• 

  Umba

  Category: Safe Loan

  Interest rate: 10%

  Umba is a secure loan platform approved by the Federal Government. They prioritize customer privacy and refrain from contacting your phone contacts or guarantors. However, it's crucial to settle overdue loans promptly. Umba is a registered Microfinance Bank and has the authority to report unpaid debts to credit bureaus, potentially impacting your credit score. This could hinder your ability to secure loans from other financial institutions in Nigeria, and rebuilding your credit score may take up to 6 months, even after repayment.

  If you have outstanding loans with Umba, consider repaying them at a manageable pace. You can spread your payments over several months, for example, ₦5,000 per month, depending on your outstanding balance. Avoid rushing to repay all at once to alleviate undue pressure.

  Always repay Umba in installments and refrain from borrowing from other loan apps to settle your debts. This practice may exacerbate your financial situation and lead to further difficulties.

• 

  Carbon

  Category: Safe Loan

  Interest rate: 15%

  Carbon is a trustworthy loan app authorized by the Nigeria government. They respect your privacy and won't call your contacts or guarantors. However, it's important to settle overdue payments promptly. Carbon is like a bank and can report unpaid debts to credit agencies, which might hurt your credit score. This could make it hard to get loans from other places, like banks, in Nigeria. It may take up to 6 months to rebuild your credit score, even after you pay off your debt.

  If you owe money to Carbon, try to pay it back gradually. You can split your payments over a few months, like paying ₦1,000 each month, based on what you owe. Don't rush to pay it all at once to avoid stress.

  Always pay back Carbon your loans. Don't borrow from other loan apps to pay them back, as this could make your financial situation worse.

• 

  FairMoney

  Category: Safe Loan

  Interest rate: 28%

  Let's talk about FairMoney and what you need to know to navigate your borrowing journey smoothly.

   

  First off, FairMoney is different from your typical loan app. They won't resort to defaming you or harassing your contacts if you fall behind on payments. Instead, they take a more professional approach and report any delinquent accounts to the appropriate authorities. It's a more respectful way of handling things, don't you think?

   

  Now, when it comes to overdue interest, FairMoney is pretty fair (hence the name). Their rates are reasonable, and if you've paid off the capital and initial interest, you can decide not to pay the overdue interest. It's a nice little perk that gives you some flexibility in managing your finances.

   

  Here's a golden rule: never borrow from another loan app to repay FairMoney. It's a slippery slope that can lead to even more debt. Instead, only borrow what you need when you have the money, and make sure to spread out your payments over several months. That way, you can stay on top of your finances without feeling overwhelmed.

   

  To help you avoid any unwanted calls from FairMoney, consider installing Truecaller on your phone. This handy app can identify incoming calls and allow you to block them if you prefer not to answer. It's a simple but effective way to maintain some peace and quiet.

   

  So, there you have it. FairMoney is a reliable option for borrowing money when you need it most. Just remember to borrow responsibly, stay on top of your payments, and you'll be well on your way to financial freedom.

  Take care, and happy borrowing!

---

Step by step guide to break free from loan apps

---

What you should know

• 

  Any loan sharks that defame are never linked to the credit bureau in anyway and all they say to you are lies.

• 

  Loan shark money cannot help solve anybody matter to better 40% - 70% in 7 days, they are simply misery compounders!! Do away with them.

• 

  Loan Apps major aim is to make outrageous profit from people and render people bankrupt. Dont be a victim

---