Lawyer shares 4 dangers of owing loan apps with consequences

A Nigerian lawyer has urged people to pay up their debts, warning that there are consequences of being a chronic debtor

In a TikTok video that has gone viral, the legal practitioner explained four consequences of being a chronic debtor to loan apps

She explained how owing loan apps could affect one's credit status, employment opportunities and bank verification number (BVN)

A barrister named Amarachi, known on TikTok as @datblacklawyer, has sent an important message to Nigerians fond of borrowing money from different loan apps and refusing to pay their debts.

getting certain jobs because there are some there are some jobs, you know, there are some companies that take it very seriously, especially financial institutions. When the job description has to do with finance, they are going to probe into your debt status or your credit status and see if you are a chronic debtor and that is enough to deny you that job.

"Some of you you want to travel, it will come up unless you don't want to leave the four walls of Nigeria, it will come up, and lastly is that they still reserve the right to sue you." she explained in the video.

A lawyer has revealed that there are consequences of owing loan apps with no intention of paying up. Photo Credit: (@datblacklawyer_) Source: TikTok

Loan apps: Lawyer's admonition sparks reaction

Emmanuel K Edoboh said:

"So what does the law says about defamation of character? Does the law give them the right to insult and embarrass their clients?"

PeterUK said:

"Madam, the only problem with the loan app is that their interest rates are too high and that is what makes it difficult for people to pay."

Mohammed said:

"They don't have right to or capacity to report you to credit bureau is only the ones who meet CBN procedures and licensed and they are very few, not to justify debt but their interest does not follow CBN rul

Inuwa  said:

"Pls ma, how about someone that wants to repay the loan only to find out that you can't find the account number to make repayments and also the amount to pay back because that's the challenge I'm facing."

Godwin said:

"No loan company can blacklist your BVN, and owing loan app has nothing to do with you traveling out, the only consequences is you can't borrow more loan."

Meanwhile, a lawyer had shared how people could fight back against loan apps

According to the lawyer, a loan app messaging your people because of N25k is not a loan reminder, but a crime.

She later highlighted five reasons that make the Nigerian law prohibits loan apps for the borrowers.