After a miscalculation in which a woman was given a loan of N2.5 million instead of N2500 and was hit with a repayment amount of N6.8 million, a loan shark steps in.
Leading online lender FairMoney Nigeria (@fairmoney_ng) has reacted to a post that went viral, accusing someone of giving their aunt a ₦2.5 million loan when she should have only received ₦2,500, plus an additional ₦4.6 million in interest. Eyes Of Lagos reports,
The platform, in its official response, suggested that the error may have been caused by the aunt selecting the wrong loan amount during the application process.
In a public reply via X, FairMoney stated: “Thank you for letting us know about your Aunt’s request! She must have selected the wrong amount when applying for the loan, and the interest rate is determined by her current credit score check. Please chat with us in the DMs so we can assist her further.”
While the response sounded progressive solution-wise, many users have since slammed the company for their ridiculous loan rate.
A social media user @Clevervikson wrote, “At this point, everyone deserves a public explanation on how one’s credit score would incure an interest of 4.6 million on 2 million naira loan. How does that even make sense.”
Another user @broAKtim added, “lol. Even if she did select a wrong amount, how on earth do you charge someone over 100% interest???!!! How????”
