By
Nike Popoola
Punch Newspaper
The Money Lenders Association has said its attention has been drawn to some individuals who have continued to acquire loans from licensed money lenders platforms, but have deliberately refused repayment of the acquired loans.

It said in a statement by the Secretary of the association, Lynda Ikre, that it wished to inform the general public that data of loan customers, most especially defaulters, were domiciled in the databases of credit bureaus licensed by the Central Bank of Nigeria.

The association said, “As a result, failure to repay such loans will attract negative repercussions on borrowers’ credit reports/history and could subsequently adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in future.

“Borrowers who have genuine reasons for default such as loss of job or peculiarity of their circumstances, are advised to contact their respective lenders immediately, to discuss repayment arrangements to avoid adverse information on their credit reports, that could deny them access to future credit facilities.”

The Money Lenders Association is an association of registered money lenders, and members abide by the professional code of conduct of the association, it stated.

When you borrow someone #10000 to pay back #17000 within 7 days are you still a lender or a thief? These are some of the things Credit Bureau and the Central bank are suppose to look into and not just allowing any image to be tarnished just because you signed your death warrant in the name of loan.

Why do people find it very very easy to acquire loans and then when the time to pay comes, it feels like hell...

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You wanted to collect free money?




Then some will be praying for the breakdown of the loan company so that they can be free


Cc
Seun
Nlfpmod
Lalasticlala
Mynd44

For me

I avoid loans with everything I do...

You should really not acquire loans except it's for some emergency purposes which involves someone's life e.g Urgently needed hospital bills payment


Don't collect loans to buy iPhone

Money lenders have association now? Interesting!

I suggest Loan APP debtors too form an association so both societies can always sit down and resolve issues affecting their members amicably.