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What Will Happen If One Fails To Pay Back Loan From Loan App? - Business (4) - Nairaland

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Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by jacoik(m): 2:15pm On Jan 12
YoungBlackRico:
Your BVN will be flagged!
so his bvm will just carry naija flag like that ? Is not good at all

4 Likes 2 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by agarawu23(m): 2:15pm On Jan 12
Edoziesmart:
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.
kwickmoney is 15% for 14 days. Check below

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by mascot87(m): 2:16pm On Jan 12
Charmingrascal:

Pls which loan Company/App did u get the loan frm. Thanks


Flee from Soko loan. If you owe them, they will send embarrassing messages to all your contact that you are fraudulent and that they will arrest you.

7 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Edoziesmart(m): 2:17pm 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. The rest na Audio threat. The only people I believe report to credit bureau is paylater and fairmoney.

Kwikmoney told me as of September that they will breach my privacy and call and text all my contact telling them all that I'm owing their company. Till now none of the thousands contacts I have on my android phone, tell me that kwikmoney contacted them on my unpaid debt.
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by brainhgeek(m): 2:17pm On Jan 12
They have your bvn and some of them can accrdd your phone contacts. They will start by sending a message to your contacts (including your in-laws and your boss and people who can disgrace you grin grin). They will tell them you borrowed money from them and refused to pay up.
Others can blacklist you on public finance bureau.
Chose your poison wisely

1 Like 1 Share

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by kunleweb: 2:17pm On Jan 12
Let's not kill this system the way we kill other things.

I've been lending and repaying steadily. Not that I need the money but to grow a good credit score incase of future needs.

From small to very big loans with multiple lending agencies.


I highly recommend paying back loans but personal or corporate.

You stand alot to lose if you default servicing your loan payments as against making steady payments.

26 Likes 4 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Nobody: 2:18pm 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!

The interest will keep adding up, depending on the loan default agreement. Some charge 1.5% per extra day.

I've fallen for it before, it wasn't easy. You could find yourself paying 200k plus on a loan of 150k.

There'll be a lien on your bank account and it will put a dent on your credit worthiness.

The responsible thing to do is pay up ASAP

7 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by NiggasInParis: 2:19pm On Jan 12
Most of these Loan apps are just Money Sharks. They keep increasing in number by the day out to take advantage of the crooked economic situation hitting hard on people. The give you loans with eye teary interest to pay back in a very short period of time.


There is only one platform which stands out and I recommend... And that is Paylater now Carbon. They give you reasonable amounts, enough time to back and as a responsible person you definitely should be able to pay back in that time. If you wouldn't, then don't go collecting the loan. Simple.


Ultimate solution?? Hustle make your money long, so much money not necessarily wealthy but at least comfortable enough, so you won't have to be jumping from one app to the other looking for petty loans that even without it you will still survive. No doubt...

9 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by lawanson2k3: 2:20pm On Jan 12
toniblacman:

Thanks for this.
branch has being favourable to me, its giving me 60k from 1500 gradually.

1 Like

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Slimguy0(m): 2:20pm On Jan 12
They'll frustrate you with Calls
You begin to pay interest on each day you default
They'll frustrate you with more calls
Your mind won't be at peace at all
They may outsource to Collection agencies which could be very embarrassing
And then Prolly Flag your BVN... It's Over
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Edoziesmart(m): 2:21pm On Jan 12
agarawu23:
kwickmoney is 15% for 14 days. Check below
I know bro. I have been using their service from April to September last year.

They charge 28% in one month. But I guess it is server problem that made them charge me 28% for 15 days. And those customer care refused to rectify the issue before my loan was due for repayment. So I won't bother paying for now.

3 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by MartinsD12(m): 2:21pm On Jan 12
Edoziesmart:


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
My brother what am telling you is what is written in Fidelity bank terms and conditions concerning Migo money and its on their website too, so since September you have been owing them you sure
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by kunleweb: 2:21pm On Jan 12
lawanson2k3:
branch has being favourable to me, its giving me 60k from 1500 gradually.



What level are you now in branch.! +? Did you jump to 60k from 40k level?
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Anban11: 2:22pm 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
. bros pay back oh. when you want to apply for visa and travel abroad,na tha small money dem go use trap you and even if u pay den,dem no go gri give u visa

3 Likes

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by saint17(m): 2:22pm On Jan 12
Please is there anyone who knows any platform where I can raise funds to pay for my tuition fees
Just let me know
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by walex2(m): 2:23pm On Jan 12
ossaisly:
Once you get loan, no matter what ,you must pay back. Failure to pay back, they will frustrate you by calling everyone on your contact. After that, they will go on social media. After that, they will locate you and arrest you.

And any amount that you make them spend, you will still bear the cost.

So rethink before you take loan.
please how do they get the contacts on your phone, apart the two quarantors contact you provided, is it not criminality by using GPS to scan the contact on your phone
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by Edoziesmart(m): 2:23pm On Jan 12
MartinsD12:

My brother what am telling you is what is written in Fidelity bank terms and conditions concerning Migo money and its on their website too, so since September you have been owing them you sure

I'm owing them oo.
No joke.
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by MartinsD12(m): 2:23pm On Jan 12
agarawu23:
kwickmoney is 15% for 14 days. Check below
Omo you be their customer they give you 100k plus?
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by mu2sa2: 2:24pm On Jan 12
Coldie:
Nothing I know someone who has borrowed with so many dormant account's with the loan apps yet nothing has happened to him.

Once u register with ur bank and collect the money after some time change ur ATM pin nothing would happen to u even when u put money in ur account they can't withdraw it
You're suggesting the guy is wise. Well, he isn't, not with bvn. Using bvn, all his accounts with any bank will be flagged. It's useless and ultimately embarrassing to dodge paying back a loan - anyone who tries it isn't wise but is a big fool.

7 Likes 1 Share

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by kayodez: 2:24pm On Jan 12
Reffone:
Just like me but them call my papa and sister

Which app did that bruh?
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by omoharry(f): 2:25pm On Jan 12
Wow I never knew such app existed.This is really a nice concept for an emergency,especially now in these hard times.
Nigerians pls you guys should not abuse this one oo!!Remember our bank became hardened and stopped giving us loan becos of our dishonesty.They only provide loans only to people that provide them with a strong collateral and an evidence of a good paying job or stable means or income. Pls do not abuse this.I don't know why we have been program to be dishonest at every given opportunity.
The world does not trust us anymore becos we are always looking for how to cheat or outdo any good program design to help us.

18 Likes 2 Shares

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by millionboi2: 2:26pm On Jan 12
brainhgeek:
They have your bvn and some of them can accrdd your phone contacts. They will start by sending a message to your contacts (including your in-laws and your boss and people who can disgrace you grin grin). They will tell them you borrowed money from them and refused to pay up.
Others can blacklist you on public finance bureau.
Chose your poison wisely
hahahaha
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by MartinsD12(m): 2:27pm On Jan 12
Edoziesmart:


I'm owing them oo.
No joke.
Is it 30 days loan plan
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by nedekid: 2:27pm 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
Lol. You do not know the damage you have done to your credit rating based on little money.
The damage is worth millions.
Nigeria is getting to the stage like its obtainable abroad where you do not pay cash for cars, household appliances, mortgage for housing, phones etc. Your credit rating detemines acess to credit.
A friend of mine that started collecting 10k with paylater and built it up to the point he collected 500k from them. He then defaulted. All the other loan companies declined his loan request citing his debt with paylater and bad credit.
He eventually had to pay his debt. When he tried collecting money again, he was downgraded to 20k! grin

14 Likes 1 Share

Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by lastchild: 2:28pm 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
are you still putting money in your bank account?
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by kayodez: 2:29pm On Jan 12
armadeo:


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


What if circumstances changed... situations like financial constraints might come in place. So I don't one would borrow money without having mind of repaying.
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by scopusng(m): 2:29pm On Jan 12
blessochampion:
I think they now have the licence to withdraw from ANY account connected to your bvn.

Na lie bro. It's only when u borrowed from the bank and not thru app. For two years now nothing do me. Lol
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by galadima77(m): 2:30pm 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

That thing you're going to confirm is here in naija...

We die here together...lolz

But see traffic for this topic...
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by XklusivGistBlog(m): 2:30pm On Jan 12
You will be simply blacklisted from taking loans by the bureau. Or some may be start calling all the contact on ur phone. I just paid back 100k from paylater
Re: What Will Happen If One Fails To Pay Back Loan From Loan App? by eneyoduke(m): 2:30pm On Jan 12
You will be judge according to the law

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