Most Nigerians today turn to loan apps whenever they have an urgent need for money. While borrowing isn’t wrong, the way some of the lending companies act is very wrong and unfair. They take advantage of people’s problems, and instead of helping them, they only make things worse.
One of the main issues is the way they encroach into one’s privacy. When you lend from these applications, they take all your contacts off your phone secretly. When you take long to payback even by one day, they start sending messages to your friends, family, and even colleagues at work. They defame you by calling you a criminal, an impersonator, or saying that you are eloping with their money. This is not just unethical, but also illegal.
In Section 37 of the Nigerian Constitution, a citizen has the right to privacy. So, no one should be able to access your phone or disclose your personal information to others without your permission. But these loan apps are breaking that law every day. They intimidate individuals just to get them to pay back.
Defamation of character is another problem. If someone is insulting you or lying about you, that is defamation. Nigerian law states that no one should taint someone’s name or reputation without proof. But these loan firms do so all the time just because you were unable to pay on time.
And to make matters worse, some of these loan applications swindle the borrowers. For example, an individual borrows ₦12,000 and is supposed to pay back ₦20,000 or more within a span of just one or two weeks. That is not fair. It is like they are exploiting people’s misery to make quick money. Such extra amounts are not typically indicated clearly or elaborately, and that is cheating.
We do understand that loan apps require their money back. That is only logical. But at least do it with respect and legally. There is no need to harass, threaten, or embarrass anyone. All these have pushed many people into depression, family problems, job loss, and even suicide.
Government agencies like the CBN, NCC, and NITDA need to do more. Such lending apps need to be properly vetted. Any illegal app needs to be shut down and sanctioned. Nigerians deserve to be treated with dignity.
In short, loan apps should not invade privacy, damage reputations, or overcharge people. Borrowing should not be a trap. Let us make our voices heard and demand better treatment for all. Enough is enough.