How To Report Loan App To CBN & FCCPC

Nigerians have faced a lot of challenges in recent years leading to the closure of many businesses. This has warranted citizens borrowing loans to support their businesses. However sometimes in the bid to repay these debts, some loan apps go rogue in this situation when you’re being threatened you need to report their harassment to the authorities.

That’s why I have researched every possible way you can easily report any loan app to CBN or the FCCPC to avoid these loan apps having access to your bank account or any vital information.

Table of Contents

When to Report a Loan App

If any Loan App exhibits any of the following unacceptable behaviors you should report them #ASAP:

Excessive Interest Rates: is When the interest rate significantly higher than what’s considered standard in your region, then it’s a red flag.
Hidden Fees: When you were hit with unexpected fees that significantly increased the total cost of the loan.
Aggressive Collection Tactics: The app resorts to threats, harassment, or intimidation to collect payments. This may involve contacting your friends, family, or employer about your loan.
Deceptive Marketing: The app misrepresents the loan terms, interest rates, or fees.
Unauthorized Access: The Loan app accesses your phone contacts or other data without your permission. or going further to demand access to your BVN without stating to you their privacy and policy on how your BVN data will be used.

How to report Loan Apps to the CBN

Central Bank of Nigeria is the head regulatory body of everything finance in Nigeria here are two ways to report a loan app to the CBN:

Online Complaint Form

This is the quickest and easiest way to file a complaint. Here’s how to access it:

Visit the CBN’s Contact Us page [CBN Contact Us].

Click on the “Complaints” section.

You’ll find a link to the Public Complaints Web Form.

What information do I need to fill out the form?

The online form will ask you for details like:

Your personal information (name, address, phone number, email)
Details about the loan app (name, contact information)
A clear description of your complaint, including specific examples of the app’s unacceptable behavior
Any supporting documents you may have (screenshots, loan agreements)

Physical Complaint Letter

It is more stressful except your case is so serious that you need to physically visit CBN so personally I do not advise this approach this is because. Yet, if you still prefer to submit a physical complaint, you can do so at the CBN head office in Abuja or any of their branches nationwide.

Writing a Complaint Letter

Your letter should include the following details:

Your name and contact information
Date
Addressed to: “The Director, Consumer Protection Department, Central Bank of Nigeria”
A clear description of the loan app and your experience with it
Specific details about the app’s unacceptable behavior
Mention any attempts to resolve the issue with the app directly
Your desired outcome (e.g., investigation, penalty for the app)
Signature

How do I email CBN for complaints?

(CBN) Central Bank of Nigeria has different email addresses for various complaint categories. Here’s how to choose the right one:

General Complaints: you can use the generic contact email address: contactcbn@cbn.gov.ng If your complaint isn’t related to a specific financial institution.
Complaints Against Financial Institutions: Use this email address: cpd@cbn.gov.ng, If your issue is with a bank or another financial institution regulated by CBN.

How to Report Loan Apps to the FCCPC

The FCCPC offers a dedicated channel for reporting issues with loan apps.

File a Complaint using the Online Form

Here’s how to access the FCCPC’s online complaint form:

Visit the FCCPC website [FCCPC website].

Look for the section on “Enforcement Against Digital Lending Violations“.

You’ll find a dedicated email address for complaints: lenderstaskforce@fccpc.gov.ng

Should I file another complaint if I receive no response from the 1st complaint?

Strongly I suggest you follow up on your complaint with both the CBN and FCCPC it is crucial for a few reasons:

Acknowledgment and Increased Attention: By following up, you ensure your complaint gets acknowledged and isn’t lost in the system. This shows regulators you’re serious about the issue and may prompt them to prioritize their investigation.
Providing Additional Information: There might be details you initially missed in your complaint. Following up allows you to provide any extra information that could strengthen your case or address questions the regulators might have.
Gauging Progress and Holding Accountable: Following up keeps you informed about the progress of your complaint. It also shows the regulators that you’re expecting a resolution and holding them accountable for taking action against the loan app.

Remember: Keep a copy of your complaint letter for your records.

Conclusion

Reporting problematic loan apps is vital to protect yourself and others from predatory lending practices. These apps can exploit borrowers with unfair interest rates, hidden fees, and aggressive tactics.

By reporting them to the CBN and FCCPC, you can help regulators investigate these apps and take necessary action. Remember, you’re not alone. If you’re facing issues with a loan app, don’t hesitate to seek help from the authorities. There are resources available, and reporting can make a difference.

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Naijaloanapps

As a passionate undergraduate pursuing a Business Administration degree, I embarked on my journey as a loan app review expert and general loan advisor, driven by a desire to empower individuals with informed borrowing decisions.
My academic background in financial management, economic principles, and market analysis provides a solid foundation for understanding the intricacies of the loan market.

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How To Report Loan App To CBN & FCCPC

When to Report a Loan App