Predatory, fraudulent loan apps – Tribune Online


Sometimes in 2021, a major decision was taken against bad loan applications in Nigeria for invading the privacy of their users and sending threatening messages to borrowers (practice regarded as a privacy invasion). These predatory and fraudulent loan apps either demand an illegal security deposit from customers or ask them to pay loan processing fees while some enjoy threatening and blackmailing customers at every opportunity.

The majority of these predatory and fraudulent apps have tenures ranging from seven to 14 days, which violate Google policy on loan apps hoisted on the play store and laws in Nigeria. Loan…

Source: Nigerian Tribune