Goodday QUICK LOAN ARENA. My name is Olufemi Olanrewaju (not real names). I work with Edwin Clark University in Delta State. I want you to helpme publish my experience with BorrowNow loan app on your reputable platform.
BorrowNow gave me N7,312 loan for 7 days without requesting; Now they are blackmailing me to pay back N11,623
I ran into an emergency recently and was looking for a quick loan to rescue my immediate needs. In the process I stumbled on this loan app on Google Play Store called BorrowNow. After completing the registration process I waited to see how much I will be awarded, the loan tenure and loan interest so as to make a decision if I will collect the loan or not.
Eventually I was offered N7,312 with 7 days tenure to pay back N11,623 with the loan interest coming up to N4,311.
Since the loan was just 7,312 for 7 days and the exhorbitant interest amount of N4,311, I declined the application.
But to my greatest surprise I saw that the loan was already been disbursed into my account, even after i click decline loan application.
I quickly wrote an email to the customer service to stop the loan DISBURSEMENT because I was no longer interested for the stated reason.
Yet after a while they still went ahead to credit me the said amount.
I also quickly wrote them again to send me their account details so that I can send back their money immediately but they refused.
I am calling on BorrowNow to send me their account details so i can pay back their principal amount because I won’t pay interest on a loan I didn’t request or ask for.
QUICK LOAN ARENA understands that Google Play Store policy for finance apps hosted on their platform is that loan must not be less than 60 days tenure and interest rate and Anual Percentage Rate (APR) should be within a value. However this loan apps now apparently charge low interest but charge as much as 50% of the laon amount as service fees. And most of their tenure are within 7 days. This is unacceptable and it should stop. Thiese flouting loan apps should be banned from Google Play Store.