Baobab lending app asks me to pay 180K for 100K loan — Borrower cries out

Baobab lending app asks me to pay 180K for 100K loan — Borrower cries out

A young lady who lives in Ibadan and operates a fast food business and needed a loan of N100,000 to put her business in good footings has cried out to Nigerians, accusing Baobab lending app of asking her to pay N80,000 as interest on the loan for a 3 months period.

Foluke Adeyeye (not real names) lives in Ibadan and graduated from higher institution a few years ago but has no job and decided to start a food buka where she can sell varieties of local meals for the people around. She however needed to approach a lending app for support and she went to Baobab lending app and eventually was directed to their company at their Ibadan branch.

Foluke was told she needed to pay almost N60,000 per month for 3 months if she need the loan of N100,000. On top of that, she would have to pay a non refundable fees of N3,500 to Baobab. She however told QUICK LOAN ARENA the interest is too high for her business and she has pleaded for help and support from generous Nigerians.

Hear her story briefly below:

I needed a loan of N100,000 to establish my food business and I approached Baobab lending app. They also have a Microfinance Bank at Ibadan where I went to. It a big no jare for me as I will have to pay back 180k in 3months. I was even ask to pay N3500 that is a non refundable fees. The problem I have with them is the very high interest. They said they needed my passport and my guarantors. I will pay back almost 60k mouthy which is just too high for me.

We think this is another loan shark masquerading as a digital lending app or Microfinance bank and Nigerian govt sgould rein on this lending platforms and make them comply with the nation’s local lending laws. Nigerians are suffering and agonising under the dictatorship of this lending apps.

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1. Quick Loan Arena offers a social support initiative for members of its QLA Business Club.. The Club is to help members save and invest and earn monthly interest on their savings. It’s also for members to borrow soft loans at a very low interest rate for short term projects.

2. QLA Business Club will assist members raise pay day loans or soft loans for tenure up to one month.

3. You must be a member of QLA Business Club to be qualified to save, invest, earn interest or collect a loan or participate in the group activities.

4. To become a member of QLA Business Club, you must register with a membership fees of N5,000. After filling out our registration form.

5. QLA Business Club Members are expected to make voluntary weekly or monthly or fixed sum contributions which will earn 2% interest every month.

6. Loan amounts are N5k, N10k, N15K, N20k and N50k for tenure up to 30 days.

7. Members are free to invite other people to become members and shall be eligible to 25% of their registration fees as commission.

8. QLA Business Club loans are subject to a guarantee of 100% coverage of your loan amount partly in form of your savings and partly in form of 1 or 2 guarantors’ contributions who must be members of the club.

9. Loan disbursement commenced Tuesday 29th December, 2021 for members.

10. All members of QLA Business Club are hosted on a special forum where discussions and strategies are held regularly.

You can speak with any of our Loan Consultants for more information! Call or Whatsapp our business telephone (0) 915 382 1578.

Sign up and Join the Club.

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (, the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.


  1. I Swear to God baobab is something kid brother needed money for his registration in school we decided to go to them we applied a loan of 100,000 but they ended up approving 70k the worst is the did not give us all the money they gave us 59500 and we are to pay 16700 every month…this is too much they are also loan sharks i swear

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