RE: Lending Apps/Institution & Credit Score In Nigeria.
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Very good write up boss.
Sometimes last week as I was going through Facebook, the advert of one of these app enticed and I downloaded it. As I was going through their terms and conditions ehhh omoooo I was like “noooo they will use interest to kill me finish” and if I can’t pay on time, the embarrassment will be severe. Sharp sharp, I uninstalled the app and just started thinking of another way.
The essence of my little story is too agree with you when it comes to credit score. They go the extra mile in collecting back their money some threatens, some curses but all could have been avoided if they had the borrower’s credit score. I didn’t take out the loan because I wasn’t sure how I could pay back and it scared me. Some others won’t be scared by this and will just go ahead and at a long run won’t pay and the crises will continue.
Well most includes bvn details to their form.
Lovely post sir
Some people would be scared. They will take the money and calculate how they are going to spend it without finding a legit way of paying back. There are so many people who have downloaded so many loan app and borrowed a lot of money and these people are currently on the run. A lot of Africans do not think of the financial consequences of borrowing money without having a proper way of paying back. If the Nigerian system had that credit score. It would really help these loan apps to function better. It is true that their interest rates are very high, a lot of people still do not consider this because they know that they do not plan to pay back.
Giving them permission to access my phone details is what scares me most. What if they are hacked or sell my details or worst, what if there is trojan virus on their server.