FlexiCash, a loan service in the PalmPay app, has cleared the accrued N39,000 interest unfairly imposed on Yinka Lawson (not real name), a customer who mistakenly took a N105,600 loan and repaid it within 24 hours.
Lawson had spoken to PalmPay’s representatives two times, and he was told that the interest could not be cleared. The PalmPay representatives told him that he had to pay the full N39,000 (for the 62-day loan term) for a loan he returned within two days of unuse.
After FIJ’s story on Friday, Lawson reported on Monday that FlexiCash called him to apologise and assure him that the interest had been lifted due to FIJ’s intervention.
READ MORE: PalmPay Demands N39,000 Interest From Customer Who Returned Unwanted Loan Within 24 Hours
“She (the representative) was trying to cover up saying it was an error, so I had to confirm and it has been lifted truly. I really do appreciate your intervention,” Lawson told FIJ.
He shared a screenshot of the current loan balance with an appreciation message.
READ ALSO: After FIJ’s Story, Edo Businessman Gets N96,200 Refund From PalmPay
On August 5, Lawson was speaking to his mother as he was trying to make a transaction on PalmPay. He was distracted when he tapped an icon on the FlexiCash service that displayed a N105,600 loan option. Because his face-ID was enabled, the moment he looked back at his phone screen, the loan was approved and immediately authenticated without additional verifications.
Lawson tried leaving the app before it was done loading, but he returned to see that PalmPay had already credited his account with the loan amount.
He returned the loan in instalments within 24 hours but the app fixed an unreasonably high interest on the repayment, demanding full repayment as though he had used the loan for its full tenor.
The post After FIJ’s Story, FlexiCash on PalmPay Clears Unfair N39,000 Interest It Imposed on Customer appeared first on Foundation For Investigative Journalism.