A Nigerian man has shared his distress online after borrowing ₦159,000 from PalmPay and being asked to repay ₦220,000 just 34 days later.
Posting anonymously on Facebook, he admitted he was unable to meet the July 1 repayment deadline and sought advice from others on how to cope with loan app debts.
His post sparked mixed reactions, with some users warning about high daily interest rates
A Nigerian man who borrowed N159,000 from a loan app cried out as his due date drew near. He stated how much he was asked to repay 34 days after collecting the loan
The man, who posted anonymously in a Facebook group, complained about his inability to repay the loan. He asked members of the group how they managed whenever they owed loan apps.
His post, shared on June 26, read: “I am owing palmpay and it will be due on July 1. I don’t know how I going to raise such amount for me. I borrowed them 159k for an emergency to payback 220k plus in 34 days. Pls is there anyone owing palmpay pls how are you handling. I will definitely pay in future but I don’t have it now.”
See some of the reacions below:
Olaoluwa Olaniyan said: Bro u get mind collect such amount u should reduce the amount to ur rate
Wilson Akintunde Akinyosoye They will be adding daily interest of 2k + . Now times it by 1 week or 1 month.. Palmpay no get joy ooo. Branch will never add accrued interest.. They remain my best App till date
Victoria Kelechi Iheanacho I borrow them 90k 2021. I opened my app I dey see 2m. They no reach
Toyon Anuoluwapo I’m not handling anything, I am owing them I will pay when I have money , make I die because of debts
