It’s a lie from the pit of hell! There’s no such thing. They only say it to scare you.

However, it’s important to note the following:

1. Less than 20% of loan apps can report you to the Credit Bureau. Most 7-day loan apps cannot.

2. It takes at least 60–90 days before they can report you. Even if they report you, it doesn’t mean you have to pay them immediately.

3. Embassies do not require a Credit Bureau report or BVN to issue you a visa. They only need your proof of funds, police report, and supporting documents.

4. It may, however, affect your chances of getting a banking or fintech job, as some banks conduct creditworthiness checks, especially in core banking roles.

5. Being reported to the Credit Bureau can prevent you from getting loans from other loan apps.

6. Reporting to the Credit Bureau gives you flexibility in repaying the loan. You decide when and how to pay. You can even pay 5 years later. Just ensure you pay through the Credit Bureau agent and not directly through the loan app.

7. Most 7-day loan apps cannot report you because they need to provide detailed information to the Credit Bureau. They cannot report by simply saying you borrowed ?30,000 and are to pay ?300,000 due to accrued interest. Such reports are likely to be rejected.

8. Only CBN, EFCC, High Court can block your BVN