I’ve always considered myself a strong person. I’ve faced challenges head-on, from navigating the chaotic streets of Lagos to juggling multiple jobs to support my family. But nothing prepared me for the mental and emotional turmoil brought on by loan apps.

It all started innocently enough. I had a minor financial emergency and needed a quick loan to cover some unexpected medical bills. A friend recommended a loan app that promised fast cash with minimal hassle. It seemed like a lifesaver at the time, so I downloaded the app and applied for a small loan.

The Beginning of the Downward Spiral

The process was simple—too simple. Within minutes, I was approved and the money was in my account. The relief was immediate, but it was short-lived. The loan came with a catch: I had only seven days to repay, and the interest rate was exorbitant. I barely managed to scrape together the funds to repay the loan on time, but by then, another financial need had arisen. Desperate, I turned to another loan app, then another, and another. Before I knew it, I was trapped in a vicious cycle of borrowing from one app to pay off another.

The loan apps seemed to multiply overnight. I went from using one or two apps to being indebted to 15 different loan apps. Each loan came with its own set of demands, high interest rates, and harassing phone calls. My phone became a source of constant dread. The loan agents would call at all hours, their voices dripping with threats and intimidation. They even started contacting my family and friends, demanding that they intervene or suffer the consequences.

The Emotional and Mental Toll

The constant pressure began to take a toll on my mental health. I became anxious, depressed, and unable to focus on anything other than the looming repayments. Sleep became a distant memory as I lay awake at night, my mind racing with thoughts of how I could possibly escape this nightmare. I felt trapped, isolated, and utterly helpless.

One of the most damaging aspects was the public shaming. These loan apps didn’t just stop at harassing me—they took it a step further by defaming me to all my contacts. They sent out mass messages, labeling me as a debtor who refused to pay back what I owed. The humiliation was unbearable. People I hadn’t spoken to in years suddenly knew about my financial struggles, and it felt like my world was closing in on me.

The Road to Recovery

I knew I had to take drastic action before I completely lost myself. The first step was to stop paying all the loan sharks that were defaming me. I deleted their apps from my phone and used the TrueCaller app to block their incessant calls. I informed the agents that if they still needed their money, they should take me to court.

Next, I focused on the loan apps that hadn’t resorted to defamation. I started repaying those loans gradually, using whatever spare cash I could manage. It wasn’t easy, but it was a necessary step to regain some control over my life.

I also sought legal advice and discovered that I had the right to fight back against these predatory lenders. I learned how to generate my own disclaimer to counter their threats, and I read up on my rights as a consumer in Nigeria. The information I found on platforms like https://loansharkreview.com was invaluable. It gave me the confidence to stand up to the loan sharks and assert my rights.

A New Beginning

As I slowly started to pay off my debts, I realized I needed to find a more sustainable way to manage my finances. I started a small business selling handmade crafts online. The income wasn’t much at first, but it was steady and allowed me to gradually repay my remaining debts. More importantly, it gave me a sense of purpose and control over my life again.

The experience taught me valuable lessons about financial management and the importance of avoiding predatory lenders. But it also left scars that will take time to heal. The emotional and mental damage caused by these loan apps was profound, and it’s something I’m still working through.

Conclusion

If there’s one thing I want others to take away from my story, it’s this: Be wary of loan apps. They may seem like a quick fix, but the long-term consequences can be devastating. Protect your mental health and financial well-being by avoiding these traps altogether. And if you find yourself in a similar situation, know that there are resources available to help you break free from the cycle of debt and regain control of your life.