Lifestone:

But he's even complaining of paying the interest on the loan he signed for not to talk about the collection costs

So my response wasn't about that particular case, but a response to general cases of loan defaulting. Specifically for his case he is in the wrong to claim that he won't pay the interest. He is contractually indebted to do so.

However how about the loan company that lied claiming the defaulter put his contact as guarantors? And that they were going to hold the contact responsible for the loan? How lowball is that?

I'd suggest that for every loan given, a collateral should be attached e.g SIGNED CHEQUES. While for the micro~finance loans, let a guarantor with the follow items : PASSPORT PHOTO, UTILITY BILL & FILLED FORM BE GIVEN, with these measures, the fund is A BET SECURED. More Nigerians have the spirits of GREED & WICKEDNESS and the mentality of not wanting to pay.

Coldie:

I borrow my own guy money someone that makes more money than me, pay me back he is demanding to check my bank statements first to know if I don’t have money. I just acted like I have forgotten about the money the shameless fool still get mind dae tell me to help am buy sth that he would pay me later, I refused.

Next thing he started telling people am stingy

Wtf is that? What kind of friend do you have, ehn? Pls be very careful with him. Very hurrible person

What's this one saying? Nations have been owing nations/organizations for decades and the so called rich men are owing banks huge sums. Why are you calling for the head of poor people wey collect loan wey no reach anything. Abeg park well

That's what Buhari taught Nigerians

Some of this my country's men sha...

It's only in Nigeria you will see a Nigerian abusing and telling how selfish and callous Nigerians are.... Can you imagine.

When you said "Nigerians are corrupt from the head to the bottom" pls from which country did you come from, UK ba? Are you not part of those you're describing.

Pls be specific, don't use the word Nigerians to generalize both the honest and dishonest people as one.

Thanks.

koladebrainiac:
you were in a fixed
you needed money to eat or to pay your wife hospital bill,

you are a salary earner and the month was 12th of the that month,you approached your company for IOU, your company told you there is no money
you called all your friends and family, everybody is saying no money

all you needed was 20k
then one friend told you about loan app
where you can borrow money
you downloaded the app, the amount you were looking for is 20k the loan company said you qualified for 12k and you will pay back 18,500 in the next 7days

you were like what the hell!!!

12k to pay 18500?? this is rip off! you logged out

then you went out again, finally somebody managed to borrow u 10k

your wife was still in the hospital and the bill is now 15k



you begged the doctor for that you have only 10k but the doctor said get the complete money blah blah blah

later in the day you turn back to that app, you took the 12k


the next day your wife was discharged

you were safe everybody is happy


then you b you bought food of 5k for the family


6days later the collector started reminding you for the money

suddenly you realized that you do not have any means to pay back 18,500 vthe next day

dude i was just begging for 20k 6days ago


and at that point the money your church contributed in your care , 15k you have already spent it oo. hoping that you when you collect your salary you will pay back

the next day the loan was due are messaging you up and down calling you to pay your loan 18,500


now you have to perform the magic, you told your wife, your wife too had to go borrow money again she got 8k you kept stalling then your the loan kept accumulating

it got to a stage the loan accumulated to 25k,all what you took was 12k oo... then they paid your salary which was 60k
you are paying 25k ,8k and 10k debt

oya share the money

Oga forget all this your sob stories, there's no emotions when it comes to business.
Go to the bank and collect a loan and later go tell then you can't pay because something happened to you and watch if they won't seize your collateral.

Jwonder:
There's been a rise of Nigerians defaulting on Loans and coming online to form victims.
Why would you take a loan you have no plans of paying back?
This Loan companies don't collect collateral, so how else do expect them to recover their money if they don't harras you?

Just go through this thread and see how wicked humans are.
https://www.nairaland.com/6835279/loan-app-agent-keeps-blackmailing
They all forget this loan company is somebody's investment with staff to pay.
If everyone keeps defaulting on the loan won't they run out of business?

WHY ARE WE NEVER STRAIGHTFORWARD AS NIGERIANS?
I urge the CBN/ FG to start blocking the BVN and bank accounts attached to the BVN of loan defaulters, this will reduce the trend of evil people taking loans and refusing to pay.

contri hard!

dangote sef dey owe loan

Jwonder:
There's been a rise of Nigerians defaulting on Loans and coming online to form victims.
Why would you take a loan you have no plans of paying back?
This Loan companies don't collect collateral, so how else do expect them to recover their money if they don't harras you?

Just go through this thread and see how wicked humans are.
https://www.nairaland.com/6835279/loan-app-agent-keeps-blackmailing
They all forget this loan company is somebody's investment with staff to pay.
If everyone keeps defaulting on the loan won't they run out of business?

WHY ARE WE NEVER STRAIGHTFORWARD AS NIGERIANS?
I urge the CBN/ FG to start blocking the BVN and bank accounts attached to the BVN of loan defaulters, this will reduce the trend of evil people taking loans and refusing to pay.

You loan companies are foolish and thieves who reap where they do not sow. If people have money, will they borrow from your apps in the first place? To make matters worst, you will now charge sometimes over 40% interest on a 7 day loan and overdue charge as high as 2.5% of the principal + interest daily haba, if I have a gun, I will fill all you loan company. mumu people, you people are the real fraudster and lazy idiots. Thieves that's what you people are.
There is no way you people will do well in life with the money you are collecting from people in the name of interest. If you people are fair and just, what makes you not design your business model to accommodate one month loan repayment at max 20% interest. With this you will hardly get default and you will have less people to run after. You are causing more problem for people in the name of helping them solve financial problem and when they are yet to pay, you start to blackmail them calling them all sorts of name. All loan shark companies both staff and management can never have a good future. Armed robbers

MartinsD12:

Some these loan companies are the cause with high interest rates, secondary loan companies like branch is beginning to fail on their honesty as a company, first they say one will get N50 bonus for wallet funding 10 times in a month, all of a sudden they decided not to be giving the bonus again and reduced it to only 4 times a month that's like from N500 N50 x10 to N50 X 4, you see these loan companies even the Branch I so much trust is lacking in honesty why then do you expect people to be honest when the loan companies change and cheat people with their policies

How do u expect the loan companies to keep up to their obligations when 80% of Nigerians who borrowed them money end up breaking their sim

Jwonder:


Go and open a loan company and be reasonable with Nigerians.
Will the company staffs also be reasonable with them if they don't pay salary?

OK if yall can't be reasonable what is now ur gain if ur debtor commit suicide

Jwonder:
There's been a rise of Nigerians defaulting on Loans and coming online to form victims.
Why would you take a loan you have no plans of paying back?
This Loan companies don't collect collateral, so how else do expect them to recover their money if they don't harras you?

Just go through this thread and see how wicked humans are.
https://www.nairaland.com/6835279/loan-app-agent-keeps-blackmailing
They all forget this loan company is somebody's investment with staff to pay.
If everyone keeps defaulting on the loan won't they run out of business?

WHY ARE WE NEVER STRAIGHTFORWARD AS NIGERIANS?
I urge the CBN/ FG to start blocking the BVN and bank accounts attached to the BVN of loan defaulters, this will reduce the trend of evil people taking loans and refusing to pay.

U give out Shylock loans like sharks and want people to pay u ridiculous interests in record time? Are u not a criminal?!

U are now blaming poor people who have no means of paying back? Why did u give out soft loans without collateral and how dare u call innocent debtors fraudsters?

Did they steal ur money or borrow ur money??

1Alex:
Oga op, money no dey. A lot of people would want to make a repayment but money no dey. Those loan sharks should allow the option of paying back in convenient installments.

you get it my bro,loans r easy to get but diffcult to pay back, not that pple don't want to pay back but there will still b one bills or other to.sort out,they should allow it in convenient Installment of paying back

CryptoClub2018:


You loan companies are foolish and thieves who reap where they do not sow. If people have money, will they borrow from your apps in the first place? To make matters worst, you will now charge sometimes over 40% interest on a 7 day loan and overdue charge as high as 2.5% of the principal + interest daily haba, if I have a gun, I will fill all you loan company. mumu people, you people are the real fraudster and lazy idiots. Thieves that's what you people are.
There is no way you people will do well in life with the money you are collecting from people in the name of interest. If you people are fair and just, what makes you not design your business model to accommodate one month loan repayment at max 20% interest. With this you will hardly get default and you will have less people to run after. You are causing more problem for people in the name of helping them solve financial problem and when they are yet to pay, you start to blackmail them calling them all sorts of name. All loan shark companies both staff and management can never have a good future. Armed robbers

Naira land mods are mad for letting this even hit fp..... It seems they have been bribed by Jwonder

CryptoClub2018:


You loan companies are foolish and thieves who reap where they do not sow. If people have money, will they borrow from your apps in the first place? To make matters worst, you will now charge sometimes over 40% interest on a 7 day loan and overdue charge as high as 2.5% of the principal + interest daily haba, if I have a gun, I will fill all you loan company. mumu people, you people are the real fraudster and lazy idiots. Thieves that's what you people are.
There is no way you people will do well in life with the money you are collecting from people in the name of interest. If you people are fair and just, what makes you not design your business model to accommodate one month loan repayment at max 20% interest. With this you will hardly get default and you will have less people to run after. You are causing more problem for people in the name of helping them solve financial problem and when they are yet to pay, you start to blackmail them calling them all sorts of name. All loan shark companies both staff and management can never have a good future. Armed robbers

You are obviously the thief here. You downloaded their app, accepted the T&C but time to pay back you now remember they are wicked. Did anyone point a gun to your head forcing you to collect the loan.
STOP BORROWING IF YOU HAVE NO PLANS TO PAYBACK SIMPLE.
Go and borrow from your family and friends.

Seriously during my undergraduate days I wow if am to own anyone moni I will pay back in due time after a lady publicly embarrassed me, fine its good wen u borrow from any of this loan app u pay back in due time and this is what I have been doing to avoid issues,their money have being saving me few times, have that self respect and pay back what about when you leave the shores of this country to a system that really works, it's will be really difficult for u. If u see how LAPO for benin de embarrass defaulters ehh, shame go catch you.

Bro that’s the culture in this part of the world

Ifesinachi22:
Everyone will create a topic on top this guy head.

Who no dey borrow?

The question is not "Who no dey borrow"? Even Dangote and the US govt borrow. The question is why don't Nigerian like paying back their loan?

The answer to the question is poor consequences for loan defaults.
In saner climes, you default, they declare you insolvent. Na that time your wahala start!

jaxxy:


U give out Shylock loans like sharks and want people to pay u ridiculous interests in record time? Are u not a criminal?!

U are now blaming poor people who have no means of paying back? Why did u give out soft loans without collateral and how dare u call innocent debtors fraudsters?

Did they steal ur money or borrow ur money??

Nigerians are really criminal minded. Did anyone force to take the loan. Why didn't you go borrow from your family if money was so easy to make.
The loan company is somebody's investment, pay back your debt and don't take a loan of you feel the interest rate is too much.

Jwonder:


How then do expect them to run their company if everyone pays at their convenient time?
Do you ever consider how much it costs to run the company daily?

You're taking this very personal. Do you own a loan company? Anyway you're right about unwillingness to pay loans, and that's sad and unfortunate, but even loan companies are themselves not innocent. Their evil interest rates and blackmailing methods, combined with enticing ease of access to these loans without proper background checks only tell us they are unprofessional and they're basically loan sharks waiting to take advantage of people in dire economic stress. What do you expect will follow such a recipe? Disaster of course!

In my opinion, there's a place for loan sharks and also for professional loan companies. If you want to do your loan business in Nigeria, you've got to do it legally, so that you can legally recoup funds from defaulters whom you have dutifully checked, by the way. You cannot "easily" hand out loans to people who mostly want to survive and expect them to payback outrageous sums in a few days/weeks without experiencing default payments on a regular basis. You will end up breaking laws to get your money back. In the end, the Nigerian system is not really ready for this conversation.

Coldie:

How do u expect the loan companies to keep up to their obligations when 80% of Nigerians who borrowed them money end up breaking their sim

OK they are now punishing me for other people's sin that's wrong, I started an investment plan of over 50k with them because of the bonus I got from them N50 x 10 times in a month is good money, plus the interest I get on investment savings at least N1000 profit is not much for someone who has been honest with them now they removed N300 from me for reducing The funding of wallet bonus from 10 times in a month to 4 times in a month, this is greedy branch is wrong and will lose customers because of these, even the referral before is N500 they reduce it to 300, now it's N400, they are not fulfilling their policies and keep changing to their own greed

Everyone is a culprit.
The so called rich men are even worse.
AMCON to the rescue.

Jwonder:


Nigerians are really criminal minded. Did anyone force to take the loan. Why didn't you go borrow from your family if money was so easy to make.
The loan company is somebody's investment, pay back your debt and don't take a loan of you feel the interest rate is too much.

Why did u give the loans like Ure setting people up. Its like China giving Nigeria loans they know she can’t pay.

Loans companies should do risk assessment not just giving loans to Tom dick and Harry because of quick profits.

That’s what banks do.

Jwonder:


You are obviously the thief here. You downloaded their app, accepted the T&C but time to pay back you now remember they are wicked. Did anyone point a gun to your head forcing you to collect the loan.
STOP BORROWING IF YOU HAVE NO PLANS TO PAYBACK SIMPLE.
Go and borrow from your family and friends.

You people are foolish as I have said and most especially you. Which foolish T & C. The one you all copy from one foolish Chinese company and all made a standard for your selfish selfs. Lazy thieves, if you know how to run a business, run a proper business and see if you can grow and not the money you inherited from your late father or mother using for a lazy business reaping where you did not sow. Ole. Lazy fools. People already know you and it's viral so people will continue to default and you can do nothing. Some don't care if you blackmail them or not since you loan companies have decided to be mad, let everyone be mad. Lazy people, go and run a proper business and see what it looks like. Miserable people. You are talking about t&c, can you collect that kind of loan with such interest rate within a short time if you don't have an issue? 7 days? You people are mad

Same reason politicians is yet to pay the Chinese loan.. Emm, need help with your assignment, project, thesis, or dissertation?

Jwonder:


Oga forget all this your sob stories, there's no emotions when it comes to business.
Go to the bank and collect a loan and later go tell then you can't pay because something happened to you and watch if they won't seize your collateral.

dude I have worked with a bank before

Borrowed someone money and he could not pay, he is always present at the bank to seek advise on how to pay back his loan


finaly we arrested him took him to police station this guy sold his tv and fridge later the amount remain 180k to pay back after 2years overdue bank had to cancelled his debt


but he was balcklisted

thats for non collateralized loan. If the loan was collateralized, then there is no big deal than to move in and take over the collateral


actually to borrow money from any fintech company

you must be able to prove to them why you dont actually need the money in the first place .

Jwonder:


Mr. Loan defaulter, why do you keep taking loans when you have no plans to payback? Doesn't that make you a thief?

You guys should stop thus stupidity.
Face the person you lend money. Dont be sending us useless messages and threat as if we are party to the agreement.

Listen OP , I'm a deep thinker so I'll educate you about this
Taking a loan without paying is not right but let's face reality and be considerate

This is Nigeria, a country of stubborn headed people and a little more good people
People seek for loans bc they're empty , or for business pruposes but along the way anything can happen

Let's be honest with ourselves no one takes a loan with the zeal of not wanting to pay back else they won't include their real informations

This country makes it hard for almost every Nigerian to achieve and succeed on their plans
You go plan your own finish , naija go help u plan the rest

If you're giving out loan in a country like Nigeria, ensure there's a collateral or you don't give at all bc you're dealing with people who are suffering and smiling
If a Nigerian man or woman doesn't drop a collateral then you're on a long thing bc this country will surely ruin his chances of paying back and also , y'all should be considerate with the interest too and be human for once

For example: you ask me to borrow you 100k and I ask you to drop a collateral worth 200k , and you need the money badly you'll have no choice than to drop it.
Make an agreement on when he can claim that collateral else you'll balance him/or any agreed payment to cover up his lateness to pay bc that collateral will be gone, fair business
You won't be at loss , he won't feel the pain much either

You mustn't send sms and defame someone and tag any human being a thief who ran away with company money when you only borrowed the person 10k to pay 15k
If na you , you go pay happily?

Get collateral and wns of story , naija is bad to live when you're broke
Nobody applies for loan with a happy mind so be fair or don't give at all , collect collateral and stop yelling like Shekau's mom

Lights up my kpoli in peace

This your post come informed of hatred, and it's was in the front page without waisting time

jaxxy:


Why did u give the loans like Ure setting people up. Its like China giving Nigeria loans they know she can’t pay.

Loans companies should do risk assessment not just giving loans to Tom dick and Harry because of quick profits.

That’s what banks do.

Nigerians and victim mentality.
If you aren't comfortable with the loan T&C why then did you accept it?