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According to Okungbaye Ajibola, predatory lending is any form of lending that involves unethical lending practices seeking to enforce unfair and abusive loan terms on borrowers. In addition, predatory lenders employ dishonest and aggressive sale tactics to attract unsuspecting borrowers into taking loans they cannot afford. Succinctly put, they are the metaphorical wolf in sheep’s clothing. In 2020, the rate of borrowing increased in Nigeria and the world due to the outbreak of the COVID-19 pandemic. Millions lost their jobs and fell into a financial crisis. Jobs were lost, factories shut down, businesses closed their doors, and the entire world stayed indoors. The COVID-19 impact monitoring survey released by the Nigerian Bureau of Statistics revealed that about 42% of Nigerians who were working before the outbreak of Covid-19 lost their jobs due to the impact of the pandemic. This financial uncertainty made individuals gravitate towards digital lenders, who at that time appeared to be the only source of financial help. Most of these digital lenders offer loans as low as 5,000 nairas and as high as 150,000 nairas, depending on the borrower’s track record, with repayment periods usually capped at 30 days and interest rates ranging from 20% to 28% a month. However, some lenders design their periods to be less than 30 days. The borrower is promised a gradual reduction in interest rates and an increase in credit limits in return for continuous patronage and timely repayment. Although the rates are rarely reduced, borrowers who have built their financial stability around these loan offerings keep going back, and the vicious cycle continues. On the other hand, the loan repayment behavior of lenders can also discourage the growth and development of this niche. In this article, I draft an article that can help FinTech lending platforms to help
- Evaluating Credit Scoring Systems
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