1-invasion of privacy
Before them give you the loan them go ask for permission to access your contacts, gallery, calendar and na very dangerous thing for person to get access to your privacy but you know our naija people when money they involved they no they check, and serious danger for privacy exposure.
All these things na because most people dey ignorant about the dangers wey de follow am and dem just de eager to collect money make dem use am chop. The worst thing sef na for how much you de risk all these things for, for me e no really worth am especially this privacy of a thing but if you look well as you open account with them you don already give them all your details except for some personal details like contacts and access to your mobile and things. Either way e de very risky to share all these things with people.
3-possible termination of future loan for defaulters
If you prove stubborn and refuse to pay back their money they go compile list of defaulters send am give CBN and you go find am very difficult to get access to any kind of loan in the future, and with this kind blacklist, the thing fit affect person for future.
Na this one i de fear pass among all because you never know when you will need an urgent loan from the bank so make we no de use this thing play cos e fit really affect person for future. I bin once carry loan with them too but i no wan make dem black list my account say i no de pay back loans so i just pay back as soon as possible amd since then i no wan carry loan with them again.
4-loan default leads to continuation of interest rate
If the person refuses to pay naso the interest go they increase everyday until the day you go clear the loan, so flexibility no they at all for all these kinds of loans. Imagine say you no pay the loan for even two years waiting you imagine say the interest go be at that time.
Na bad deal i swear dem de cheat people with this interest rate but alot of people de overlook am just because of free money wey dem wan collect. I know say PalmPay just wan help people wey de use their bank na why de come up with this loan idea but their plan just be say when you need urgent money make you see place borrow den after 14 days at least you suppose don collect salary make u pay back and na him make dem come up with this daily interest rate so that e go ginger people to pay back on time.
And finally all these loan apps no go tell you all these things and normally self-people they see am has place to catch cruise or update to chop money, they no go even read the terms and condition before they finalize their application, some people go even make mouth say them no go pay they forget say you no fit get away with this kind of update. I hope say this information they useful for many of us.
For naija terms and conditions no be any serious thing at least na wetin most people de think and na only few people de read am because e de always long and boring to read. I swear alot of people de overlook these things because all they are after na to just see money collect make them use am do wetin dem gt for mind and most of them sef de use catch cruise d way you talk, dem go just wan chop free money dem no go wan pay them back so most of these people wey de go through these things na dem de cause am for themselves sha.
For my town boys don use these opay do awuf, dem go just carry loan con run dem go even delete the app sef and when dem start de call them to pay their loan dem ho even de use dem catch cruise de talk to them anyhow maybe na why palm pay people de harrass most of the defauters.
Uptill now i still wonder how palmpay gain from giving out loans even when they are aware alot of people default without paying back.