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  Credit moi

  Category: Dangerous Loan

  Interest rate: 40%

  Loan Agreements in Nigeria: Understanding Your Rights

  Under Nigerian law, loan agreements can be deemed invalid or unenforceable in certain situations. These include:

  1. Unlicensed Money Lenders: Operating without a valid license from the Central Bank of Nigeria (CBN) or relevant state authorities can make contracts unenforceable.
  2. Excessive Interest Rates or Hidden Fees: Contracts with unconscionable terms may be unenforceable under consumer protection laws, as regulated by the CBN.
  3. Fraud, Misrepresentation, or Coercion: Contracts obtained through deception, misleading statements, or threats can be voidable.
  4. Breach of Privacy & Harassment: Loan apps that invade borrowers' privacy or engage in harassment may have contracts that can be challenged as invalid under the Nigerian Data Protection Regulation (NDPR) and FCCPC guidelines.
  5. Lack of Written Agreement: Loan agreements exceeding ₦20,000 (varies by state) require a written contract signed by both parties to be enforceable.
  6. Violation of Loan Tenure & Repayment Rules: Contracts that violate CBN guidelines on microfinance lending may be challenged.
  7. Duress or Undue Influence: Contracts signed under threats, blackmail, or undue influence are invalid under Nigerian Contract Law.
  8. Lending to Minors: Loan contracts with individuals under 18 years old are automatically void.

  Understanding these points can help borrowers navigate loan agreements and protect their rights.

   

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Step by step guide to break free from loan apps

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What you should know

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

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

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

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