Quick loan: GTB, Stanbic, FCMB, others join the fray, customers lament
Deposit money banks otherwise known as Commercial banks have also joined the fray of independent quick loan apps and platforms ditching out “instant cash” to salary earners and small businesses thus cashing in, in the frenzy of making quick returns.
Guaranty Trust Bank (GTB), Sterling Bank and Stanbic IBTC and other banks offer quick loans to salary earners who has bank accounts with them.
Daily Trust Newspaper quotes a customer, Hajiya Huraira Abdullahi, a Kaduna resident who has benefited from the quick loan facility of GTB having accessed N100,000 and N200,000 in 2019 and 2020 respectively.
She says, “I used to use my GTB account as my salary account, but even when I changed the account, I was still able to access the loan because I deposit money from my business there.
“I think the bank accesses your account based on the volume of money that comes in and comes up with a limit at which you can borrow. When I borrowed N200,000, I paid back in six months with an interest of less than seven per cent.”
Hajiya adds that the advantage of the facility was the quick access to money and the fact that there was no guarantor need, noting that, “I received the loan in less than an hour after I requested for it.”
However, she said the bank had to review its policy because many people took the loans and did not repay.
Mustapha Aliyu who accessed a loan from PayDay on the Access Bank platform said within minutes of his request, his account was credited with N80,000.
Asked how he was able to make up the repayment in 30 days even though the loan facility was more than 30 per cent of his salary, he said, “Though the repayment period was 30 days, I was able to pay back the money with N2,000 as interest rate.”
According to David Adam who resides in Mararaba, Nasarawa State, one needs to have proper planning before taking such loan.
He said he accessed a loan from Credit Direct and felt it was easy to get the loan without other platforms and the banks verifying if you have other loans running.
He explained that, “If you don’t guard yourself, you may end up not having anything to take home every month because of the loan deduction. So it is good to plan. This is because the banks or any platform will not check your history to determine how much is your net earning every month. Once they start doing this, the loan process will be slow and will no longer be attractive.”
A 9ja Cash loanee, Cosmas Tizhe, who shared his experience said: “Besides their highly exorbitant fee – 33 per cent – they have a very stupid customer service with extremely rude relations skills. I defaulted (to pay back my loan) by a week and they sent SMS to all my contacts saying I was a ‘criminal on the run.’”
Another loan app subscriber, Dare Fasipe, said of GoCash: “My experience was unpalatable. Let me just warn potential users: installing all these loan apps makes all your information on your phone vulnerable, especially your credit card details, anybody could use it for dubious means. Then, they gain access to all contacts on your phone. If you fail to pay, they’ll be sending messages to all your contacts.”
Quick Loan Arena is not a loan agency and we do not give out loan to anybody. We are a quick loan review blog that seeks to inform and educate individuals and small businesses about instant loan opportunities to help them take informed decisions. Book A Call TODAY and speak with any of our Loan Consultants for more information! Call or Whatsapp +234 (0)803 385 7245.
Do remember to give us a feedback about your quick loan experience after the lending process is executed.
READ ALSO! 5 sure ways to spot quick loan scams