According to reports over two hundred illegal loan platforms have been delisted for violating user privacy, accessing personal contacts illegally, and sending defamatory messages to relatives.
In this article, Tribune Online examines the essential steps every Nigerian must take to identify legitimate financial platforms and access verified digital credit without risking their personal safety or reputation.
Verify official regulatory approval
The first step towards applying for any digital loan is verifying if the lender is authorized to provide such loans.
The Central Bank of Nigeria (CBN) works alongside the FCCPC to keep a detailed list of fully-licensed digital lenders on the CBN’s website.
This is a public database that will let you know that you are dealing with an institution that follows national banking laws, is fair on your credit and offers reasonable repayment terms.
Control smartphone app permissions
When installing a mobile app, borrowers should pay careful attention to the permissions that are requested.
True loan applications request just fundamental information to be able to verify your identity, such as your phone number or account details.
If an app wants to get access to your private photo gallery, video files or your phonebook, you should get rid of it right away, as you are likely to be harassed or have your data misused later.
The terms, repayment periods and interest rates of any loan will always be clearly stated by any reputable financial platform before they deposit any money into your bank account.
They evaluate your credit rating using conventional financial methods and BVN and not through blackmail.
These established digital alternatives preserve your financial honor and will provide safe and reliable emergency credit whenever needed.
@ Nigerian Tribune
