of scam which is presently holding lots of Nigerians sway.
And if you can run away from it today, you will better your life and future.
To be forewarned is to be foreharmed.