Rehope:
Good morning my fellow Nigerians. It's a bad thing to borrow something with the intention of not returning it. Some people indulge in the habit of borrowing money and don't want to pay back which is very bad. May be somethings are not right with the two parties involved. After my little research I came up this few observation:

1- Nigeria works on 30 days monthly payment system,in my opinion why grant a loan of 7 days validity to someone that will only be paid at the end of the month ?

2- To be sincere a man in need will hardly reject any offer/condition giving him/her at that moment of need, so most people don't the conditions.

3- To be sincere the interests are to high, for example 6400 to pay 10,500 within 7 days. This may only leads to the borrower looking for another online loan to pay the previous one and if care is not taken he/she may end up in web of bad debts.

4- Why not contact the guarantor and make tangible enquires and confirmation before giving out the loan. Instead of sending messages to the defaulters contacts you rather reach the guarantors ( which I believe it's a most to provide during the registration ).
I don't know how effective the method of sending messages to their contacts have been because I personally have received many messages from these loan app claiming that people I don't even have their contacts is on run with company money, I just delete such messages.

I conclusion, I think these online loans should work on the loan duration and interest, also maybe they should do it like palmpay easy buy where as the phone is attached to the account and mostly hard to discard without balancing the payment.


Peace