Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,412 members, 7,954,647 topics. Date: Saturday, 21 September 2024 at 04:36 AM |
Nairaland Forum / Nairaland / General / Business / Can I Be Arrested For Defaulting On A loan To A Loan App? (51033 Views)
Dangote Farms Faces Liquidation For ‘Defaulting’ On Arbitral Award / What Will Happen If One Fails To Pay Back Loan From Loan App? / Failed E-transactions: Report Defaulting Banks To Us- CBN (2) (3) (4)
(1) (2) (3) (4) (5) (6) (7) (8) (Reply) (Go Down)
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by chukwuibuipob: 5:04am On Sep 14, 2021 |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Emma1Oj(m): 5:08am On Sep 14, 2021 |
What's the name of the loan app??.. let's c if they are the reputable one u should be worry about. But I know a legit loan app won't threaten u or massage your contacts, they will only be placing a reminder on you and be waiting for any deposit into your acc. 2 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Dodoproperties: 5:09am On Sep 14, 2021 |
They are operating on their own, CBN did not asked any one to be giving collateral free loan, when you decide to throw away risk matrix and do your own thing, then it's your loss, so they are operating outside guidelines, CBN cannot approve a 7days repayment plan for any company, the minimum you can take loan under CBN guidelines is for 90days, those loan apps are operating on their own terms, For those talking about BVN and NIN to freeze accounts, only the CBN can spool all accounts using BVN, no bank has the ability to do so, it is impossible, the real commercial banks are yet to get the go ahead from CBN to freeze defaulters accounts talkless of sokoloan, the commercial banks won't even let CBN allow loan sharks to start writing for account freeze, banks don't like freezing accounts and again the loan sharks are threat to them, so banks wants to see them go out of business. 26 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by nedekid: 5:11am On Sep 14, 2021 |
signature2012:You have credit rating companies here in naija too. Guess Nigerians don't care for their credit any longer. The major retail credit industry was about to pick up in earnest before buhari came in and destroyed the economy. Don't forget brand new cars eg Honda civic etc was about 2.5m few years ago. One could finance that (but you needed good credit). With that same car costing over 15m today no finance house will give you loan. How do you even pay if they finance for 4 years? The high default rate is mainly why the cost of financing is high in naija. Nigeria is abviously high risk. Nigerians don't pay loans, instead the take the money with no expectant income and fight you when it is payment time. 7 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by smasher1(m): 5:15am On Sep 14, 2021 |
signature2012: Not in the west something. He might wake up ten years time and want to access another loan, and be told he is owing 500,000. By then, his credit file is ruined and the loan would keep compounding. Most people owing 700k where I work started with just 15k default. That's the power of compound interest at a high rate. 6 Likes 2 Shares |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by smasher1(m): 5:18am On Sep 14, 2021 |
Resurgent2016: These person has no reputation to protect. He's trying to see the worst thing the company would do. Not knowing that whenever you default, your bad credit file is hosted and and financial institution in Nigeria would see it especially, when you need another loan in future. 7 Likes 1 Share |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Moredanaconquer: 5:19am On Sep 14, 2021 |
Your BVN can be watchlisted. Try n pay up. 2 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by ddeola: 5:23am On Sep 14, 2021 |
Loan issues are very dicey. When people need loan they are always desperate and loyal but when it's time to repay hmmm... Though so many people are genuine even when they default, majority don't give a hoot afterall even Naija is owing but how will the creditor make his margin and lend to others if the borrower doesn't repay?. That's why I noted that it's dicey because na risky business. Even Naija situation don turn many borrowers to liars because things change anyhow. So, it depends on what side of the coin you are because both parties need to maintain cordial relationship and maintain their integrity. May God help us all. 4 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Stephenmoka4(m): 5:24am On Sep 14, 2021 |
Anuoluwagbemiga:Loan apps! They can't arrest you, delete the app and move on. They won't borrow you again on that account. They have sent such messages and I have received calls from them at different occasions, why? my number is in a defaulter's contact list. I do listen to their calls, see as the customer service lady wan cry. They won't send an apology message, don't send any money. 11 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Nobody: 5:26am On Sep 14, 2021 |
Lawlessness is in this nation. I do not understand the kind of law these loan apps operate with. I don't know about these apps until one boys started disturbing me to assist him pay back. First, he asked for N50,000 for repairing his car which I gave him, and he refunded me. And then, this loan thing came in. I told him I will not borrow him to pay back any loan because I realised he actually needed over N700k to pay all (i think up to 15 apps or so). And he used the first N50,000 fast refund as a way to show he would pay back if I had given him. I understood the game. I just hissed off, but I encouraged him what to do. I showed him how to get out of it, but he was not ready to listen, but was bent on collecting money from me (my money oooo). Maybe he was using juju, I dont know what gave him the boldness. When he realised I was not going to give him, he blocked me on the social media platform he used to communicate me. As soon as I realised it, I removed him from all my lists everywhere. Today, he is looking deperately for me again, and never will I allow such in my space again. I don't want much with him again. If I say bye bye to you and you dont take it as bye bye, na you will regret it. My bye bye is bye bye. Shikena. 9 Likes 1 Share |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by unitysheart(m): 5:30am On Sep 14, 2021 |
chukwuibuipob: If he no get issues will he collect loan? May we not see issues that will force us to go the extra mile!!! 3 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by ultiabaz36(m): 5:32am On Sep 14, 2021 |
ezegold4we:So because he gave the his bvn means that they will be debiting all his bank account... Learn before you type. I'm not encouraging him not to pay back because it has negative effect on his future loan request but that doesn't mean his other bank will be debited because he gave then the bvn. 4 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Ofadaman(m): 5:38am On Sep 14, 2021 |
This werey guy is asking to know the limit to what they can do so he has enough justification to not repay his loan, and in his small mind he thinks because they've embarrassed him by sending text messages to his WhatsApp contact that the debt is repaid. 3 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Ofadaman(m): 5:41am On Sep 14, 2021 |
ultiabaz36: His other banks will be debited if he has money in it, that's how it works now. Its a current CBN mandate to most banks, if you are a chronic debtor, they can flag your bvn and send to the CBN, NIBSS will force debit all accounts linked to your bvn to repay the loan amount. 1 Like |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by AntiWailer: 5:50am On Sep 14, 2021 |
Kingcalls: You are speaking English. They will beat hell out of him You are decieved by the mobile app to think na sane people dey run the organization. Best thing is that u stay away from them. |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Aammee77: 5:53am On Sep 14, 2021 |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by 09085607453king: 5:53am On Sep 14, 2021 |
You needed the money so badly and an unknown person lends you the money under a company name, you promise to pay back when due but now you are talking of not paying... Hmm uncle, you get conscience?? please pay back there is nothing wrong to pay back instead you have an opportunity to obtain another load when you are cashless, don't look at what they can do to you but look at what you are doing to yourself.. 3 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Gobdddd(m): 5:54am On Sep 14, 2021 |
My boss when I was working somewhere once said "in Nigeria, if you want to separate from your very close friend, just lend him money" And that's true. Av proved it over the years RapistOnBail: 3 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Emeskhalifa(m): 5:56am On Sep 14, 2021 |
Anuoluwagbemiga: What do you mean they are not ready to listen? On your own part, what are you doing to pay back the loan? It seems you are more concerned about if they can arrest you or not. You aren't even bothered about your reputation that is being ruined on whatsapp. How about you drop your pride and engage in menial job to pay them? Even if it means going to site to do labour work, riding okada, going to farm to help people work in their farm and get paid, washing dishes in eatery, pls do and pay up the loan. One day you will understand what having a good name is all about. 2 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by November24(f): 5:57am On Sep 14, 2021 |
No one can assault u for loan default. If they spoil ur name,never pay back. Just try find money and pay. Everyone is oweing. 3 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by ultiabaz36(m): 5:57am On Sep 14, 2021 |
Ofadaman:That has never been implemented. They can only list your bvn credit bureau which will prevent you from getting loan in the future even after you might have paid the existing loan except he request for letter of non-indebitedness 6 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Greatzeus(m): 5:58am On Sep 14, 2021 |
Anuoluwagbemiga:You shouldn't be asking this type of question unless you plan on not paying back the loan again. Which will be an act of ingratitude and selfishness. There was a contract,you agreed to the terms which included the interest and date of payment,yes you defaulted, for reasons known to you,what you should be concerned with now is how to get the money and pay back. Remember karma is real,one day you want to have a business too and succeed? Dear nairalanders,don't collect loans if you don't have a steady source of income or you're completely jobless. 1 Like |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by NaijaCoverBlog(m): 5:59am On Sep 14, 2021 |
Start Blogging Business Now And Pay Back your Loan You Can Get In Touch With On Whatsapp Chat To Get Started. 2 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by November24(f): 5:59am On Sep 14, 2021 |
AntiWailer: See talk,beat who,which area? Which country. Show me who Dem bear before. They can't do nothing,if they sendwssge to your contacts,never pay back,because they breach your right already. Till den,find money and pay. 1 Like |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Triplerg: 6:02am On Sep 14, 2021 |
Someone up there has written the worst they can do i.e reputational damage. They can't arrest nor prosecute you. I think what you should do now is to pay them small small until you offset the whole amount. 2 Likes |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by JFOD: 6:02am On Sep 14, 2021 |
Well OP , they can't arrest you but I think they can put a lien on your bank accounts. Lien: your/some of your bank accounts will be frozen until you sort it out. 2) The process (arresting) will be too expensive for them even if the law allows them (Nigeria Police might not even answer you or push you away indirectly). please gather 1/2k from friends and family to pay it off. I understand that you might feel reluctant because they seem to have done their worse. I don't know the full implications of defaulting on a loan and I can't say you'll def be affected by it. To avoid the possibility of an event you'll be biting your finger in the future, just call them and agree to a payment plan. 1 Like |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by November24(f): 6:02am On Sep 14, 2021 |
Ofadaman: That's correct. They can't do him nothing after embarrassing him. They can't do shishi. They have breached his right. Sokoloan was fined recently for that,he didn't sign up for that, even commercial Banks don't have that right,highest they can do is to report to crb. If they embarrass him they are even,they won't dare look for you ,because they know u are looking for them. Just find money and pay |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by AntiWailer: 6:03am On Sep 14, 2021 |
November24: I repeat , if they locate u, they will beat u. Borrow and interact with recovery team. They will harrass hell out of you. Like I said, just stay away from them. Forget that right u dnt understand that u are claiming. 1 Like 1 Share |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by November24(f): 6:07am On Sep 14, 2021 |
JFOD: You have said it,and this can only happen if he runs away or stop picking their calls. Lien on his account could reach 200 days. Just pay back bro. Find money,even if is 1000 naira weekly 1 Like |
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Enyimbamercedes: 6:08am On Sep 14, 2021 |
They are loan sharks and they are unregulated. Can they legally arrest you, I do not think so. Can they use violent means to get their money… YES!!! They’ll resort to blackmail, harassment, bullying and threats to get their money… and that works but most times if you can filter out all that and you have coconut head… nothing will happen! 1 Like |
(1) (2) (3) (4) (5) (6) (7) (8) (Reply)
Pictures Of Acclaimed Richest Men In Nigeria / How First Bank Did not pay us for designing 125th Year Logo(read FBN's reply) / Procedures To Get TIN No. From FIRS
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 68 |