- A Nigerian man shared his troubles online. He borrowed £159,000 from PalmPay and was asked to repay £220,000 34 days later.
- He posted anonymously on Facebook, admitting he wouldn’t be able to meet the July 1 repayment deadline and seeking advice from others on how to deal with loan app debt.
- His post sparked mixed reactions, with some users warning of high daily rates
A Nigerian man cried as the due date approached after borrowing 159,000 naira on a loan app. He said how much he was asked to repay 34 days after receiving the loan
The man posted anonymously in a Facebook group complaining about his inability to repay the loan. He asked panelists how to handle loan applications when they owe money.
The post he shared on June 26 reads as follows: “I owe palmpay and it is due on July 1st. I don’t know how to get the money for myself. I borrowed 159k for emergencies and paid back more than 220k in 34 days. Does anyone owe palmpay, how are you handling it. I will definitely pay it back in the future, but I don’t have it now.“
See some of the reactions below:
Olaoluwa Olaniyan said: Bro, you have to pay attention to collecting so much amount, you should reduce your rate amount
Wilson Akintunde Akinyosoye They will add 2k+ daily interest. Now calculated as 1 week or 1 month. Palmpay is not happy. Branches never increase accrued interest. They are still my best apps so far
Victoria Kelechi Iheanacho I borrowed 90k 2021. I open my app and I see 2 million. they can’t reach
Toyon Anuoluwapo I don’t do anything, I owe them, I will pay it back when I have money, let me die of debt
