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What Will Happen If One Fails To Pay Back Loan From Loan App? - Business (3) - Nairaland

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Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by oldtruth: 2:04pm On Jan 12
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.

Nothing do you jare��
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by victorjoe(m): 2:05pm On Jan 12
Omo! Them don call everybody for my friends list say I de owe them o.

Come to think of it, no be say I no been want pay o, na them no give me method to take pay them. I come kuku vex as them call my people say I no want pay them for now.

I come hear say them go report me to one bureau like that.

Anyway, I come de pay them small small till impay finish.

2 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by bluefilm: 2:05pm On Jan 12
Nothing go happen.
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Catchfirez: 2:06pm On Jan 12
Once you download those app, they copy all your contact and SMS. When you default they contact all your contacts letting them know you are debtor. Avoid Sokoloan and Nodcredit. Siloam will call insult all your contact, even your dead contact wont escape it. They are so Rude, you will regret taking loan from them. As of NoDcredit. They won't disturb you, they will make sure your accumulate from 20k plus to 200k in 6 months, then they will arrest you. Only God knowshow they always find there debtor and they will make sure you pay the money before they release you. The rest na Audio threat. The only people I believe report to credit bureau is paylater and fairmoney.

15 Likes 1 Share

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by sluvy4tune(m): 2:06pm On Jan 12
toniblacman:

Thanks for this.


I don't think this is completely correct sir

I started using branch when they were giving me 1500

But right now my last loan with them was over 140k

10 Likes 1 Share

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by MarianaTrench: 2:06pm On Jan 12
It is criminal to borrow money and refuse to pay back!

20 Likes 3 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Staro: 2:07pm 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


Try to pay up. They would have already reported you to Credit Bureau and
you may not be able to access loans from financial institutions in the future because of your bad credit history.

6 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Reffone: 2:08pm On Jan 12
Am guilty of this cause nobody wan employ me and no good institution to give out capital for young entrepreneurs God help me tomorrow they start calling for their pay back 7080Opay God help me pls

3 Likes 1 Share

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by armadeo(m): 2:08pm On Jan 12
UDOKABESTLUV:
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!

This here is why loans are difficult to get. Tou need money for one reason or the other, you borrow it and for another reason or the other you cant pay.

Best advise dont borrow if you cannot pay.



On topic you will see wahala that will befuddled you if you use loan app. They are registered and will Bleep you up so bad you will be shocked

6 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Weselion(m): 2:08pm On Jan 12
A friend of mine borrowed 10k from a very popular loan company and decided not to pay for three years. He had the money to pay back but he just did not want to pay.

Three years later, he wanted a loan from another loan company; the ones with physical locations. They asked him if he was owning another company, he said no.

Then the man showed him his credit report where he was owing the online loan company. The man told him to go pay that loan before he can access the new loan.

Immediately he paid the online loan company, a few weeks later, this offline loan company gave him 70k loan.

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I started with a certain loan company in 2016. Started borrowing small money till I could borrow 200k.

At one point, I borrowed 100,000 Naira to pay back in six months.

I paid up till the 4th month and things became messy. I could not pay for the fifth month and sixth month.

In the seventh month that my loan repayment period had elapsed, I paid for both the fifth and sixth month at once.

I tried to borrow from this same company after a while and the loan offer they gave to me was 20k.

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Whenever I borrow money from one loan company, another loan company does not give me loans until I settle the previous company I am owing.

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Some loan companies will keep adding interest on top of your loan. So the day you are ready to pay, your debt would have accumulated to a huge amount of money depending on how long you took before you paid back.

These loan companies report to a credit bureau. The credit bureau is like a union of companies that give out loans and the bureau reports back to CBN.

There is also reports that if you do not pay back your loan, you won't be allowed to travel out of the country.

If you don't pay back your loans, it will be hard for you to get reasonable loan amounts in the future.

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The truth is, there are loopholes when it comes to paying back loans and some Nigerians are exploiting it.

18 Likes 3 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by sammyj: 2:08pm On Jan 12
You will be blacklisted on the credit bureau system as a bad debtor !! grin
UDOKABESTLUV:
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!

5 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by NCANCHAIR(m): 2:08pm On Jan 12
Please I need the link bro. I want to start using the carbon.
What is the minimum and maximum amount they can give out? Thanks in anticipation
oluwafreshkid:


Carbon is really an asss saver. No need crawling to some friends with stories to borrow. Now, if anyone requests money, I just send them my link to download the app.
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by MarianaTrench: 2:09pm On Jan 12
Catchfirez:
Once you download those app, they copy all your contact and SMS. When you default they contact all your contacts letting them know you are debtor. Avoid Sokoloan and Nodcredit. Siloam will call insult all your contact, even your dead contact wont escape it. They are so Rude, you will regret taking loan from them. As of NoDcredit. They won't disturb you, they will make sure your accumulate from 20k plus to 200k in 6 months, then they will arrest you. Only God knowshow they always find there debtor and they will make sure you pay the money before they release you.

How come is it that you know all this? cheesy

7 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by MartinsD12(m): 2:09pm On Jan 12
UDOKABESTLUV:
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!
This thing is simple, those loan company are wise, listen op you submitted your bvn the money is credited into your bank account if you don't pay up on time let's say you borrowed from Migo money formerly kwikmoney to pay in two weeks or a month and after a month or a week you did not pay up, it's simple you pay extra interest and fine after that two weeks elapses and you couldn't pay the third week more interest will incur then when it's up to 28 days grace period it means you Don enter default period so you bank account will be charged immediately with the consent of the bank, read terms and conditions before applying its written there

3 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Edoziesmart(m): 2:09pm On Jan 12
Nothing will happen to you brother.

I'm owing kwikmoney 20k since September 2019.
And I don't intend paying them because there service was not fair to me at all.
I migrated to branch last November and collected 2k from them. Which I even forgot do to busy schedule.
I saw there warning messages yesterday, as I power on the phone number I used to register my bvn and bank related stuff telling me I had unpaid debt of ₦2400.

Anyway I will try and pay branch tonight.

But you see kwikmoney I don't intend paying those people till next 50 years.

Their service was poor and their loan interest was high as I collected this last money.
Imagine paying 28% of ₦20k loan within 14 days. I called to their customer care about the problem and error, and they told me they will rectify it. They refused rectifying it till my loan balance was due for repayment.

That's why I harden my heart to pay them their money.

2 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Ladycewhy(f): 2:09pm On Jan 12
UDOKABESTLUV:
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!
except you dont intend to borrow any form of loan ever again under that BVN in this country . You will be blacklisted as a bad debtor.
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by EhisChelsea1(m): 2:10pm 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.

All these app na patience. If u had continue with them and pay on time, u would have bn given higher amount.

Personally, I use Branch and Carbon. They are d best. Many times I don default, dey don't stress me. They send a gentle reminder and wait....

Branch sef don wipe my loan twice and Carbon don wipe my loan once.......remove am and mark am as loan fully paid....

6 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by ZackOF: 2:10pm On Jan 12
UDOKABESTLUV:

Oga I need more comment please on this post.
they will notify your contacts by sending messages to them informing them that you owe them. Based on my experience with some loan apps some will increase the interest as the days go by, example is palm credit while some won't such as branch and moneypal by zedvance

1 Like

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by PrecisionFx(m): 2:10pm On Jan 12
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



""most times they have the 4 last digit on your ATM""

Who told u dis?

1 Like 1 Share

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by agarawu23(m): 2:10pm On Jan 12
I know about kwickmoney from etisalat alone and I know they do message contacts on your phone to talk to you. They will even send message to your girlfriend and toasters including your enemies that you are owing them.

3 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Coldie(m): 2:11pm On Jan 12
isan:
They deduct their money and a heavy penalty fees from your bvn number linked to all your account ...anytime you get alert they also get notification
Lies
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Edoziesmart(m): 2:12pm On Jan 12
MartinsD12:

This thing is simple, those loan company are wise, listen op you submitted your bvn the money is credited into your bank account if you don't pay up on time let's say you borrowed from Migo money formerly kwikmoney to pay in two weeks or a month and after a month or a week you did not pay up, it's simple you pay extra interest and fine after that two weeks elapses and you couldn't pay the third week more interest will incur then when it's up to 28 days grace period it means you Don enter default period so you bank account will be charged immediately with the consent of the bank, read terms and conditions before applying its written there

So why haven't kwikmoney debit me since September I borrowed 20k from them?

Stop making the man to fear.
Nothing will happen apart from you won't collect loan from any bank or app again till you pay your debts

3 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by fykes(m): 2:12pm 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
Nigeria sha, we sabi abuse things...
Na buhari cause am finally

12 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by oluwafreshkid(m): 2:12pm On Jan 12
NCANCHAIR:
Please I need the link bro. I want to start using the carbon.
What is the minimum and maximum amount they can give out? Thanks in anticipation
Search for Carbon on Google Play
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Edoziesmart(m): 2:13pm On Jan 12
isan:
They deduct their money and a heavy penalty fees from your bvn number linked to all your account ...anytime you get alert they also get notification

Stop spreading fake information. Talk what you know.

3 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Catchfirez: 2:13pm On Jan 12
MarianaTrench:


How come is it that you know all this? cheesy

Lol.. experience na master.

2 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Kennyideal(m): 2:13pm On Jan 12
Mind you....you cant even travel out of the country...as ur visa will be denied cos of it....


Ur bvn is flagged as well...even if u open anoda account elsewhere with anoda bank.....they'll definitely reach you...

4 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Fantazy(m): 2:13pm 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

What about ur bank account? Are they tampering with it?
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Uchila79: 2:14pm On Jan 12
First of all what’s the name of the Loan App, let me try something first
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Kobicove(m): 2:14pm On Jan 12
UDOKABESTLUV:
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!

Why would you want yo borrow and not pay back?

3 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by flexyrule(m): 2:14pm On Jan 12
dominique:
As long as you submitted your BVN, any account linked to that BVN will be debited with heavy fines as penalty.
How please? I have a loan that company that need this information like gold.
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by kunleweb: 2:15pm On Jan 12
pwansunriseteam:
Who have information about a loan company that can give up to 2m without any collateral. O want to go and confirm something in Canada



Hahahahahaha. My belle o

1 Like

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