The first and foremost thing most people have to understand is that these loan sharks aren't here to help you whatsoever. You should take a loan from your bank if possible than to go to a loan shark/app. Their entire business model is based on exploiting your already bad situation. So, if you can avoid them.

However if you must, you should understand a number of things about them. When you are registering with them, they take certain info, like your contacts, name, bank info, BVN, photo etc. It's important you understand a few things

1. Majority of these loan apps are not registered, neither are they owned by registered companies
Instead, they are operated by high-end fraudsters looking for a way to clean their money.

2. No loan app can automatically take money from your account without authorisation. It's illegal. In fact, no bank in Nigeria can draw money from your account in another bank without an explicit court order. Somethjng most loan apps can never get, because they don't actually exist in official spaces.

3. They can't use your BVN to block your other accounts either without a court order, which can only be done if they choose to prosecute you which they can't do for one of two reasons. One, the money it will cost them to prosecute you will probably be more than what you owe. Two, they will be opening themselves up to sanctions and prosecutions. As the financial authorities are pretending they don't exist, they like it.

4. They can not declare you wanted like they claim. They can only try to disgrace you.

Because they have all your contactsinfo, they usually have an automated caller system that they use to pick random numbers and call them daily. The number of contacts they call increase as your number of days of defaulting increases.

My advice for you is that if you must take their loans, clear your phone logs and contact list first. Same for your messages. Then save the number of some of your real gees, like say just four. Install the app, take the loan and instantly uninstall it. That way, if you default, they will only have your four real gees to call and shame you. Having done this, do not reinstall the app for any reason unless you already have the money to pay, and even then make sure you do the same thing with your phone log, contact list and message first.

This is not an advice or stategy on how to take loans and not pay. It's a strategy to avoid embarrassment, in case of unforeseen circumstances. It's a good thing to pay back what you owe, even though the sharks are exploitative. After all, you agreed to what they offered. Just do what's right for everyone

If you have complaints to make about loan sharks, you can forward them to this email address: lendersinterimregistration@fccpc.gov.ng with proofs/screenshots. Please, don't wait till you're defamed 🙏🏼

I believe we can put an end to this madness for good.