When I was a university student in Nigeria a few years ago, I found myself in a difficult financial situation and needed some quick cash. In a moment of desperation, I downloaded a few loan apps without properly researching them. Little did I know the nightmare I was getting myself into.
Within days, these apps had accessed my contact list and started sending harassing messages to all my contacts, threatening to publicly humiliate me if I didn’t pay back the loan. I was mortified. Even after paying off the initial amount multiple times over due to their exorbitant interest rates, the threats didn’t stop. My reputation and mental health were suffering. I had to find a way to get these predators off my back and protect my loved ones.
How these Predatory Loan Apps work
Loan apps that use aggressive collection tactics are considered predatory. Their main goal is exploiting financially vulnerable people for profit, not helping them. Some key things to know:
- Extremely high interest rates: Rates can be well over 100200% annually, ensuring you’ll keep paying far more than you borrowed.
- Lack of regulatory oversight: Many operate illegally without proper licenses in Nigeria. This allows abusive practices with no accountability.
- Invasive data access: By demanding contacts access, they gain power over your relationships and reputation to strongarm repayment.
- Harassment and threats: They will literally threaten anyone in your contacts if you miss a payment, trying to socially and emotionally manipulate you.
- Difficulty unsubscribing: There are usually no clear paths to opt out of their services and stop the harassment once you’ve taken the loan.
How to Protect Yourself and Contacts from these loan app
Here are some steps you can take if you’ve fallen victim to these predatory apps:
Delete the Apps Immediately
The first urgent step is uninstalling the apps from your phone completely. This stops them from accessing any further contact data or notifications.
Change Your Phone Number
Request a new phone number from your carrier. Provide details of the harassment and threats as the reason. A new number prevents further contact.
Send Cease and Desist Letters
Find the apps’ contact details online or from your loan documents and send formal legal letters demanding they immediately stop all contact and harassment. Cite laws against data misuse, threats, and invasion of privacy.
Contact Your Bank
Inform your bank of the situation in case the apps try collecting via your bank details. Ask them to flag your accounts for extra fraud protection.
How to Protect Contacts and Reputation
It’s also important to mitigate damage already done to relationships:
Send Explanatory Messages
Message all affected contacts to explain what happened, apologize for any distress caused, and assure them you’ve cut ties with these apps. Request deleting any messages received.
Check-In Regularly
Follow up individually with close contacts in the coming weeks to reassure them, thank them for understanding, and repair any distress to relationships.
Monitor Social Media
Be vigilant on your own profiles and ask contacts to inform you if the lenders post any threats publicly. Take screenshots as evidence before reporting profiles.
Consider Legal Action
For severe reputational damage or ongoing threats, consult a legal advisor about harassment and privacy violation suits against the lenders. Document all evidence thoroughly.
Conclusion
Thanks or r axing to the very end. Predatory loan apps are a menace that can severely impact victims’ lives in Nigeria. By promptly removing access and initiating the protection steps above, you can help avoid long term damage. Always research lending sources thoroughly before borrowing in future. With awareness and vigilance, no one needs stay helpless against these cyber loan sharks.
FAQs
How do I stop loan companies texting my contacts?
To stop loan companies from texting your contacts, you can take the following steps:
- Revoke contact permissions for the loan app in your phone’s settings. On Android, go to Settings > Apps > Loan App > Permissions and toggle off “Contacts”. On iOS, go to Settings > Privacy > Contacts and turn off access for the loan app.
- Uninstall the loan app completely if you no longer need it. This will prevent any further contact access or messaging.
- Be cautious when granting permissions to loan apps. Only allow access to what is strictly necessary for the app to function.
- Choose reputable loan providers with a track record of respecting customer privacy.
- Pay back loans on time to avoid defaulting and triggering aggressive collection tactics
