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What Will Happen If One Fails To Pay Back Loan From Loan App? - Business - Nairaland

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What Will Happen If One Fails To Pay Back Loan From Loan App? by UDOKABESTLUV(m): 11:53am On Jan 10
Hello, My Fellow Nairalander, What Will happen to the person, if he/she fail to pay Loan he/she borrowed From Loan App Company Because Of One Reason Or The Other.
I Need To Hear From You Guys!

22 Likes 5 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Okuda(m): 11:56am On Jan 10
oga go pay your gbese abeg!

754 Likes 33 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by YoungBlackRico(m): 12:02pm On Jan 10
Your BVN will be flagged!

432 Likes 16 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by UDOKABESTLUV(m): 12:10pm On Jan 10
Okuda:
oga go pay your gbese abeg!
Nawa For You

47 Likes 3 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by NaijaDonCast(m): 12:12pm On Jan 10
Have u borrowed money from MTN before? And refuse to pay then you forgot and finally decide to recharge the line without remembering you had incured debt, the speed at which your 100naira new call card go japa komot for your phone that same thing is applicable to loan

285 Likes 16 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by UDOKABESTLUV(m): 12:19pm On Jan 10
NaijaDonCast:
Have u borrowed money from MTN before? And refuse to pay then you forgot and finally decide to recharge the line without remembering you had incured debt, the speed at which your 100naira new call card go japa komot for your phone that same thing is applicable to loan
Explain More to UDOKABESTLUV please, this is a serious question please

7 Likes 1 Share

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by NaijaDonCast(m): 12:38pm On Jan 10
First of all they have your BVN, most times they have the 4 last digit on your ATM, they can decide to shortlist your name from your BVN on any platform that strictly is against banking fraud, the can still use your BVN to trace your other bank transaction with other commercial banks, but at times the CBN 3RD PARTY RIGHT might not favour them if the loan app is not a reputable loan organization thereby not giving them any right to exploiting your other accts
UDOKABESTLUV:

Explain More to UDOKABESTLUV please, this is a serious question please

53 Likes 7 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by UDOKABESTLUV(m): 3:12pm On Jan 11
NaijaDonCast:
First of all they have your BVN, most times they have the 4 last digit on your ATM, they can decide to shortlist your name from your BVN on any platform that strictly is against banking fraud, the can still use your BVN to trace your other bank transaction with other commercial banks, but at times the CBN 3RD PARTY RIGHT might not favour them if the loan app is not a reputable loan organization thereby not giving them any right to exploiting your other accts
Oga I need more comment please on this post.

3 Likes 1 Share

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by toniblacman(m): 6:02pm On Jan 11
Well...sometime in April last year, my man...I took a chikini loan from this app, I used to get loans from the company, for about four occasion, but this last one con get as e be... this money refused to show up when I suppose pay back based on as area just be. Then I started getting notifications on notifications every gaddem days....later notifications turned to threats of being blacklisted my man ..e reach one time na calls dem con dey gimme to know why I never pay up judging by my record with dem. To cut long story short sha after weeks wey man no even see dis tin arrange dem confirm the threats. Now I no go fit say I wan obtain any loan from any company offering similar service unless I pay that money up and dem remove my information from that blacklisted zone. But wetin con surprise me pas be say ... nothing do me.

346 Likes 18 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Charmingrascal(m): 11:02pm On Jan 11
toniblacman:
Well...sometime in April last year, my man...I took a chikini loan from this app, I used to get loans from the company, for about four occasion, but this last one con get as e be... this money refused to show up when I suppose pay back based on as area just be. Then I started getting notifications on notifications every gaddem days....later notifications turned to threats of being blacklisted my man ..e reach one time na calls dem con dey gimme to know why I never pay up judging by my record with dem. To cut long story short sha after weeks wey man no even see dis tin arrange dem confirm the threats. Now I no go fit say I wan obtain any loan from any company offering similar service unless I pay that money up and dem remove my information from that blacklisted zone. But wetin con surprise me pas be say ... nothing do me.
Pls which loan Company/App did u get the loan frm. Thanks

11 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by toniblacman(m): 6:14am On Jan 12
Charmingrascal:

Pls which loan Company/App did u get the loan frm. Thanks
It's called 'Branch'

79 Likes 3 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Neduzze5(m): 7:09am On Jan 12
toniblacman:

It's called 'Branch'

How much did you borrow from that nonsense Branch that you were unable to pay back sef? Branch that finds it hard to give out better money.

@OP, basically there is what we call Credit Reports which is currently been handled and overseen by Credit Bureaus. It's like what we have in advanced countries.

Where you are unable to repay your loan on time, most loan companies give you a lifeline of one month or less.

After that, your BVN, the amount you owe and other details are sent to the Credit Bureaus who then upload it to your report.

It starts to count against you and you may become unable to access loans both from banks and other loan apps until you repay your debt.

As such, always ensure to pay your loans on time. Take loans from better loan companies that give you longer periods of repayment like Carbon, etc.

171 Likes 8 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by toniblacman(m): 7:23am On Jan 12
Neduzze5:


How much did you borrow from that nonsense Branch that you were unable to pay back sef? Branch that finds it hard to give out better money.

@OP, basically there is what we call Credit Reports which is currently been handled and overseen by Credit Bureaus. It's like what we have in advanced countries.

Where you are unable to repay your loan on time, most loan companies give you a lifeline of one month or less.

After that, your BVN, the amount you owe and other details are sent to the Credit Bureaus who then upload it to your report.

It starts to count against you and you may become unable to access loans both from banks and other loan apps until you repay your debt.

As such, always ensure to pay your loans on time. Take loans from better loan companies that give you longer periods of repayment like Carbon, etc.
Well... it's a little tin, but I bet you can't imagine. I'll have to face it now and clean the record. Thanks

19 Likes 3 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Neduzze5(m): 7:26am On Jan 12
toniblacman:

Well... it's a little tin, but I bet you can't imagine. I'll have to face it now and clean the record. Thanks

I was using Branch before but after borrowing and paying back 5k for four good times, they still wanted to give me same 5k on my next request despite my timely payments.

I rejected it, called their office and requested them to close my account with them. They did so and I moved to Paylater now Carbon.

Ever since then, I've had rest of mind. At least Carbon allows you pay monthly unlike Branch where you have to pay at the end of every week.

147 Likes 10 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by toniblacman(m): 7:35am On Jan 12
Neduzze5:


I was using Branch before but after borrowing and paying back 5k for four good times, they still wanted to give me same 5k on my next request despite my timely payments.

I rejected it, called their office and requested them to close my account with them. They did so and I moved to Paylater now Carbon.

Ever since then, I've had rest of mind. At least Carbon allows you pay monthly unlike Branch where you have to pay at the end of every week.
Thanks for this.

8 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by olasco2035: 10:50am On Jan 12
toniblacman:

It's called 'Branch'
Oh boy those people don call me tire....they don't even bother to call again...and nothing do me...I even deleted the app

101 Likes 3 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by toniblacman(m): 12:19pm On Jan 12
olasco2035:

Oh boy those people don call me tire....they don't even bother to call again...and nothing do me...I even deleted the app
shocked Bad man

72 Likes 6 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Johans1991: 1:46pm On Jan 12
Neduzze5:


I was using Branch before but after borrowing and paying back 5k for four good times, they still wanted to give me same 5k on my next request despite my timely payments.

I rejected it, called their office and requested them to close my account with them. They did so and I moved to Paylater now Carbon.

Ever since then, I've had rest of mind. At least Carbon allows you pay monthly unlike Branch where you have to pay at the end of every week.
pls how can i borrow from that apt. i realy need it now

1 Like 2 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by dominique(f): 1:49pm On Jan 12
As long as you submitted your BVN, any account linked to that BVN will be debited with heavy fines as penalty.

94 Likes 8 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Rapmoney(m): 1:52pm On Jan 12
How do people even cope borrowing from these Shylocks?

86 Likes 4 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by tunapawizzy: 1:52pm On Jan 12
Go and pay ur debt oga

28 Likes 4 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by geedot(m): 1:53pm On Jan 12
Baba borrow money no wan pay back..

112 Likes 8 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Praktikals(m): 1:54pm On Jan 12
Nothing.
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by majamajic(m): 1:54pm On Jan 12
your account is at risk

7 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by KingAzubuike(f): 1:54pm On Jan 12
They report you to one board like that which gives them the go ahead to deduct their money automatically from your bank account without the possibility of facing legal action

26 Likes 2 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Nobody: 1:55pm On Jan 12
Oti je gbese cheesy grin grin

11 Likes 2 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Psalmpy(m): 1:55pm On Jan 12
I hope you ain't trying to japa sha

6 Likes 1 Share

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Starhearts: 1:55pm On Jan 12
Keep quiet ??

U be confirmed Olugbese

13 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Nobody: 1:55pm On Jan 12
Naija yoots and short cut.....

If you sincerely know you cant meet up as agreed. Simply contact the facility provider and they can extend the loan tenor. Meaning you will pay more accrued interest for the extra duration of the loan.

But failure to do the above means you are a criminally minded lazyyoot and you can be arrested and prosecuted for failure to liquidate your loan as at when due + attempt to abscond......

95 Likes 10 Shares

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