Right of Reply: How I was lured into debt trap with N2.5m Specta quick loan from Sterling bank
Femi good morning. Thank you for the enlightenment. Nigerians need all the enlightenment in all these numerous quick loans from different sources. Many of them are debt traps. Banks and financial organizations use all kind of baits to lure people into taking loans.
I had fallen victim lately. I took Sterling Bank’ SPECTA loan of N2.5m. Within 5 minutes it was granted in April 2019. When the money landed they had removed about N120,000.00 as charges and processing fees. I started paying N98,990 every month. It was for a 3-year tenure at 23% interest rate . After fully paying the principal sum as at May 2021, I continued paying up to July.
In August I decided to liquidate the loan, thinking the sum balance should come down on interest having cut down the tenure to 2 years from 3, I was shocked when I still had to pay N860,000.00 . They calculated the whole thing forward up to 2023 when the tenure will end; instead of backward. So I have paid over N1 million on interest within 2 years. I will forever regret it.
Banks are defrauding desperate hapless Nigerians with quick loans traps on wicked interest rates. People like you with good knowledge of how this works should be enlightening Nigerians. ICAN, and other financial Education institutions should take this up as a responsibility. I am in serious pain for allowing myself to be conned by a useless bank, despite being an Ijebu man. – Tijani Babatunde, Abule-Egba, Lagos, Nigeria.
Editor’s Note: The above was sent to us from one of our numerous readers in response to our review articles warning customers not to take quick loan with high interest that will become debt traps. Our Right of Reply Column features feedbacks from our readers and loan customers and are published unedited.
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