, says Nigerians should beware of illegal money lenders, known as loan sharks.Loan sharks offer loans at extremely high rate returns, strict terms of collection upon failure, and generally operates outside the law.
“We found out that those that are vulnerable are households who need money to do their businesses but they can’t access bank finance and as a result go to loan sharks who charge them way above or two times higher than the amount borrowed and expected to pay back in 90 days and if that doesn’t happen, they seize your house or bikes.
He said several people have benefited from the microfinance strategy to give out loans at affordable return rates, adding that CBN will go after loan shark perpetrators.
If the microfinance banks were accessible will people go to loan sharks?
House of Joy: The Giver Gets the Glory
How can I access these federal government loans. I'm dying here.
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