Borrow Now Loan App Is a Scam (Avoid Them)

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Borrow Now Loan app is the topic of today. In this article, we’ll cover everything you need to know about this dubious loan app that has been stealing customer details and siphoning money from their bank accounts.

The activities of the Borrow Now Loan App has remained unchecked and no one is doing anything regarding their scamming activities. 

A lot of Nigerians are falling every day to this loan Shark just because they are ignorant about all of these fake loan apps.

Borrow Now Loan App Claims to offer quick loans without any form of collateral or paperwork. This has been one of the major reasons why a lot of Nigerians are falling for these frauds being perpetrated by these criminals.

When a Nigerian hears the word loans without collateral, he quickly falls for that. Most companies that give out such loans rely on the interest which we have seen some of them ranging from 7% to 30%. But the case of the BORROW NOW LOAN APP is different. They charge exorbitantly and still siphon your money.

Here at Deloanspot, we’re on the mission to cleanse the internet of all these loan sharks and to create a safer environment where people can have access to financial knowledge and opportunities on loans, mortgages, credit cards and many more.

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Deloanspot is operated by a group of financial experts with great research skills, our mission is to provide you with detailed articles that will help you in making the right financial decisions. We ensure that every piece of information we provide here is accurate and up to date.

We’ll try as much as possible to update this article regularly in other to help you make the right financial decision.

Borrow Now is a scam

What Is Borrow Now Loan App?

Borrow now is a money lending application that offers quick loans without any form of collateral or paperwork. The app allows you to get an instant loan once you pass through their verification process and it claims to connect you with the best lenders that can offer you quick, legit and guaranteed loans.

What Is The Interest Rate Of Borrow Now Loan App?

Borrow Now App claims to charge the interest of 16-24% APR for a loan ranging from 91-360 days which means that you can borrow up to N250,000.

For Example 

As a customer of Borrow Now, if you borrow the loan of N10,000 for a 180 days(6 months) tenor. You’re expected to pay 18% interest for that loan.

This means that you’ll be paying 10,000 NGN *18%*180/365 = 887 NGN.

The monthly payment would be (10,000 NGN +887 NGN )/6 = 1,962 NGN.

The total repayment amount would be 10,887 NGN.



Who Is Eligible To Take Loan From Borrow Now?

According to Borrow Now,  for you to apply for any loan with them. You must meet the requirement below.

  • Must be between the age of 18- 60 years.
  • Must be residing in Nigeria.
  • Must have a Bank Verification Number (BVN).
  • Must have a valid Atm Card.


How To Apply For Borrow Now quick Loan

  • Download the BorrowNow App from playstore.
  • Have a good credit record.
  • Create your account by filling in several quick questions.
  •  Apply in seconds.
  • Receive your loan straight into your account.
  • Increase loan limit every time you repay on time.

Note: The whole idea of this article is not to encourage you to borrow money from Borrow Now Loan App. We’re simply trying to let you know that the application is fraudulent. When they started operation. They were operating normal just like every other loan apps in Nigeria but the case is now different. We believe they have revealed their true intentions and we’re advising the general public to avoid the Borrow Now Loan App.

How Is Borrow Now Scamming People?


Borrow Now are using a new technique for defrauding innocent Nigerians of their hard-earned money. It came to our notice that Borrow Now is now imposing loans on their customers even without them requesting loans.

This is a deliberate and criminal act. As a lender, you’re allowed to give out a loan only when a customer is willing to request that loan. This is a breach of customer details on their app.

The most annoying part of all is when they start calling the customer, sending all manner of threats and disgusting messages to their customer’s contact claiming that the customer is a criminal who has refused to pay them their money. Such actions can cause depression or even suicide most especially when a customer has no idea of what to do.

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Two days ago I was reading a post on Nairaland on how Borrow Now are threatening a customer who never requested a loan that was disbursed to his account. He made a narration on how Borrow Now Sent him N20,000 without him requesting a loan and they are asking him to pay N32,000 in 7 days. Even after he tried contacting them to deduct the money, they have refused to respond to his emails. 

You can read the full story from Nairaland

Borrow Now went ahead to created a fake email claiming it is a mail coming from NIMC (National Identity Management Commission) a body responsible for the registration of the citizens of Nigeria.

In the mail sent to the young man, they claim that NIMC will broadcast the details of the young man on social media as mass media if he doesn’t pay them the N32,000 in 24 hours.

Below is the copy of the mail that came from officialnimc4debtrecovery@gmail.com  which they claim that the email is that of NIMC for the recovery of defaulted loans.

Borrow Now Scam Emails

Borrow now NIMC Scam Email.

From the images above, it shows clearly that Borrow Now Loan App is guilty of fraud and forgery of documents that are meant to put their customers in a predicament that can harm their mental state.

NIMC is not in charge of things like loan default and they are not responsible for punishing defaulters of loans.

It is the job of the credit bureau to blacklist any loan defaulter from taking any more loans in the future from other lenders.

Conclusion

Kindly know that Borrow Now Loan app is operated by fraudsters, if you go ahead and take a loan from them it will be at your own risk.

If you find this post helpful, don’t forget to share. You can drop a comment if you have a question or personal experience with Borrow Now Loan App.

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