INTRODUCTION
Nowadays, it is not uncommon to receive text messages, calls, etc from digital lending companies popularly ascribed the name "loan apps" requesting third parties to pay or inform a defaulter of his loan obligations. These digital loan companies often resort to unprofessional and crude methods such as harassment, cyberbullying, death threats, breach of data privacy rights, etc to recover outstanding loans from defaulters.
It is however shocking to see that despite the menace daily perpetrated by these online loan apps, they still enjoy patronage by individuals and SMEs due largely to the relative difficulty in accessing funds from the traditional banks and the paucity of funds that have bedeviled the MSMEs space generally.
In this piece, we have provided cursory answers to some of the most prominent questions bordering on the workings of these loan apps, their scope of operation, industry regulators, means of recovery and consequences of breach of customers data.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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