Common Traps Not To Fall Into

Even with regulations, people still get trapped with clickbait such as:

Downloading apps from random ads

Ignoring app permissions

Skipping terms and conditions

Borrowing more than they can repay

Desperation.

However, slowing down for just two minutes could save you months of stress.

What To Do If a Loan App Harasses You

If any loan app threatens, insults, or exposes your personal information:

  • Take screenshots and record evidence.
  • File a complaint via the FCCPC portal.
  • Report to consumer protection desks and relevant authorities.

According to the Head of Corporate Affairs at the Federal Competition and Consumer Protection Council (FCCPC), Ondaje Ojagwu, Nigerians still patronise illegal loan apps after the commission had reined them in a few years ago.

He assured that the agency would escalate its enlightenment campaign with the aim of letting the public understand the need to patronise those registered by the commission.

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