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File | Nation Media Group

Why digital money lenders are demanding loan you never took

What you need to know:

  • Digital lenders charge between 365pc to 876pc interest for each loan besides processing fees levied.
  • Repayment delays have seen lenders invade individuals’ phonebooks to retrieve contacts of borrowers’ friends and relatives.

Mobile loans apps are walking a tight rope despite the billions of profit they rake in every time borrowers click to accept a soft loan to cushion them in tough times.

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