Let’s set the record straight 

1. NATURE OF THESE LOANS

Most loan apps give unsecured loans, meaning:

No collateral required

Higher interest due to risk

Quick approval process

2. WHAT LOAN APPS CANNOT DO

No matter your debt, they DO NOT have the right to:

Declare you dead (fake obituary)

Send insulting or damaging messages

Contact your friends/family to shame you

These actions violate your rights and go against regulations of the

Central Bank of Nigeria and

Federal Competition and Consumer Protection Commission

 3. CLEAR THE MISCONCEPTION

If you die, the loan dies automatically

Not completely true

The debt can still be claimed from your estate

But recovery is limited since there’s no collateral

4. IF A LOAN APP DEFAMES YOU

Take these steps immediately:

Screenshot all messages (evidence)

Stay calm, don’t argue

Report to:

Central Bank of Nigeria

Federal Competition and Consumer Protection Commission

Seek legal advice if necessary

5. YOUR LEGAL RIGHT

You can sue for defamation and harassment

Court may award damages

Compensation depends on the court, not personal demand

6. FINAL ADVICE

Borrow responsibly

Use only licensed apps

Know your rights, but pay your debts

Loan default is a civil matter not an excuse for public humiliation.

Stay informed. Stay disciplined. Stay protected.