NewStats: 3,264,744 , 8,184,584 topics. Date: Thursday, 12 June 2025 at 09:21 AM 2r4w13

After a miscalculation in which a woman was given a loan of N2.5 million instead of N2500 and was hit with a repayment amount of N6.8 million, a loan shark steps in.

Leading online lender FairMoney Nigeria (@fairmoney_ng) has reacted to a post that went viral, accusing someone of giving their aunt a ₦2.5 million loan when she should have only received ₦2,500, plus an additional ₦4.6 million in interest. Eyes Of Lagos reports,

The platform, in its official response, suggested that the error may have been caused by the aunt selecting the wrong loan amount during the application process.

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.”
Loan shark responds to woman's N2.5m loan instead of N2500, to pay N6.8m
Screenshot

While the response sounded progressive solution-wise, many s have since slammed the company for their ridiculous loan rate.

A social media @Clevervikson wrote, “At this point, everyone deserves a public explanation on how one’s credit score would incure an interest of 4.6 million on 2 million naira loan. How does that even make sense.”

Another @broAKtim added, “lol. Even if she did select a wrong amount, how on earth do you charge someone over 100% interest!!! How?”

https://eyesoflagos.com/2024/10/07/loan-shark-responds-to-womans-n2-5m-loan-instead-of-n2500-to-pay-n6-8m/

God when?

I only came to check the name of the borrower and i can see that....


I guess the only reason these guys were quick to report the issue is because of the Interest rate, if not, they'd have said the glitch isnt from their end and would have just 'flenjor' dey go

Just imagine if it was a grant and the company made such a mistake, The Chosen people would have had a real testimony for the first time this year

Even if it's a mistake, how on earth do you expect someone to collect a loan of 2.5m and expected him to return almost 6m with the interest... That's way crazy too high.

N2.5m to get N6.8m.

No wonder people do not repay the loans. Even IMF and WB that gives generational tenure dont ask for that much.

CyrusVI:


I only came to check the name of the borrower and i can see that....


I guess the only reason these guys were quick to report the issue is because of the Interest rate, if not, they'd have said the glitch isnt from their end and would have just 'flenjor' dey go

Just imagine if it was a grant and the company made such a mistake, The Chosen people would have had a real testimony for the first time this year

What are you saying?

680k to pay 1.5m

Can imagine the extra charges they added, loan shark enjoying and ripping where they never sow


Thats why they can't borrow any youth that kind of money

The money go don dey houze for Benin

Lol.
2.5m to pay 6.8m is wild and has to be jazz.
Doesn't even matter if the loan tenure is four years.


Later they will be chasing her up and down for defaulting.

Go to court

Wtf 😳

Fair money this is criminality, how do you mean she selected the wrong amount.
Even if she did select 2.5M, how's the interest over 4million, that's very outrageous na

Even bandits no charge like that

Una be thief

One's credit score determines the interest on his loan. That's how it works worldwide.

You will see another person with good credit score get very low interest on the same loan amount.

If Mr A and Mr B want to take a loan of 500k each but Mr A. Has very low credit score and Mr B has good credit score. The interest on the 500k loan for Mr A will be far higher than that of Mr B.
Eg:

Mr A Loan amount =500k, interest = 400k

Mr B loan amount =500k, interest = 150k

Crazy Loan app. How are they expecting her to pay back that high interest loan?. CBN is just sleeping that is why this crazy Loan app are just having a field day .

1Alex:
One's credit score determines the interest on his loan. That's how it works worldwide.

You will see another person with good credit score get very low interest on the same loan amount.

If Mr A and Mr B want to take a loan of 500k each but Mr A. Has very low credit score and Mr B has good credit score. The interest on the 500k loan for Mr A will be far higher than that of Mr B.
Eg:

Mr A Loan amount =500k, interest = 400k

Mr B loan amount =500k, interest = 150k

What's the threshold for the determinant of the credit score?

Tombrown3:


What's the threshold for the determinant of the credit score?

someone who pays back his loan before the due day will always have good credit score, while someone who wait till the due date or after will have a poor credit score. That is one of the things your BVN is used for. Even a landlord may request your bvn to run a credit check on a potential tenant to see if the tenant pays back loans in time in order to see if he can rent his house to him

Billionaire dey borrow money

But joke apart, this guys are mean

1Alex:
someone who pays back his loan before the due day will always have good credit score, while someone who wait till the due date or after will have a poor credit score. That is one of the things your BVN is used for. Even a landlord may request your bvn to run a credit check on a potential tenant to see if the tenant pays back loans in time in order to see if he can rent his house to him

You are using ChatGpt scores. Ask ChatGpt to tell you what country those scores you posted apply to and come back to post the result.

If you have a credit score, you will be able to view it for free from your bank or credit rating agency.

Make dem make same mistake with me.

I take God beg them

Natbrowny:
Make dem make same mistake with me.

I take God beg them

papyjaypaul:


You are using ChatGpt scores. Ask ChatGpt to tell you what country those scores you posted apply to and come back to post the result.

If you have a credit score, you will be able to view it for free from your bank or credit rating agency.

What is your point exactly? Are you saying that credit score in Nigeria is different from what I posted?

Go to first central credit bureau and check your credit score then come back and tell us the difference.

1Alex:


What is your point exactly? Are you saying that credit score in Nigeria is different from what I posted?

Go to first central credit bureau and check your credit score then come back and tell us the difference.

What you posted has a source which is unlikely and certainly not Nigerian.

papyjaypaul:


What you posted has a source which is unlikely and certainly not Nigerian.

credit rating is a global thing oga

Karleb:


What are you saying?

Please don't mind or take an efulefu serious

1Alex:
credit rating is a global thing oga

I know more about the topic that you probably imagine. There are private bureau in Nigeria. We have the Credit Bureau Association of Nigeria which is an incorporated not-for-profit and non-governmental business management organization formed to promote a credit reporting culture.

Tell me, since you mentioned a global thing, what is your credit score


Please don't forget my question, I am not interested in proving myself right or yourself wrong, we can have a healthy discussion and learn from each other.

papyjaypaul:

You are using ChatGpt scores. Ask ChatGpt to tell you what country those scores you posted apply to and come back to post the result.

papyjaypaul:


I know more about the topic that you probably imagine. There are private bureau in Nigeria. We have the Credit Bureau Association of Nigeria which is an incorporated not-for-profit and non-governmental business management organization formed to promote a credit reporting culture.

Tell me, since you mentioned a global thing, what is your credit score


Please don't forget my question, I am not interested in proving myself right or yourself wrong, we can have a healthy discussion and learn from each other.

Focus your arguments on it's relevance to this thread, not on who know . I think I have been able to establish that one's credit score affects the interest he pays on loans.

many countries use similar principles (such as assessing a person's creditworthiness based on their financial behavior), the specific models, scoring ranges, and credit bureaus can differ. Here are some key points on how credit score ratings differ across the globe:

1. United States

Credit Bureaus: Equifax, Experian, TransUnion.

Common Score Model: FICO Score and VantageScore.

Range: Typically 300 to 850 (FICO).

Criteria: Payment history, credit utilization, length of credit history, types of credit, and recent credit inquiries.


2. United Kingdom

Credit Bureaus: Equifax, Experian, TransUnion (formerly Callcredit).

Score Range: Ranges vary by bureau, e.g., Experian uses 0-999, Equifax 0-1000, and TransUnion 0-710.

Criteria: Similar to the U.S., including payment history, credit utilization, and public records like bankruptcy.


3. Canada

Credit Bureaus: Equifax, TransUnion.

Common Score Model: FICO Score.

Range: 300 to 900.

Criteria: Payment history, credit usage, length of credit history, and inquiries.


4. India

Credit Bureau: CIBIL (Credit Information Bureau of India Limited).

Range: 300 to 900.

Criteria: Repayment history, outstanding debt, credit type, and duration of credit history.


5. Australia

Credit Bureaus: Equifax, Experian, Illion.

Range: Equifax Score ranges from 0 to 1200, while Experian ranges from 0 to 1000.

Criteria: Payment history, credit s, defaults, credit applications.


6.

Credit Bureau: SCHUFA (Schutzgemeinschaft für allgemeine Kreditsicherung).

Range: 0 to 100 (percent-based).

Criteria: Payment history, debt levels, and public records.


7. South Africa

Credit Bureaus: Experian, TransUnion, Compuscan.

Range: 0 to 999.

Criteria: Payment behavior, credit utilization, and debt levels.


Differences in Factors:

Credit Reporting: Different countries have varied laws on what data can be collected and reported to credit bureaus. Some countries have more detailed data on missed payments, while others may have stricter privacy regulations.

Scoring Models: Although FICO is widely used in the U.S. and Canada, many countries have developed their own scoring systems tailored to their specific economic and legal frameworks.

Lending Practices: In some countries, credit scoring may play a less significant role, with lenders relying on other factors like income or asset ownership.

Fairmoney is a rogue enterprise. Deleted their app a long time ago and haven't seen reason to return.

1Alex:
Focus your arguments on it's relevance to this thread, not on who know . I think I have been able to establish that one's credit score affects the interest he pays on loans.

Focus on answering my questions that are relevant to the thread.

1. Is Nigeria's score there on your AI research? Yes or No

2. What is the range of credit scores for Nigeria?

3. What is your credit score?

---

Just in case you have forgotten 👇🏿

1Alex:

What is your point exactly? Are you saying that credit score in Nigeria is different from what I posted?

Go to first central credit bureau and check your credit score then come back and tell us the difference.

Lol tell me about it, they're very notorious, I know someone who collected 180k, initially he was honoring everything and paying every month, but one day he couldn't meet up with the outrageous interest which is approximately 400k they started doubling it, person dey struggle to pay 400k already una dey add more, me I sha advise him to rest, I'm glad he took that advise cuz it's been almost a year now and buddy isn't a shadow of himself anymore, those loan people wicked, they no mind if you hang yourself.

papyjaypaul:


Focus on answering my questions that are relevant to the thread.

1. Is Nigeria's score there on your AI research? Yes or No

2. What is the range of credit scores for Nigeria?

3. What is your credit score?

---

Just in case you have forgotten 👇🏿

Show me in this thread where all these things you listed are mentioned