That is one of the greatest mistakes you can ever make — paying loan apps bit by bit. Any money you pay will be swallowed up by overdue interest, and it will seem as if you never paid anything.

Why You Must Never Pay Bit by Bit

• All the money you pay will be used to service overdue interest.
• Ideally, they are supposed to stop adding overdue interest after 90 days, but if you pay, for example, on the 60th day, it will set the loan back to “performing” and reset it to day 1 — meaning your loan will start increasing again.
• Paying gradually will only multiply the loan amount and make it keep compounding.

Never pay them a dime again — they are criminal organizations.

Some will even tell you that they will arrest you at the airport. And some mumu loan app agents are taking advantage to instill more fear in people 

If you are still paying loan apps, you definitely need deliverance.

This has given loan app agents the opportunity to think outside the box and create Loan App Ponzi Schemes (Nigerians no dey carry last). They start preying on customers who are desperately seeking solutions, and also create opportunities to defraud their companies and divert thousands into their pockets.

Many loan apps claim to have “low interest rates,” but most borrowers don’t really understand how those rates are calculated when you repay in installments.

Congratulations! You have free money. Do not contact them or return the money immediately. Just set it aside. Never return it right away. Loan apps are criminal organizations trying to force loans on people.

Go through the following steps:

1. Put the money aside and don’t send it back immediately. If you do, they will keep mounting pressure on you after 7 days.
2. If you downloaded the app outside the Play Store, send a disclaimer to your contacts and go on with your life.
3. When they call after 7 days, ask them when you requested the loan—be bold and stand your ground.
4. Don’t bow to their pressure. Keep pushing back. After some time, they will ask you to return only the initial principal.
5. Important Step: Tell them to clear the interest and overdue charges on the loan before you pay back the principal.
6. If you return the money without going through this process, it will be counted as if you paid early.

They are criminal organizations. Stop borrowing from them, and stop paying them.

By reporting unethical loan apps, you contribute to improving the digital marketplace and protecting other users.

Let them experience the frustration of receiving constant calls, too. There are many of us, and we will win this battle of calls!

Please report all Loan apps downloaded from the Loan Apps that are harassing you, and they have "Call Log" Permission. Clik the link below to get started

https://support.google.com/googleplay/android-developer/contact/policy_violation_report?sjid=13930450596272365489-EU

For App Store, kindly watch the video below

• STOP BORROWING FROM LOAN APPS
• STOP PAYING LOAN APPS.
• Know your Rights as a borrower.
• You can never finish paying loan app.
• You can only pay back loan apps that are following the CBN Policy and guidelines