Woman Lands in Huge Debt as She Takes N2.5m Loan Instead of N2500, To Pay Back N6.8m

A Nigerian woman has found herself in serious trouble after accidentally borrowing ₦2.5 million from a loan shark instead of the intended ₦2,500. She is now faced with the daunting task of repaying a total of ₦6.8 million due to the accrued interest.

The issue was brought to light by a concerned social media user, @Amy_Adabeeke, who shared the story on X (formerly known as Twitter). According to the post, the woman had intended to take out a small loan of just ₦2,500 from a popular digital lending platform, FairMoney Nigeria (@fairmoney_ng). However, a grave error resulted in her receiving a loan of ₦2.5 million instead.

To make matters worse, the platform allegedly added an interest of ₦4.6 million to the principal amount, bringing her total debt to a staggering ₦6.8 million.

The viral post read, “Please @fairmoney_ng, my aunt was only trying to take out a loan of ₦2,500, why did you guys approve a loan of ₦2 million for her? And as if that’s not okay, y’all added an interest of ₦4.6 million extra? She had returned the money. Is there a way her dashboard can be cleared? To actually pay ₦6.8 something million.”

The situation has sparked a flurry of reactions online, with many users expressing disbelief and calling for an immediate resolution. The woman has reportedly returned the money, and her family is now pleading with the lending platform to clear the excessive debt from her account.

The user further explained that, despite her aunt returning the ₦2.5 million loan, the excessive interest charges remain, and her dashboard still reflects the massive debt. The viral post has sparked widespread concern, highlighting potential errors in the loan approval system and raising questions about customer protection in the fintech sector. Many are calling for FairMoney Nigeria to address the issue, urging greater transparency and safeguards to prevent such mistakes from burdening borrowers with unreasonable debts.