Nigerians who are seeking to borrow money from online lending platforms and other lending firms should ensure that they do their due diligence before applying for loans.

The President, Money Lenders Association, Mr Gbemi Adelekan, said this in a statement.

He said the attention of the association had been drawn to the unprofessional activities of some lenders in the industry who are causing misery and pain to customers and the public at large with their mode of operations.

While frowning on unethical lending practices, he advised borrowers and intending borrowers to ensure they fulfill their own part of the agreement.

“Once you have entered into a loan agreement and money disbursed to you, you also have the responsibility to repay as and when due,” he said.

He urged borrowers to read reviews from previous or existing customers of the lenders before deciding to apply for credit with such lenders.

Adelekan said, “The review of the mobile application may show a thing or two on whether the lender is legitimate or not.

“It is recommended for extra security to download the mobile application of your intended lender, from the App Store and not directly from the website of the intended lender.”

According to him, other important things to look out for include the lender’s web visibility, physical location and licence.

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