Sometimes loan apps do disburse money into a customer’s bank account who did not request one, or a customer might fill out the form and later change their minds due to the high-interest rate or small repayment tenure, yet money will be disbursed into their accounts.
If you are experiencing something similar, immediately deposit back the principal amount that was sent to your bank account to avoid paying interest on it later.

Maybe you’re supposed to pay back N12,000, but you mistakenly sent N120,000 to the loan app’s account. In such a situation, you should request another loan in the amount that you overpaid. That is N108,000 in this example. It is usually difficult to get reimbursements in such cases, which is why you should be very careful and double-check before confirming any transaction.

It is standard practice that most loan apps increase the loan amount for their customers when they repay on time, but they are not under any obligation to do so. There are a few reasons why a loan app might not increase your loan amount even after repaying on time;

Their loan limit: Most loan apps have a loan limit which they cannot borrow you above that amount. for example, if the loan limit on an app is 50k, they will not increase your amount even after you repaid your previous 50k on time.
Availability of funds: loan apps have certain amounts they have programmed their computers to borrow customers, the system might limit your loan amount if their are plenty borrowers also applying. So your loan amount might not increase through no fault of yours.
Loan history with other lenders: Your loan amount might not increase if you have outstanding loan with other lenders or you refused to pay other lenders on time. your general loan history can affect your loan amount because loan apps want to do everything to be sure that you will pay them back in time.

Most of the online loan apps that operate in Nigeria do so without licenses or regulation from any government agencies. In cases of serious rights violations, you can, however, file a complaint with the Federal Competition & Consumer Protection Commission. They are the government agency for customer rights protection in Nigeria and they have been known to take down erring loan apps in the past.

Loan apps like Carbon and bank apps are the best because they offer safe and reliable online loan services in Nigeria. Other legit and CBN-licensed online loan apps can be found on this list.

No online loan app will give a loan without BVN. Your 11 digit BVN is your unique identifier used by financial service providers to identify their customers. They use the BVN to check a customers credit report – how early they repay their loans when given and if they have any outstanding loans they are yet to repay. The BVN is an extremely important KYC document requested by all loan apps before giving a loan.

Okash loan app from Opay gives customers loans without binding card. Most loan apps do however require card binding as a means of repayment and so they can autodebit the card when the tenor is due. You can prevent autdebit on your card by going to the bank to have the ATM card blocked. Card blocking can also be done online.

Most loan sharks call their customer’s contacts to intimidate them into repaying their loans. The way to stop a loan app from calling your contacts is to repay your loan on time before you default or you delete all your important contacts before installing the app on your phone.

No, they can only access the ATM card you bind to your account during registration. Most loan apps will remove their money from your account on or before your deadline day. To prevent this, you can block your ATM card and request a new one from your bank.

Global Standing Instruction GSI is a tool initiated by the CBN to help creditors recover their loans from debtors without notifying the debtors. It means creditors can take money from any account linked with their debtor even from accounts in other banks. Loan apps in Nigeria cannot use GSI recovery to recover their loans because most of them are not registered with the CBN. GSI recovery mandate can only be issued by the CBN.

Most Nigerian loan apps are unlikely to borrow you up to 100k at first application. You can however build your credit score by repaying your loan on time. Most loan apps offer revolving loans which increase every time you repay your previous loans.

Online loan apps are designed to provide quick cash for emergency use only. Most online loan apps have a loan repayment of between 7 to 30 days. If you want a loan with longer repayment term, consider taking a business loan from your commercial bank.