Loan Apps Overdue Interest vs. CBN Interest Rate Guideline

In this episode, the LoansharkReview Team takes on Pro-Loan App advocates and Loan App Agents in a heated debate over one of the most controversial issues in digital lending today:

👉 Do loan apps violate CBN interest rate guidelines when charging overdue interest?

We break down:

The difference between upfront interest and overdue/penalty interest

What the CBN’s Guideline on Interest Rates (2019 & 2022 updates) actually says Whether “late fees” are capped under the same rules as annual percentage rates (APR)

Real borrower complaints about interest doubling after just a few days of delay The agents’ defense: overdue interest is a penalty for risk, not a loan interest rate

The legal loopholes that loan apps may be exploiting

📌 Key quotes from the debate:

“Just because you call it a ‘late fee’ doesn’t mean it’s not interest.” – LoansharkReview Team

“If you pay on time, you won’t pay overdue interest. Borrowers must take responsibility.” – Loan App Agent

“CBN never approved 10% overdue interest per week. That’s predatory.” – Pro-Consumer Analyst

⚖️ What you’ll learn in this video:

How to calculate if your loan app’s overdue charges break CBN rules

Why some apps separate “interest” and “collection fees”

What regulatory action the CBN has taken against violators

How to file a complaint if you’ve been overcharged

🎯 Who is this for?

Nigerian borrowers, fintech lawyers, loan app users, fintech compliance officers, and anyone tired of unfair lending practices.

📢 Join the debate in the comments:

Have you been charged overdue interest that seemed illegal? Share your story below. We may feature it in Part 4.

🔔 Subscribe and turn on notifications so you don’t miss the next 22 parts of this series.