Sysdatek:
Nonsense sapa loan shark apps

Spreading poverty

Lol. Na your comment funny pass. You no well @ spreading poverty

pek:
Have you ever heard the phrase " circumstances beyond my control". Most of these so called defaulters actually didn't plan to default. Circumstances happen.

Yes i know. And yes I was in that situation ( I had to quickly borrow money to pay off branch once).

And yes there are also Nigerians who have no intention of paying loans back

Plus if you are not a regular salary earner one should not take the loans.

Let's be honest. Most of the people defaulting are not in changed circumstances. Let's not excuse the bad eggs. If these companies go out of business because people are not paying back on time we won't have any means of taking short term loans.

FalseProphet1:

Your colleague or you.

My colleague

Beancounter94:


So why did the guy take the loan without making sure he or she had the means to pay back settled?

That is what every loan app tells you. Before taking our loan make sure you have the means to pay us back as and at when due.

Yes i use loan apps. Yes i was in a situation where i could not pay back on time twice and had to even beg for grace self!

Taking a loan or defaulting is not even an issue here. But why sending unnecessary messages to people who never consented to been a guarantor? And they still charge for default also. What then is the need for default fee after sending defamatory messages

Simeonjoe1:
How are we stealing people's contact?
But the customers read the terms and conditions before applying for loans.

Nigerians are always used to getting things free, they still want to ransack this one. Pls could we get our money back if we don't follow this due process.

Oga get the story right first.
Its not stated in their terms and conditions.
They access their customers contacts telling them they want contact information of their next of kin then they copy all your contacts in the process.
I have received many messages.
A friend of mine has lost his job cause they sent everyone on his contact list messages saying he used them as guarantor for the loan... His boss was one of the people that message was sent to.
They will tell your contacts that they are guarantors and have been declared wanted by the police.
Those guys have wrecked many business with that thing guy.
If it's in the terms and conditions no one will be suing them

Pls do not fine paylater,quick check and Branch .....this App are good

But the rest of them below !!!
9credit,
Ncash,
Xcredit,
Haloocredit,
Easynaira,
Easycredit,
Cashlion,
Fastmoney-soko
Fastcash,
Gocash-soko
9ja cash-soko
Okash,
Lcredit
Palmcredit
All need to be fined 10b for damages of privacy invader

dudusky007:
Na so them send message give me say make I stay away from 1 mr john..... say na thief,him run with dia money and a criminal. I laf because I no say na dia way.. and to all those giving all this loan app ur bank personal details..your details is no longer personal. that's the reason you can receive unknown debit from unknown location

They are set of psychos.

tamdun:
my wife's phone was stolen and all her money withdrawn, now one migo is calling my sister that one Mrs(my wife) borrowed money from them, those mofo even use one of her contacts as guarantor,the fraudsters just picked one num from her contact list...

lies .how did they get her atm card to link it up

kelbranty:


Taking a loan or defaulting is not even an issue here. But why sending unnecessary messages to people who never consented to been a guarantor? And they still charge for default also. What then is the need for default fee after sending defamatory messages

Would the loan company have sent messages if they had it defaulted for some time.

I have defaulted twice in loans from Branch. Both times we cane to an understanding and the loan was paid off with 3 days of the deadline

Let people take loans when they know they have the means to pay them back ready. It is that simple. If someone did not pay you back on time would you keep quiet and allow him or her to continue? Or won't you make noise?

good for them

Beancounter94:

While I hate sokoloan for other reasons, the reason why they take such extreme measures is because they don't have a choice

1..many of their customers don't pay back at all or very late

2. Records and registrations in Nigeria are very very poor.

Having said that I agree their methods are too harsh. Having said that if you are planning to take a loan from one of those loan companies like sokoloan and paylater and branch, as the terms and conditions says make sure you have the means to pay as and at when due.

Them loan companies are evil but they unfortunately meet a need. Our banks won't give you a 5000naira loan for two weeks. Even if your salary is domiciled there ( except for a few)

The last paragraph is not true. You can get facilities like salary advance and liquidate it even before pay time if you want.

Thrones:


The last paragraph is not true. You can get facilities like salary advance and liquidate it even before pay time if you want.

Depends on the bank. Mine won't do that.

Finally won te!

Well deserved

About time all this loan sharks are sanctioned..........

Beancounter94:


Would the loan company have sent messages if they had it defaulted for some time.

I have defaulted twice in loans from Branch. Both times we cane to an understanding and the loan was paid off with 3 days of the deadline

Let people take loans when they know they have the means to pay them back ready. It is that simple. If someone did not pay you back on time would you keep quiet and allow him or her to continue? Or won't you make noise?

There are procedures for loans recovery , have you not heard of credit bureau?
Is your Government not owing?? Does that give the creditors right to come and arrest you as a citizen or insult you??
U must reason well my brother

My comments sometimes ago now their head go set

alarm4:
Pls do not fine paylater,quick check and Branch .....this App are good

But the rest of them below !!!
9credit,
Ncash,
Xcredit,
Haloocredit,
Easynaira,
Easycredit,
Cashlion,
Fastmoney-soko
Fastcash,
Gocash-soko
9ja cash-soko
Okash,
Lcredit
Palmcredit
All need to be fined 10b for damages of privacy invader

i fear who no fear you ooo. You mean to tell us you have defaulted in all the listed apps above? Interesting

Jacobx007:

There are procedures for loans recovery , have you not heard of credit bureau?
Is your Government not owing?? Does that give the creditors right to come and arrest you as a citizen or insult you??
U must reason well my brother

Yes i think they do report one to the Nigerian credit bureau. And it affects your credit rating.

(Paylater has a feature on their app that shows how your credit rating is)

But all in all we don't have good enough databases. That's why for most loan companies all they have is your phone in lieu of your address

My friend owed them 20k cos I called back and asked, and when I told them that is unethical and it's defamation, the lady insulted me and called me thief too.

Beancounter94:

While I hate sokoloan for other reasons, the reason why they take such extreme measures is because they don't have a choice

1..many of their customers don't pay back at all or very late

2. Records and registrations in Nigeria are very very poor.

Having said that I agree their methods are too harsh. Having said that if you are planning to take a loan from one of those loan companies like sokoloan and paylater and branch, as the terms and conditions says make sure you have the means to pay as and at when due.

Them loan companies are evil but they unfortunately meet a need. Our banks won't give you a 5000naira loan for two weeks. Even if your salary is domiciled there ( except for a few)

Soko loan na thief ...
I no fit pity them lailai... carbon dey give me pass 100k sef... low interest and still well spreaded... solo loan na thief walai... I no pity them .. they thinking they could take advantage of people not knowing it will back fire like this...
I Can't collect their money

Very good

Beancounter94:


Would the loan company have sent messages if they had it defaulted for some time.

I have defaulted twice in loans from Branch. Both times we cane to an understanding and the loan was paid off with 3 days of the deadline

Let people take loans when they know they have the means to pay them back ready. It is that simple. If someone did not pay you back on time would you keep quiet and allow him or her to continue? Or won't you make noise?

What is the content of the message sent?
Does a guarantor not have the right to know who he/she is guaranteeing?
If you didn't contact a guarantor before giving out a loan, why then should you contact them when the loan enters default?

If we go deep into their methods of recovery, these people should have been sued by the NPF, media houses and even some notable law firms because they impersonate them.

kelbranty:


What is the content of the message sent?
Does a guarantor not have the right to know who he/she is guaranteeing?
If you didn't contact a guarantor before giving out a loan, why then should you contact them when the loan enters default?

If we go deep into their methods of recovery, these people should have been sued by the NPF, media houses and even some notable law firms because they impersonate them.

They messaged me. And like I said loan paid in three days. No need to contact guarantor

kelbranty:


Taking a loan or defaulting is not even an issue here. But why sending unnecessary messages to people who never consented to been a guarantor? And they still charge for default also. What then is the need for default fee after sending defamatory messages

If not that Frank is a childhood friend, I would have distance myself from him after receiving this message.

Beancounter94:


Yes i know. And yes I was in that situation ( I had to quickly borrow money to pay off branch once).

And yes there are also Nigerians who have no intention of paying loans back

Plus if you are not a regular salary earner one should not take the loans.

Let's be honest. Most of the people defaulting are not in changed circumstances. Let's not excuse the bad eggs. If these companies go out of business because people are not paying back on time we won't have any means of taking short term loans.

even if you're a salary earner you not meet up some times because they do give loans of 7 days in most cases, how will one go about it when your alternative income fails, I'm sure there is regulations regarding loan recovery the companies need to follow those regulations. Also there should be regulations guiding the loan companies like Play store does not allow loan apps that give loans with repayment period of less than 60days or so, unfortunately the those rules are not followered because play store does how apps operate until you raise an issue against them.

Simeonjoe1:
How are we stealing people's contact?
But the customers read the terms and conditions before applying for loans.

Nigerians are always used to getting things free, they still want to ransack this one. Pls could we get our money back if we don't follow this due process.

Would you be happy if you receive this little about your brother because of delay in paying 20k on time?

I remember one guy on romance section made a thread about how these guys wanted to tell his crush that he was oweing them money. I didn't believe him then but now, omo these guys na werey

jackslow:
even if you're a salary earner you not meet up some times because they do give loans of 7 days in most cases, how will one go about it when your alternative income fails, I'm sure there is regulations regarding loan recovery the companies need to follow those regulations. Also there should be regulations guiding the loan companies like Play store does not allow loan apps that give loans with repayment period of less than 60days or so, unfortunately the those rules are not followered because play store does how apps operate until you raise an issue against them.

Well i can tell you what I do

1. I take a loan of 5000k o say the 24th of July while I expect my salary on 30July. Loan is for 14 days. That way I get time to pay off my loans easily

2. Worst case.sceniaoro

1).I borrow to pay back the loan from other people.

2..I don't take the loan in the first place.

All these excuses are unnecessary I onced shared an experience of a colleague with the sokoloan they have no right to call or sms the contact except the person could not be reach for a certain periods .not when your loan will be due by2pm they start threatening you by 9am by 3pm they sms ur contact that was what soko did to a colleague of mine.yet they stil collect defaults charges.

[quote author=Yewandequeen post=104958578] i fear who no fear you ooo. You mean to tell us you have defaulted in all the listed apps above? Interesting :
Mind u I paid off total sum of 400k just to clear my dept even after and then whn defamation msg sent to my contacts ..... repayment is not the problem but calling the entire of my family a fraudster on the run is a no no no ....suppose sue them 10billion not 10million

Nitda is wrong on this, Soko takes loan from people(investors) and banks in millions with heavy collateral, they break it down and give people without collateral, they gave the terms of the loan, you accept, they credit you, once you fail to honor the agreement, they have the right to enforce what you agreed in the terms. If you contact your account officer at soko loan before time, they will restructure the loan and give you more time, however if you fail to contact, acknowledge the reminders then they go ahead to your contacts. Its not their fault, they have loans and obligations to meet as well. Its not their fault that you are unfortunate not to honor what you agreed, if you had refused any of the terms during registration process, you will not get the loan, you checked agreed on all the box and still defaulted and don't want anyone to know you are owing, its just like someone defrauding a bank, when u are caught you now say nobody should know because they were not there when you defrauded them, my guy u n huspuppy have things in common.