“Save the screenshots and sue them” – Lawyer advises loan apps victims
A Nigerian lawyer has sparked reactions online after addressing reports of loan apps sending defamatory messages, including obituary notices, to borrowers who default on repayment.
The advice was shared on Facebook by Atanda, who explained the possible legal implications of such actions and what affected individuals can do.
Loan Apps and Unsecured Loans
According to him, most loan apps operate on unsecured lending, meaning borrowers are not required to provide collateral before receiving funds.
He noted that because of the risks involved, CBN permit these platforms to charge relatively high interest rates to protect their business.
Allegations of Defamation Tactics
The barrister reacted to claims that some loan apps resort to sending embarrassing or damaging messages to a borrower’s contacts when repayment is delayed.
He advised borrowers to save such messages as potential evidence for legal action.
He wrote:
“When a loan app sends your obituary to your contacts and even sends it to you just because you defaulted in paying back their loan, what does the law say?
Money collected from loan apps are categorized as unsecured loan. They are loan without collateral. To compensate them for high risk they take to give out loan without collateral, the CBN allows them to put high interest on the loan.
The moment you kpai, the loan kpai too. As in, if you off now, the loan go follow you off automatically because there is no collateral to hold unto.
So in this case, they used their own hands to declare that you are dead. Save the obituary message with screenshot and forward it to them that this is the evidence that you are dead, which basically means your loan is dead.
Just ignore them from that moment, they can’t do anything because a licensed loan app will never defame their customers. The CBN rules against such act.
Or you can choose to sue them for defamation and demand for ₦100 million damages. Even if it’s not obituary own, if they send any messages that defame you to your contacts or to you directly, don’t sleep on it. It’s your opportunity to rise in life. Sue them. Ignorance of the law is no excuse.”
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