9Credit is one of the many fake loan apps terrorizing borrowers on end and this platform has warned Nigerians to cease from patronizing them.
9Credit loan app is a legit and reliable app that lends money to people. To get a loan you just need to install the app, register on it by providing the necessary requirements then you apply for a loan ranging from 5000 naira and above.
9Credit is a product of online loan service, registered under Nigeria law.
9Credit interest rate
9Credit charges an interest rate of 0.07% per day for each money you borrow. This amounts to 25.55% per year.
Failure to pay back a loan could result in court charges in Nigeria, but not much is known about this: and for good reasons. Loan defaulting is a civil matter and not a criminal offence, so you typically won't go to jail for defaulting on a loan.
Depending on your profile, the processing fee ranges from 3% to 15% (GST applies) We also charge a minimal late penalty fee (calculated as a % of the outstanding amount after the due date). This fee is only charged if you don't repay your loan on time and ranges from 0.2% to 0.8% per day.
A loan app cannot 'BLOCK' your BVN, they can only prevent you from getting further loans from their platform or getting loans from other loan app.
“Considering that the online lending operators are not incorporated entities or have no Certificate of Authority to Operate as Lending Companies or Financing Companies, the lending activities and transaction are illegal and have to be stopped immediately by this Commission,” the cease and desist order read.
2. Can you be arrested and sent to jail if you fail to pay your debt? Many borrowers default on a loan every day, and the common question they ask is whether nonpayment of the loan will result in imprisonment. The answer is no.
Non-payment of loans simply equals to lower credit scores, which will eventually disqualify you from making any secured loans in the future. If your loans reach a default, expect to get really bad credit scores that will also disqualify you of any financial assistance when you most need it.
9Credit is a product of online loan service, registered under Nigeria law. We aim to meet customer's financial needs for various requirements ranging from purchase of mobile phones, medical needs, bill payments etc. Get safe, fair, convenient and affordable online loans on 9Credit – Nigeria's best personal loan app.
Please kindly go to settings in your android phone, click on app & notifications. Scroll down to app permission and deny them access to your contacts, sms, photo gallery and storages on your phone, they won't be able to reach out to your contacts anymore or post your pictures.
Multiple violating loan app in Nigeria, LCredit has been finally shown the way out of Google Play Store after QUICK LOAN ARENA damning report on the serial abuses, loan application and tenure violation and abuse of customer data privacy and other several infringements recorded against the lending platform.
Can loan apps come to my house? A loan app cannot come to your house. However if you already downloaded their app and collected their loan, they can access your contact list, databases, BVN, profile details and can report you to the credit bureau and blacklist your name against your BVN if you default on your loan.
If you are wondering is Pesohere Philippines legit, we answer that unfortunately we have not found any confirmation that Pesohere Philippines is SEC certified.
It is advised to avoid taking loans from these applications as they charge 30% to 35% rate of interest per annum and also harass borrowers by way of taking access to their contacts/photos/gallery and sending messages to people known to them.
After deleting the app, all permissions are lost. You'll have to grant permissions again if you decide to reinstall the deleted app. However some apps keep some information about you on their servers even after uninstalling. My phone contact list is using by an app to which I gave permission to use to access contacts.
The result is that you will owe more money because penalties, fees and interest charges will build up. Your credit scores will fall. It may take several years to recover, but you can rebuild your credit and borrow again — sometimes within just a few years.
Several factors can help you determine if your bvn has been blacklisted in Nigeria, such as your inability to transact or your bank contacting you. But the most effective way to know if your bvn is blacklisted in Nigeria is to use any of the registered Credit Bureau portals in Nigeria.
These Terms and Conditions apply to and regulate the provision of financial services provided by FairMoney MFB, a digital microfinance bank that is licensed by the Central Bank of Nigeria (CBN) which provides financial services via its flagship mobile app – FairMoney™ to the Customer herein.
Laurin Hainy is the CEO & Founder at FairMoney .
FairMoney is an automated online moneylender that provides single payment loans, installment loans and payroll loans for borrowers. The amount borrowed is then deducted from your account.