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    Home»Customer Review»How To Stop Online Loan Harassment In Nigeria 2025
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    How To Stop Online Loan Harassment In Nigeria 2025

    Femi AdeoyaBy Femi AdeoyaJanuary 8, 2025Updated:January 8, 20251 Comment7 Mins Read
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    How To Stop Loan Shark Harassment In Nigeria
    How To Stop Loan Shark Harassment In Nigeria
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    Online loan app harassment in Nigeria have become so rampant across the length and breadth of the digital space especially after the ugly Covid 19 pandemic crisis that shook the entire globe and threw millions of people into the jobless circle with the resultant effect of many being unable to cater for their immediate needs. Many families have consequently resorted to patronising loan apps for cash emergencies in order to meet unexpected expenses.

    Contents hide
    1 What is loan shark and online loan harassment?
    2 Why do we have online loan app harassment in Nigeria?
    3 How Can I Stop Online Shark Harassment In Nigeria?
    3.1 1. Research and Choose Trusted Loan Apps
    3.2 2. Read the Terms and Conditions
    3.3 3. Protect Personal Information
    3.4 4. Report Harassment and Scams
    3.5 5. Spread Awareness
    4 How To Report Online Loan App Harassment In Nigeria
    4.1 1. Gather evidence
    4.2 2. Contact the loan app
    4.3 3. Report to CBN and other regulatory authorities
    4.4 4. Report to Google
    4.5 5. Seek legal assistance
    5 How does loan sharks practice their harassment in Nigeria?
    6 How Can I Protect Myself Against Loan Shark Harassment In Nigeria?
    7 What happens when you don’t pay a loan shark?
    8 Conclusion

    What is loan shark and online loan harassment?

    Loan sharks and online loan harassment is the act whereby a loan app, digital platform or lending organization offers credit loans at extremely high interest rates, has extremely strict and unethical loan recovery method, and additionally enjoys using threatening, shaming and defamatory messages to its borrowers and customers, including their phone contact list and family members and generally operates outside the ambit of the law.

    Many of the loan apps in Nigeria advertising their wares as urgent lending platforms without the need of collateral, documentation or physical presence in their office to get a loan, have gotten many borrowers trapped, being unaware that they were dealing with “potential loan sharks and online loan harassment in Nigeria”, many of whom would later come out to expose their true pictures.

    Why do we have online loan app harassment in Nigeria?

    Online loan app harassment is further made possible due to the largely unregulated digital lending industry in Nigeria, no thanks to the Central Bank of Nigeria (CBN), and other financial authorities that have largely failed in their regulatory roles to protect money borrowers from these dare devil loan sharks, pretending to be legitimate loan app, who daily harass their victims, and compromise their data privacy which they swore to protect.

    Clearly, due to the parlous state of the economy and the failure of the agencies concerned to efficiently regulate Nigeria’s technological space, the illegal online lenders have been able to thrive. (And has constituted themselves into loan shark harassment in Nigeria, daily hurting and inflicting terrible pains to their customers and borrowers, some of whom have threatened suicide in recent reports). This is dangerous; the relevant agencies should quickly clean up.

    Lagos Transporter Gives AimLoan 7 Days To Retract Defamatory Messages Or Be Sued
    An image of alleged loan defauter being harassed

    How Can I Stop Online Shark Harassment In Nigeria?

    The easiest way to stop loan shark harassment in Nigeria is to pay any outstanding loan you have previously borrowed from any digital lender. Once you have paid, ensure you don’t collect any more loan from the loan sharks again. There are many reputable loan apps in Nigeria you can patronize.

    You can take the following specific steps to stop loan shark harassment:

    1. Research and Choose Trusted Loan Apps

    Before using any loan app, conduct thorough research to ensure its legitimacy. Look for well-established and reputable loan apps with positive reviews and a track record of providing reliable services.

    2. Read the Terms and Conditions

    Carefully go through the terms and conditions of the loan app before accepting any loan offers. Pay close attention to the interest rates, repayment terms, and any hidden fees. Avoid apps that have unclear or unfair terms.

    3. Protect Personal Information

    Be cautious while sharing personal information with loan apps. Ensure that the app has proper security measures in place to protect your data. Avoid apps that request excessive personal information or access to unnecessary data on your device.

    4. Report Harassment and Scams

    If you experience harassment, threats, or fraudulent activities from a loan app, report the incident immediately to the appropriate authorities. Contact your local law enforcement agencies, consumer protection organizations, and regulatory bodies responsible for overseeing loan apps in Nigeria.

    5. Spread Awareness

    Share your experiences and warnings about fraudulent loan apps with friends, family, and the wider community. Educate others about the risks and red flags associated with these apps, helping them make informed decisions and avoid falling victim to scams.

    How To Report Online Loan App Harassment In Nigeria

    Investigations have shown that consumers do not go through privacy policy when installing or using a loan app.
    Nigerians care less about the privacy policy on Google Play Store, Apps Store or WhatsApp.

    However if you have been a victim of harassment or fraudulent activities by a loan app in Nigeria, it is important to take action and report the incident. Here are steps you can follow to report loan app harassment:

    1. Gather evidence

    Collect any relevant evidence of the harassment, such as screenshots of threatening messages, transaction records, or any other supporting documents that can validate your claim.

    2. Contact the loan app

    Reach out to the loan app’s customer support or contact information provided on their platform. Clearly explain the issue you have encountered and request resolution or compensation.

    3. Report to CBN and other regulatory authorities

    To report a fraudulent loan app to the Central Bank of Nigeria (CBN), after you have gathered your evidence, contact the CBN and fill your complaint with detailed information about the app, its owner, and any supporting evidence. Additionally, consider reporting the app to other relevant authorities such as the Nigerian Communications Commission (NCC), the Federal Competition and Consumer Protection Commission (FCCPC), or the Nigerian Police Force.

    Provide these regulatory authorities with detailed account of the harassment you have suffered and any evidence you have collected.

    4. Report to Google

    If the loan app is hosted on Google Play Store, report the app to Google by flagging it as inappropriate or reporting a policy violation. This will help raise awareness and potentially lead to the app’s removal from the store.

    5. Seek legal assistance

    If the harassment persists or the loan app fails to address your concerns, consider seeking legal advice from a lawyer experienced in consumer protection or cybercrime laws. They can guide you on further legal actions you can take. Seeking legal advice is also recommended if you have suffered financial loss.

    How does loan sharks practice their harassment in Nigeria?

    The following are ways loan shark harassment in Nigeria are being practiced and how it can be identified.

    1. Accessing the contact’s number and picture stored in mobile phone.
    2. Misuse of contact numbers and pictures saved in mobile.
    3. Invading customers’ data privacy and sending defamatory and threatening messages to them and their contact list
    4. Extremely high interest rate and penalties.
    5. Deduction of processing and/or security deposit before loan processing
    6. Interest deducted before providing the loan.
    7. Constant harassment and threats on customers
    8. Online Harassment.
    9. Harsh and unethical means of recovery.
    10. Use of rude and derogatory statement by loan app staff on customers

    How Can I Protect Myself Against Loan Shark Harassment In Nigeria?

    1. Check for lenders contact information like phone number, email address and physical address.
    2. Verify the online reviews by customers given for the lender.
    3. Check the professional reviews on trust worthy lenders.
    4. Make sure the loan app has been properly licensed by the Central Bank of Nigeria (CBN)
    5. Review the app permissions regularly and give access permissions ONLY tor the purpose of the loan applied for.

    What happens when you don’t pay a loan shark?

    When you refuse to pay loan sharks, they ensure they get their money back through the threat, unethical loan recovery methods, defamation, harassment and use of force. “If you don’t pay the interest rate, they’ll break your arm or break your leg,” says an analyst. “Your interest keeps compounding, so it gets to be a very dangerous situation. Though they can’t take you to court, but they can harass you severely online and expose all your data, photos, bank details to the public to force you to pay.

    Conclusion

    To report online loan harassment in Nigeria, detail your experience in an email to the Federal Competition and Consumer Protection Commission (FCCPC) through lenderstaskforce@fccpc.gov.ng. This is according to the Executive Vice Chairman/Chief Executive Officer of the commission, Mr Babatunde Irukera.

    How to stop loan shark harassment How to stop online loan harassment loan app harassment loan shark harassment Loan Shark Harassment In Nigeria online loan harassment online loan harssment in Nigeria Online loan sharks
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    Femi Adeoya
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    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.

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    1 Comment

    1. Moyo on July 18, 2022 6:12 pm

      This people just ruined my life after paying off my loan they debited me a sum of 159,000 for no reason and that money was ment for something urgent in my life.

      Reply
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