‘BorrowNow gave me N7,312 loan for 7 days without a request; Now they are blackmailing me to pay back N11,623’

BorrowNow gave me N7,312 loan for 7 days without requesting; Now they are blackmailing me to pay back N11,623

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.

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.

borrownow

 

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.

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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 (quickloanarena.com), 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.

14,863 Comments

  1. Borrow now is a criminal lending money, I apply for a loan of 12000 to be pay back with 12348, the credited my account with 7800 to be paid 12348 in 7 days, I think u people are out of your mind , better make wona carry the 7800 oo. Or eles 5kobo I no go pay. Idiot set of people

  2. 469794 474170Oh my goodness! an remarkable write-up dude. Thank you Even so My business is experiencing issue with ur rss . Dont know why Unable to subscribe to it. Can there be anyone obtaining identical rss issue? Anybody who knows kindly respond. Thnkx 391707

  3. Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. This is not a commitment to lend. Offer not valid with any additional discounts or promotions, except for HLBP and Rocket Pro Originate offers.

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