Good day Nairalanders, So I took a loan of 7ķ from one of these loan apps(9ja cash) and regrettably defaulted on repayment. Now the thing is, for every day I fail to pay up, an extra amount is added as a penalty which means I'd end up paying more than what I was supposed to pay.

Could you believe that this people started calling my contacts and sending them messages with my picture saying that I'm a scammer that ran away with company's money. They even involved my family and said that we are scammers who defraud people of their money.

How does a debtor become a scammer.

Why would the CBN allow these companies to get away with stuff like this?

So what happens when I eventually pay, what happens to my battered reputation?

Lawyers in the house what step can I take to address the issue.

Is this the general practice with lenders or are these companies over stepping some boundaries.

Other betting companies who do these include
Credit9ja
Go to cash

Lalasticlala Seun Dominique

If you take a loan and refuse to pay, you're regrettably a scammer. And to make matters worse instead of looking for ways to pay them back their money, you're looking for lawyers to help you fight them.

thesicilian:
If you take a loan and refuse to pay, you're regrettably a scammer

really?
So who is a debtor?

Have you ever defaulted on a deadline before?

tolor:
really?
So who is a debtor?

Have you ever defaulted on a deadline before?

A 'debtor' would have contacted them when the situation arose that made him not able to meet up with his payment, asking for understanding and more time to pay up. But a scammer would just ignore his creditor. Put yourself in their shoes.

Remember also they have your bvn and all that and also a lieu(not sure of the spelling) is placed on your account such that any money deposited in your account will be automatically collected by them.

So why spoiling people's name for a money you'd still get with added interest.

thesicilian:

A 'debtor' would have contacted them when the situation arose that made him not able to meet up with his payment, asking for understanding and more time to pay up. But a scammer would just ignore his creditor. Put yourself in their shoes.

Not really. They contacted me at first and I told them I will be late on payment because I used the money to settle an emergency and they should please bear with me. Next thing I knew, calls coming in from friends and family thinking I ran away with some company's Billions you know. Still not cool.

Just pay them their money sha, they will leave you alone. The more you drag this the worse it gets for your credit score, which might affect you later in future. The ideal thing to do next time is to let them know before the deadline for payment that you might not be able to meet up (don't wait for them to call you first). You might end up paying late payment charges and so on, but it's the respectable thing to do.

That's how loan sharks do business in Nigeria.
That's their way of enforcing people to pay up. If not, they'll have packed up and gone back to China.
No need of hiring a lawyer.
Just try and repay the debt. And, delete don't the app, never use it again.
Spread the word.

thesicilian:
Just pay them their money sha, they will leave you alone. The more you drag this the worse it gets for your credit score, which might affect you later in future. The ideal thing to do next time is to let them know before the deadline for payment that you might not be able to meet up (don't wait for them to call you first). You might end up paying late payment charges and so on, but it's the respectable thing to do.

Do they have permission from the CBN to do all. Is it standard practice

SportsHD:
That's how loan sharks do business in Nigeria.
That's their way of enforcing people to pay up. If not, they'll have packed up and gone back to China.
No need of hiring a lawyer.
Just try and repay the debt. And, delete don't the app, never use it again.
Spread the word.

I'm deleting the app as son as I pay up

tolor:
Do they have permission from the CBN to do all. Is it standard practice

You have money for a lawyer, yet you refused paying your debt. You see why I'm finding it difficult to continue to loan people some money.
You lot hardly pay. ..rather looking for ways to throw emotions around.
Bros, go and pay your debt!

You people no dey hear word. After countless threads on these loan sharks, you will still go deal with them and come here to complain.

When you were signing up agreed to their terms and conditions and granted them access to view your contact list.....you probably did all these without paying attention ... Cause all you needed then was for the loan to be approved.....

I honestly think the 15% in 2weeks is not quote and unquote fair, it doesn't allow people to borrow for trade, but rather for emergencies. I understand it is a high risk business loaning money to people with no collateral but data, but the risk should be carried insurance companies , or we find a way to create a buffer when the debt becomes unserviceable not other customers... Low interest rate and long duration period would really help micro SME not this gbos gbas that we are doing in this country.

@tolor, a lawyer can't help you. After a recent topic about them made front page, I went in search of their "TERMS" and found out these things are well spelt out and choosing to use them means you consented to their terms of use.

tolor:
Do they have permission from the CBN to do all. Is it standard practice

Don't know, but then they have permission from you, when you agreed to all their terms and conditions by clicking "accept" everywhere.