Over the years, it has become a custom for most Nigerians to take a loan from Loan applications with the intention of not paying back. The reason why they perpetrated this act will be stated here in this article. If you want to know the reason why most Nigerians act this way, ensure you read this article to the end to get the full details.

As at now, we have many loan applications in Nigeria that renders the services of giving people loan and they charge little interest in return. Examples of the loan applications you can borrow money from are Sokoloan, palmpay, kwikcash, paylater & many more. If you check on google playstore, you will see a lot of them there.

Personally, I feel these loan applications are doing Nigeria a lot of good because there are some times you will need urgent money to do something urgent but the money will be nowhere to be found. This is where these Loan applications comes in to help you. They will only charge you a little interest for
the amount you borrowed from them.

However, most Nigerians have made it a habit of taking a loan from these loan applications and refusing to pay back when the time to pay back comes. This is why most of these loan applications send embarrassing messages to loved ones of those who borrowed money from them who refuses to pay. This is the only way these companies feel they can get their money back.

I still wonder why people will borrow money and refuse to pay back. The most annoying thing is that some people will have the money, yet they will not want to pay back. This is really not good. I urge Nigerians that are fond of this habit to desist from this act because it is evil. If you know you will not be paying back the money you borrowed, please do not take a loan.

In this article, I have decided to share three reasons why I think Nigerians don't like Paying Back the money they lent from loan applications. The reasons are as follows;

1) No collateral: Since there is no collateral, most people tends to relax when it comes to pay back their debt. They feel since there is no collateral, they have nothing to lose when they don't pay back. This should not be so because how do you expect those companies rendering this service to Nigerian's to make profit when you refuse to pay back. Also, most of these companies have employees. How do you expect them to pay their employees when you refuse to pay back your debt. Remember, some of these employees is someone father, mother, sister and brother somewhere.

2) They feel the company cannot do anything to them even when they don't pay back: in this scenario, they are right. Most of these loan application companies can actually do nothing to their customers who defaults on their loans. They can only threaten you that they will report you to credit bureau if you refuse to pay back your loan. However, since most Nigerians knows that even credit bureau can't do anything to them, they tend to relax when it comes to pay back. This is why these loan applications companies tends to send embarrassing messages to close contacts of the person that took loan from them who refuses to pay back. See an example of messages sent to families and friends of people who default their loans below:

3) They feel they have nothing to lose if they don't pay back: Over the years, people who defaults on their loans feels they have nothing to lose since the loan application companies does not have anything to hold them accountable for not paying back. They tend to feel that they have nothing to lose even if they don't pay back their debt.

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Many of these chronic debtors are ignorant of the future impact of having a bad credit record with the credit bureau