Avoiding Loan Sharks in Nigeria – My Review of Yoyi Loan App

In Nigeria where quick cash is just one app away, loan apps like Yoyi promise instant relief when emergencies strike. But behind the flashy ads and fast approvals, many borrowers have been left drowning in debt, harassed by calls, and even humiliated in front of their contacts. If you’ve been tempted to click “accept loan” on Yoyi, this review will show you exactly what to expect—from interest rates to repayment tricks—and why many Nigerians regret ever installing it.

Yoyi Loan App at a Glance

• Category: Loan Shark / High-Risk Loan
• Interest Rate: 40% – 50% within 7–14 days
• Repayment Period: 6 to 14 days only
• Overdue Penalty: 5% – 7% daily on outstanding balance
• Risk: Harassment, defamation, contact spamming

How Much Will You Really Pay Back?

Yoyi loan looks attractive because of its “instant credit” feature, but the numbers tell a scary story.

• If you borrow ₦6,200, you may be asked to repay ₦10,000 in 7 days.
• That means you’re paying an interest of ₦3,800 in just one week—over 60% interest rate.
• If you miss the deadline, daily penalties of 5–7% kick in. For example:
  
  • On a ₦10,000 debt, a 7% daily penalty = ₦700 added each day.
  • In just 5 days late, your ₦10,000 balance can balloon to ₦13,500.

This is how borrowers quickly fall into a debt trap.

Borrower Complaints About Yoyi Loan

Based on multiple user reviews, here’s what people are saying:

• Forced Loans: Some users claim they were credited without consent, then forced to repay amounts they never agreed to.
• Harassment: If you miss repayment by even one day, Yoyi allegedly sends threatening SMS and WhatsApp messages to your friends, family, and colleagues.
• Defamation: Borrowers report being labeled as “fraudsters” in bulk SMS messages sent to their contacts.
• Debt Not Cleared: Even after repayment, some users say their account still shows “outstanding balance,” leading to continuous harassment.
• Fraudulent Staff: One user claimed a staff member asked her to repay into a personal account number.

Why Yoyi Loan Is Risky

1. Unlicensed operations – They are not regulated by the Central Bank of Nigeria (CBN).
2. Short repayment window – 6 to 14 days is too short for genuine financial relief.
3. Exorbitant interest & penalties – Paying 50% interest in 7 days is financial suicide.
4. Reputation damage – Even if you repay, your name may have already been dragged through mud.

How to Protect Yourself From Loan Sharks Like Yoyi

• Don’t borrow to repay another loan. It only deepens the trap.
• Block harassment numbers using Truecaller.
• Report them on Google Play Store and WhatsApp to prevent others from falling victim.
• Seek alternatives like licensed lenders (FairMoney, Carbon, Branch) with clearer repayment terms.
• Educate others. Share your experience online so others don’t fall into the same pit.

Borrowing from Yoyi Loan may feel like a quick fix, but in reality, it’s a dangerous financial gamble. With 50% interest, daily penalties, harassment, and reputational risk, it’s best to avoid this loan app altogether. If you’re in urgent need of cash, look for regulated apps that offer longer tenures (30–90 days) and more reasonable interest rates.

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