Loan apps are designed to ruin your finances
30-Day Loan Apps
At 40% per month, if you borrow ₦100,000, at the end of one year, you will have paid 480% in interest.
Example: If you borrow ₦100,000 per month, by the end of one year, you will have paid ₦480,000 in interest.
7-Day Loan Apps
At 40% per week, if you borrow ₦100,000, at the end of one year, you will have paid 1,920% in interest.
Example: If you borrow ₦100,000 per month, by the end of one year, you will have paid ₦1,920,000 in interest. If you stop paying, they will tarnish your image.
Can you see why the poor remain poor? The financially illiterate among us will say, "After all, Nigeria owes trillions of dollars," but they forget that the interest rate is less than 5% per year, and bank loans have interest rates of less than 15% per year. No one can ever succeed in borrowing from loan apps, The business is set up to exploit and ruin your finances. If you like, continue to borrow