Give more pls.... Let's learn.

Moneyfem:
Why is it that all of the loan app admins are at peace and don't hesitate to give you the small loan once they have your BVN? Below are some of the reasons:

1. Most or all of the administrators are either bankers or ex-bankers. Majority of them are even bank IT specialists. They know your BVN is central to all bank accounts you have. With your BVN, they can access all your data plus your card details. Do you think banks don't have copies of your details? Be deceiving yourself there. There are many unscrupulous and fraudulent elements in the banking industry who are there to use the information they have against people.

2. They know they will one day get back their money provided you don't pay back at the stipulated time. They know once you have the money in another bank account you didn't register with them, they will scoop the money out from your very own bank account without even notifying you. How do you think they do that? Let me stop here for now. I will give other facts and figures later. Just be careful! Thank you.

WendySalisu:
While this is true, it is very important to take note of the CBN verified and accredited Financial Institutions like Page Financials that give unsecured loans of up to N5, 000,000 in less than 3 hours.

It is a fact that a lot of fraudulent people go out disguising to help people financially, but that is not so with Page Financials.

Although Page Financials also request for your BVN and this is only so for three reasons;
1. So that the loan application process would be easier;
2. To ensure that the person applying for a loan does not have an existing loan with another financial institution (as this would make repayment very difficult)
3. To be sure the information provided by the person applying is accurate and valid.

Therefore you can be rest assured that Page Financials is registered and accredited by CBN to give out unsecured loans, that is, quick cash loans or instant loans as you may call it, without collateral or guarantor. All that is required of you is to be a salary earner with a minimum of N60,000 monthly salary and you live in Lagos. Once that is confirmed, you can go ahead and apply for a loan by clicking here.

So will collect 100k and pay back 160k within 1yr?? Hmm!! There's God!!!

KOPT33:


Not True. Money transmission license is one of the most controlled licenses in Nigeria. BVN is also a national security asset and before anyone receives such a license, they will literally pass through the eye of the needle.

The Federal government is introducing solutions such as quick access to loans in order to create more wealth in the society.


If you have need for a loan and you can pay back, please go ahead and take a facility.


Please, disregard this quack parading as a monetary system expert. Instead of asking people not to take loans or give out their BVN, a more fitting advise would have been to tell people that these small lenders are 'predatory lenders' or 'loan sharks'. Think of them like those money lenders that used to terrorize creditors in the old days.

Their rates are exorbitant; Renmoney charges 45% interest on any facility below N5 Million, in contrast, First Bank charges just 12.4% PA on facilities below N5 Million.

The problem is that some people will take a N100,000 loan and pay N220,000 at the end of the day if they default even once. Some people approach such loans with a flawed mentality and so end up becoming cash cows to these lenders.

The last paragraph says it all. I was a victim of Ren money. I became their cash cow just because I defaulted once. Money kept tripling like multiplication table. Thank God I am done with Ren money. Pls stay away from Ren money

What of *paystack*. Is it safe

Lilisticlili:
Example is "Paylater"
Those people are fraudulent by nature
Reeling in BVNs for 10k

more info

DaCharis2016:
Clarify your statement here. Are you for or against?

My statement was and remains very clear and easy to understand. No need for further clarification.

Forget about bvn. no one can take money from your account just by knowing your bvn. the person will need some other details like your card and etcetera. SO, AFTER REPAUIN THEIR LOAN, GO TO THE BANK AND BLOCK YOUR CARD AND REQUEST FOR A NEW CARD. THATS ALL.

Though I still owe pay-later and quick-check but I have never said their assistance was not helpful. It was handy especially at a time when no financial institution would grant you a small loan without collateral.
They are doing a good work which I hope will lead to the revolution of grant of credit facilities in the country.

Khalypso:
Though I still owe pay-later and quick-check but I have never said their assistance was not helpful. It was handy especially at a time when no financial institution would grant you a small loan without collateral.
They are doing a good work which I hope will lead to the revolution of grant of credit facilities in the country.

Lol....same here oooh. Quickcheck don worry me tire. though I should pay them soon. it's over a year

Anyone worried about money being withdrawn during the night on these apps can just disable the automatic withdrawal options. Then you get to pay once you are ready at anytime.

Khalypso:
Though I still owe pay-later and quick-check but I have never said their assistance was not helpful. It was handy especially at a time when no financial institution would grant you a small loan without collateral.
They are doing a good work which I hope will lead to the revolution of grant of credit facilities in the country.

If you owe them will they deduct your money from your account ?

chloride6:
i find a lot of things wrong with this article.

First of all, your BVN is NOT confidential !!!!!

Your BVN is simply a verification number.

If you have my BVN, what will you do with it?

Withdraw money from my account?

You only need it to confirm my identity. See it like an electronic id card. The Id card is not confidential material.

if the Author had spoken about investing in these companies it would have been a different case.

But from a credit perspective, collecting a collateral free loan has little or no risk.

That being said, oya delete this thread

My account officer BVN is displayed on my web page together with his phone number. I just wonder when some peep say BVN is a high security material

Moneyfem:
Why is it that all of the loan app admins are at peace and don't hesitate to give you the small loan once they have your BVN? Below are some of the reasons:

1. Most or all of the administrators are either bankers or ex-bankers. Majority of them are even bank IT specialists. They know your BVN is central to all bank accounts you have. With your BVN, they can access all your data plus your card details. Do you think banks don't have copies of your details? Be deceiving yourself there. There are many unscrupulous and fraudulent elements in the banking industry who are there to use the information they have against people.

2. They know they will one day get back their money provided you don't pay back at the stipulated time. They know once you have the money in another bank account you didn't register with them, they will scoop the money out from your very own bank account without even notifying you. How do you think they do that? Let me stop here for now. I will give other facts and figures later. Just be careful! Thank you.

Money cannot leave your account without your consent otherwise those oil marketers owing banks in billions and still doing their business, like Otedola, won't be in business. As a matter of fact, your bank balance can't be given to them without your consent otherwise they will be explaining themselves to a judge, if it becomes public knowledge that an infraction was recorded on your account.


Your BVN is needed , basically, to keep track of your loan history with other institutions. No be when you collect this month , next month you go move to point and kill to collect.


Thank God for this nairaland, I no even know this loan thing ... When I see their banner I just continue with my online trekking

Lilisticlili:
Example is "Paylater"

Those people are fraudulent by nature

Reeling in BVNs for 10k

Can you explain a bit more about this? Didn't quite get you

stagger:


Lies. I have used them and they are as legit as can be. Stop spreading lies.

what is your proof that they are legit, simply because they gave you money? what is your definition of legit?

bozzyjoan:


help me tell them..YOUR PIN GOTTEN FROM YOUR REGISTERD MOBILE PHONE NUMBER WITH YOUR BANK IS THE ONLY WAY YOUR MONEY CAN BE WITHDRAWN EVEN TO MAKE IT MORE ENCRYPTED WHEN TRYING TO MAKE A WITHDRAWAL FROM A NEW DEVICE YOUR BANK WILL HAVE TO SEND AN OTP WHICH WILL BE SENT TO YOUR REGISTERD MAIL OR NUMBER B4 ENTERING YOUR PIN. SO GUYS BVN CAN NEVER BE USED IF THE PERSON HAVE NT SUCCESFULLY HACKED YOUR MAIL/PHONE. THOUGH GRANTING THE APPS PERMISSION TO READ YOUR MSGES IS ALSO A RISK. SO IF YOU ARE NO LONGER INTERESTED IN THEM JUST UNINSTALL SO AS TO REVOKE ACCESS TO READING YOUR MSGS AND LOGS THEN UPDATE YOUR PROFILE TO A WRONG INFO OR YOU CAN RESTORE RESTORE FACTORY SETTINGS TO REVOKE THEIR ACCESS TO YOUR MESSAGE WALL(THAT IS THE MAIN KEY THEY HAVE AGAINST YOU). CUZ IF YOU FAIL TO PAY THEY WILL INITIATE THE TRANSACTION ON YOUR BEHALF AND AN OTP WILL BE SENT WHICH THEY WILL READ AND MAKE THE DEBIT THAT IS HOW IT WKS.

Paylater automatically withdrew N4k from my cousin's account without gtbank sending an otp.

KOPT33:



You're still misinforming people. BVN is just an identificatory object, it cannot be used to authorize a withdrawal from your bank account.

Furthermore, your advise seems to be for people who will not pay back, or have no business taking loans in the first place. I believe one of the most important factors one should consider before taking a loan is ability to pay back.

If you default on a loan, only a judge can order garnishment of your wages. If the bank touches any money in your account without authorization from you or from a competent jurisdiction, they will be fined heavily. Banks will not lose regulatory credence just because they want to gain a few miserable thousands.

Please, stop this misinformation. What facts and figures do you have? The ones you pulled from the air obviously.

so how does Paylater automatically withdraw money from one's account without authorization?

goldenceo1:


Your number two idea is pure crap. I have a personal experience. A friend took a loan from paylater through is sterling bank account and defaulted since then he has stop using the sterling bank account "I mean no debit or withdrawal" its other secondary account in diamond bank which has the same BVN has money in it. in fact, that's the account he is using to do is daily transaction now. Why didn't paylater initiated a transfer/debit from its Diamond bank account since the sterling bank and diamond banks Carry's the same BVN and belongs to one person?

Access Bank will not give you access to debit their customer because of a loan default in UBA. Banks are there to protect their customer. mobile app lender can only initiate a withdrawal through the bank card details you supply them so stop saying what you don't know too well.

makes sense.

booblacain:


so how does Paylater automatically withdraw money from one's account without authorization?

U supplied them your ATM number and pin, with that it can fly. But if you don't have money in the account, they will wait. Just that account dou

booblacain:


so how does Paylater automatically withdraw money from one's account without authorization?

Read my comment once more. Your answer is there.

Proffdada:
That's why I don't use banks

lol. So wetin u dey use

Wow,I thought I was the only one,I'm a month late now those people want to give me heart attack

iamjames2222:


Lol....same here oooh. Quickcheck don worry me tire. though I should pay them soon. it's over a year

booblacain:


so how does Paylater automatically withdraw money from one's account without authorization?

Before they give you any loan,your ATM card is attached to your account. On the day you're to pay back the loan, the amount you borrowed plus the interest rate will be deducted from your account. It's all part of the Terms and Conditions you agreed to before you applied for the loan. But then again, How many Nigerians read Terms and Conditions before doing anything.

booblacain:


Paylater automatically withdrew N4k from my cousin's account without gtbank sending an otp.

The money your brother borrowed and fail to pay at the appropriate payback date. isn't it?

bozzyjoan:


The money your brother borrowed and fail to pay at the appropriate payback date. isn't it?

yes she did default on the payment. my question is not why or how they took the money but why she did not get an otp message from gtbank.

gifted4luvinluv:
You should have carried out a proper research before posting, mr op...
#TeamBranch
#TeamKwikcash
#TeamPaylater

kwikcash is for Kenyans.

Bleep paylater. they collected all my sensitive info, then declined my loan wtf.
these guys are data thieves

booblacain:



yes she did default on the payment. my question is not why or how they took the money but why she did not get an otp message from gtbank.

That will be through her debit card because during registration the credit card number and pin will be required to activate on pay later. so she should just change her pin.

Many people got me wrong on this topic. My position is that many people having access to your financial details other than your bank may come back to hunt you. Even bankers are defrauding their customers let alone third parties.

Many misundestood the original post on this topic. The bottom line is that your BVN is the key to your bank data. You yourself know all your personal data you have submitted to your bank(s). I am not saying your BVN is your ATM digits but it can aid fraudsters in researching more about you and devising ways to scoop your money. For them to steal your money, they will still need other details but your BVN will give vital details such as your registered phone number, email address and others.

Even banks and loan apps themselves warn people not to disclose their BVN anyhow and to verify any non-bank financial organisation that requests for it before you get their services.

Maybe you should read from one of the loan apps themselves and from Punch Newspaper through these links:

https://fairmoney.ng/why-you-should-never-share-your-bvn/


https://punchng.com/keeping-your-bank-verification-number-safe/

Strategy of online loan apps revealed.

Understanding the strategy of online loan apps is simple

Now when you sign up, they give you 7,500 Naira to repay 10,000 in one week and when you repay they make 2,500 from you as I interest.

Following week, they give you 7,500 again and when you repay they make another 2,500 interest and when added to the first 2,500, they make 5,000 Naira from you in 2 weeks.

They repeat the 7,500 borrowing twice again and make 10,000 from you as interest in 1 month.

They now increase your borrowing to 9,500 Naira, to repay 12,000 and that 9,500 in essence is the 10,000 Naira they made from you as interest.

By this time they are not borrowing you their own money but your very own money where they stay in control and increase the funds as you keep borrowing.

And should you default at this time, they impose their inhuman means of collecting money which is not even their own. I mean your own money they are using to borrow you.

Most of them are even heartless to the point of making you pay interest of 6,000 to 7,000 Naira a month, so that within 2 weeks thy have already collected back their money and use their own money to borrow you.

Apps like Naira Loan, GGmoney, Didi Cash etc will give you 13,000 to repay 18,000.

My dear friend, online loan app is a new form of scam which is presently holding lots of Nigerians sway.

And if you can run away from it today, you will better your life and future.

Remain blessed.