A loan shark has responded following a significant error involving a woman who was granted a loan of N2.5 million instead of her intended N2500 and was subsequently faced with a staggering repayment sum of N6.8 million.
FairMoney Nigeria (@fairmoney_ng), a leading digital lending platform, reacted to a viral post in which a user alleged that their aunt mistakenly received a ₦2.5 million loan rather than the intended ₦2,500, with an added interest of ₦4.6 million on top of the principal amount.
In their official response, the platform suggested that the error might have stemmed from the aunt selecting the wrong loan amount during the application process. They acknowledged the misunderstanding and offered assistance to rectify the situation.
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.”
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While the response appeared to offer a progressive solution, many users have since criticized the company for their ridiculous loan rate. The steep interest on the loan raised eyebrows among social media users who questioned the fairness of such a charge, especially given the circumstances of the error.
One social media user, @Clevervikson, expressed disbelief, writing, “At this point, everyone deserves a public explanation on how one’s credit score would incur an interest of 4.6 million on a 2 million naira loan. How does that even make sense?”
Another user, @broAKtim, added to the criticism, saying, “lol. Even if she did select a wrong amount, how on earth do you charge someone over 100% interest???!!! How????”
The incident has sparked widespread discussion about the practices of digital lending platforms and the need for greater transparency and fairness in the lending process.