A loan app user has taken to social media to share what a loan app did to him after he took a loan and defaulted.
The man simply identified as Azuwuike Chinedu revealed that the loan app did an obituary flyer for him as though he had died.
According to him, his loan was only overdue for just 5 days, only for him to come online and see an obituary poster with his face on it.
Interestingly, the obituary announced that the young man “died” on January 4 and will be buried later in the month.
He has however vowed to get his pound of flesh.
“If I pay them, let this obituary be real,” the debtor swore.
Loan apps have become a thorn in the flesh of Nigerians.
Despite existing laws saying things like these are illegal, many fintech firms–which have doubled between 2017 and now, continue to generate their revenue via loans.
Once users try to get a loan, the apps harvest their contacts lists and once they default, disgraceful SMS and calls are made to people in their contact list.
Recently, an errant fintech firm was fined by the authorities, but that hasn’t stopped others from doing the same thing.
Until regulatory compliance is ensured in that space, the end may never come for unconscionable things like this.