Protect yourself
How you go avoid loan shark for Nigeria
- Wetin be loan shark today
- Danger signs for licence
- Danger signs for di offer
- Danger signs for di way dem dey behave
- Danger signs for your phone
- Wetin you go do if dem don catch you
Wetin be loan shark today
Loan shark no be only di sharp person wey dey corner for market again. For Nigeria today, plenty loan shark dey hide inside fine-fine apps wey get colourful logo. Dat one make am easy to catch you off guard. But di danger na di same: plenty hidden cost, sharp collection, harassment, and dem no care about your right. Good tin na say di warning signs dey predictable — if you know dem, you go see dem quick quick.
Danger signs for licence
First tin wey you go check na whether di lender get licence. Loan shark usually no get. Warning signs:
- Di app or lender no dey for CBN list of licensed MFB or approved digital lender.
- Di company dey hide who run am, no get real name, or no get address.
- Di terms no mention any licensed entity — na only app and phone number.
- If you ask di lender to show say dem get licence, dem dey dodji abi dem refuse.
Our directory of lenders dey list known institutions, so you fit check. If di name no dey for dere and you no fit find am for CBN official list, make you no borrow.
Danger signs for di offer
Sharp offer dey too good or too vague. Watch out for:
- Advert wey dey talk say “instant money, no question” and dem no talk di cost.
- Interest wey dey too low to be true, with di real charge dey hide somewhere.
- Dem no wan show di total money wey you go pay back for naira.
- Extra fee wey dey appear sudden — processing, “service”, insurance and late fee.
- Short repayment time with heavy fine if you late by only one day.
Danger signs for di way dem dey behave
How di lender dey behave go tell you plenty. Licensed lender dey follow consumer protection; shark no dey. Warning behaviour:
- Dem dey force you to sign quick quick, no give you time to read.
- Dem dey threaten you, cuss you, abi insult you.
- Dem dey call you for late night abi every minute.
- Dem dey shame you to make you pay.
Danger signs for your phone
Plenty bad loan app dey ask to read your full contacts before dem approve anything. Dem dey use am to pressure you: if you no pay, dem go call your family, friend, and even your boss, and dem go shame you for public. Dis one na serious abuse of your privacy and right. Ask yourself: why licensed lender go need to know every person wey you sabi just to check say you fit pay small loan?
Di general sign: pressure
If you look well, all dis danger signs dey hold one common tin: pressure. Licensed lender get notin to hide, so im dey happy say you go read and think slow. Predator need to make you act fast before your head enter. Any tin wey dey rush you, scare you, abi shame you to make you no think — dat na sign to comot from there. Trust di feeling wey dey hold you when app dey press you. Usually na your mind dey tell you wetin your eye no yet see.
Wetin you go do if dem don catch you
If you don borrow from loan shark, di worse tin na to panic and take more loan to pay am. Dat one dey turn small problem to big debt trap.
- Stop dey give any more personal information or new permission.
- Keep record of everything — message, note and call.
- Talk to pipo wey you trust about am, make you no dey hold am alone.
- Complain to di right body — see your right as borrower for how to report to CBN.
- No dey disappear. If you owe licensed lender and you dey struggle, talk to dem and work out plan — see wetin happen if you default.