The primary goal of every loan company is to solve some kind of financial problem and add value to the recipient of the loan. Business loans are meant to bridge financial gap between sales and collection of proceeds or fund projects that are profitable. Personal loans also help achieve projects that you might have to save up for years to achieve. In each case, there is value added while the lending companies also make profit in the form of interest. Such loan tenors and repayment are designed in such a way that the repaymet is easy as it is designed aroundc earnings (business sales or salary) putting into consideration the ability of the borrower. The organisational goal is clear, adding value to client through lending while making money.

Unfortunately there are loan companies now who lend funds at very expensive rates (as high as 30% PER WEEK). That is equivalent to around 120% per month and 1,440% per annum. They do not care about the ability of borrower to pay back or the repayment source and when borrower defaults for 1 day, they send threats to borrowers and go as far as breaching confidentiality, libel, defamation, blackmail and character assasination to recover loans that are up to 3 to 4 days overdue. They go as far as harvesting phone contacts, private pictures and private chats to blackmail defaulting borrowers. They also go as far as posting borrowers obituary online.

The goal of the lending companies are clear, definitely not to add value to Nigerians or clients. There only goal is to massively enrich their pockets by trapping unsuspecting Nigerians into milking them. That is why the loan tenor is so short and interest rate is so high.

Some of these loan apps include Cashlion, Truenaira, Sokoloan, Easycredit, Fastcash, Nowcash, 9credit, Holocredit amd many more loan apps. Some of these apps are owned by the same company. 

This petition is to bring to the notice of the CBN, EFCC, and National Assembly the murderous activities of these loan companies. They need to be investigated and stopped.  These apps and companies are not out to help Nigerians especially in this difficult times but to impoverish Nigerians more