I was introduced to loan apps by a friend, and at first, everything seemed simple and straightforward. You borrow money, pay it back in seven days, and you're good to go. But soon, I found myself trapped in a never-ending cycle of debt.
My name is Tolulade, and I am here to share my harrowing experience with loan apps and how I eventually broke free from their vicious cycle. It all began when I needed some quick cash for an emergency. I was introduced to loan apps by a friend, and at first, everything seemed simple and straightforward. You borrow money, pay it back in seven days, and you're good to go. But soon, I found myself trapped in a never-ending cycle of debt.
I owed money to 15 different loan apps, each with a seven-day repayment period. The interest rates were ridiculously high, and I had to keep borrowing from one app to pay off another. It felt like I was in a financial jail, with no way out. The worst part was the constant harassment and defamation from these apps. They sent defamatory messages to all my contacts, labeling me a criminal, a fraudster, and even worse. The shame and embarrassment were overwhelming.
But I decided that enough was enough. I had to break free from this financial prison, and I did it by following these steps:
Stop the Cycle: The first thing I did was to stop borrowing from one app to pay off another. It was a difficult decision because I knew the harassment would intensify, but I had to stop feeding the cycle.
Generate a Disclaimer: I created my own disclaimer to counter the defamatory messages from the loan apps. I shared this disclaimer with my contacts, letting them know that the messages they were receiving were from unscrupulous loan sharks trying to tarnish my reputation.
Block Spamming Calls: I installed TrueCaller on my phone to block spamming calls from loan agents. This helped reduce the constant harassment and allowed me to focus on finding a real solution to my financial problems.
Pay Back Gradually: I started paying back the loans gradually, prioritizing those apps that didn’t defame me. I knew I couldn’t pay everything at once, so I made a plan and stuck to it.
Know Your Rights: I educated myself on my rights as a Nigerian citizen. I learned that I was entitled to ₦7 million Naira in compensation if a loan app defamed me. Knowing this gave me the confidence to stand up to these loan apps.
Clear Your Contacts: I read about clearing my contacts from loan app databases. While it’s still unclear if this is entirely effective, it’s worth looking into if you want to protect your privacy.
Report and Educate: Finally, I made it a mission to report these apps and educate others. I shared my story on social media and in forums to help others avoid falling into the same trap. I also made sure to only deal with loan apps that are legally permitted to operate in Nigeria.
Breaking free from the claws of these loan apps was one of the hardest things I’ve ever done, but it was also one of the most empowering. I’ve learned the importance of financial literacy, and I’ve gained the strength to stand up for myself. If you’re in a similar situation, know that you’re not alone. There is a way out.
Source: https://loansharkreview.com
