- A Nigerian lady said she was once broke, and she decided to borrow some money from a loan app she saw online
- Jane Osinachi Kalu noted that she borrowed N80,000, and she was supposed to repay the money with a N15,000 interest
- However, she defaulted on the loan repayment date and within 14 days, she ended up paying about N140,000
A lady has shared the bitter experience she had with an online loan app from which she borrowed money.
According to Jane Osinachi Kalu, she was once broke, and she decided to take a loan of N80,000 from an app.
The lady narrates how the money she borrowed almost doubled. Photo credit: Facebook/Jane Osinachi Kalu and Getty Images/courtneyk.Source: UGC
Jane, who narrated her experience in a Facebook post, said she was supposed to repay the loan within one week.
However, she was not able to meet up as agreed. This prompted the loan app to add a daily penalty of N1500 and then N2500 to the interest.
She said:
“Around this time last year, I saw one of those popular loan apps online. You know the ones that say “Instant loan in 5 minutes! No collateral!” It sounded like a quick fix, and I thought, “Why not?” I borrowed ₦80,000, expecting to pay back ₦95,000 the next week. I had some money coming in, so I was confident, but then life happened. Things didn’t go as planned. I couldn’t pay back on time. And that’s when the real problem started.”
Jane lamented that when she was finally able to repay the N80,000 loan, it had jumped to about N140,000.
She noted:
“Within a few days, they started adding late fees ₦1500 today, ₦2,500 tomorrow Before I knew it, my repayment had jumped from ₦95,000 to ₦105,000, then almost ₦140,000. All within just two weeks, I was shocked. I borrowed ₦80k, and I was paying back almost double in less than 14 days. It felt like punishment for being broke. The pressure was intense, daily notifications, threats of contacting people on my phone list, and constant reminders. That one experience was enough for me.”
Jane advised people to stay away from loan apps since they cannot be regarded as a safety net.
Jane notes that loan apps are not safety nets. Photo credit: Facebook/Jane Osinachi Kalu and Getty Images/ courtneyk.Source: UGC
Her words:
“Here’s what I learned: Loan apps are not your safety net. They’re a trap if you’re not 100% sure you can repay on time. If you’re ever in a tight spot, try: Asking for help from trusted friends or family. Selling something you don’t need. Postponing non-urgent expenses. But please, don’t let desperation push you into digital debt traps. I’ve been there and I don’t want you to go through it too.”
Man shares his experience with a loan app
Earlier, TheTalk.NG reported that a Nigerian man has detailed the experience he had with a loan company after he borrowed N44,000 in March 2025.
According to the man, he could not pay the loan when it was due, so it resulted in many more charges on his head.
He said instead of the N44,000 he borrowed, he paid N53,000 and an additional N21,000 as fine for the overdue loan.
Proofreading by Nkem Ikeke, copy editor at TheTalk.NG.
Source: TheTalk.NG
