Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,143,474 members, 7,781,383 topics. Date: Friday, 29 March 2024 at 01:32 PM

Can I Be Arrested For Defaulting On A loan To A Loan App? - Business (6) - Nairaland

Nairaland Forum / Nairaland / General / Business / Can I Be Arrested For Defaulting On A loan To A Loan App? (44173 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 rapwizzy(m): 8:09am On Sep 14, 2021
I've been looking for this opportunity for a few months ago... I started borrowing money from these 2 lending company gocash and lcredit,earlier this year,never knew it was a big mistake that I made.
It all started well,but I later realised that the interest is too high for me on weekly basis. So,I decided to pay their money back and stop borrowing from any of them again. But I was broke for few days, I couldn't pay back my loan on time. To my biggest surprise, the next thing I saw was,I started receiving messages from my customers,family friends and my in-laws. That somebody sent them some what's app messages that I defrauded their company and I ran away with their company money. And with my findings it's the 2 lending company that did it. So, I decided not to payback a penny from the loan. And since then I've been waiting for their police.
How do they expect me to payback after all they did? I borrowed #37500 and they expect me to pay #75,000 and still counting.

2 Likes

Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by omoadeleye(m): 8:11am On Sep 14, 2021
Anuoluwagbemiga:
Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages to some people on my WhatsApp contact that I'm dubious bla bla bla and im planning to pay it back but they are not ready to listen and they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that **** ****
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.[/img]Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages to some people on my WhatsApp contact that I'm dubious bla bla bla and im planning to pay it back but they are not ready to listen and they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that (my name)
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.

Oga , go pay your loan.
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by YoungBlackRico(m): 8:11am On Sep 14, 2021
Emilo:
Nigerians sef, una funny oh. Some of u are saying he shld pay up, pay up, like as if if he had d money he wouldnt have paid. Who loves d public embarrassment?
why the phuck did he take the loan then if he had no sure means of paying back? You lots are disgusting!
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by einsteine(m): 8:12am On Sep 14, 2021
Kaiser20:
Give those idiot loans they will not payback. Refuse them loan they will complain that the government is not helping the youths to grow businesses.
How can someone approach a borrower without any collateral, gets a loan then refused to payback
They will not pay also their landlords.
Poverty have continued to stay permanently with some persons until they change their attitude of. ...give me, give me. give me.. give me.

Sorry, these are not the type of loans that help grow businesses. These are usurious loans. The companies can't even put their actual interest rate on their Google play page because Google would remove them from the playstore if it is known they charge such interest. We are talking 50-60% weekly interest here and you are talking about business growth.

5 Likes

Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by YoungBlackRico(m): 8:14am On Sep 14, 2021
rapwizzy:
I've been looking for this opportunity for a few months ago... I started borrowing money from these 2 lending company gocash and lcredit,earlier this year,never knew it was a big mistake that I made.
It all started well,but I later realised that the interest is too high for me on weekly basis. So,I decided to pay their money back and stop borrowing from any of them again. But I was broke for few days, I couldn't pay back my loan on time. To my biggest surprise, the next thing I saw was,I started receiving messages from my customers,family friends and my in-laws. That somebody sent them some what's app messages that I defrauded their company and I ran away with their company money. And with my findings it's the 2 lending company that did it. So, I decided not to payback a penny from the loan. And since then I've been waiting for their police.
How do they expect me to payback after all they did? I borrowed #37500 and they expect me to pay #75,000 and still counting.
so you didn't know about the interest rate when you been wan collect the money bah?

1 Like

Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by LordErrk: 8:14am On Sep 14, 2021
I hope they arrest and beat you. Ole
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by YoungBlackRico(m): 8:15am On Sep 14, 2021
einsteine:


Sorry, these are not the type of loans that help grow businesses. These are usurious loans. The companies can't even put their actual interest rate on their Google play page because Google would remove them from the playstore if it is known they charge such interest. We are talking 50-60% weekly interest here and you are talking about business growth.
were you or anyone forced to take those loans? Criminal ni gbogboyin! Criminals!

There's no justification whatsoever for this nonsense
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Ishilove: 8:17am On Sep 14, 2021
Mynd44:
What sort of badly behaved people are we in Nigeria?
While the loan company have no right to access your contact list and call you names (that permission agreement you agreed to regardless), you are also a huge part of the problem.

Those of you who default on these loans and act a certain kind of way don't even know the extent your behaviour damages society. People like you are the reason the honest serious ones and small scale businesses can't get loans because the loan providers have either lost confidence in the system or has gone bankrupt.

The casual way you are even going about it says you are more bothered about what they can or cannot do to you than actually doing what you are supposed to do which is pay back your loan
Truth. The biggest problem of Nigeria is Nigerians

2 Likes 1 Share

Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by ehissi(m): 8:19am On Sep 14, 2021
Anuoluwagbemiga:
Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages to some people on my WhatsApp contact that I'm dubious bla bla bla and im planning to pay it back but they are not ready to listen and they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that **** ****
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.[/img]Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages to some people on my WhatsApp contact that I'm dubious bla bla bla and im planning to pay it back but they are not ready to listen and they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that (my name)
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.

1. No!! They can't arrest you, being a debtor is not a crime.

2.Also the interest rates used by some of these loans apps are above the stipulated limit as prescribed by CBN, so taking you to court will be a dumb move

3. Most of these apps are owned by foreigners in foreign countries using local Nigerian contractors as collector agents........so technically, it will be dumb for a collector agent to incur liability on behalf of the app. Why? When shit goes bad they will lose the contract. Why lose a multi million naira contract to collect on loans for one foolish debtor?

All they have is threats and intimidation, if you make a report to NITDA, that loan app company will be in big trouble.....Soko loan was fined #10m for giving client details to collectors, who in turn violated debtors privacy by accessing phone contacts and sending threat messages to them..........that's violation of your privacy and is a crime, except you agreed to it in the terms and conditions of your loan agreement...........

Report them via NITDA website and it will stop or they will be fined.........heavily...........

4 Likes 1 Share

Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by bigcee(m): 8:19am On Sep 14, 2021
Oga, go and pay your loan and stop complaining.
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Curious345: 8:21am On Sep 14, 2021
You are a cri.minal and petty thi.EF.
EWUUU GO AND PAY.

GETAAT
Anuoluwagbemiga:
Hello nairalandersd they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that **** ****
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.[/img]Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages e to avoid being publish as a criminal.to pay today to avoid embarrassment.
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Curious345: 8:24am On Sep 14, 2021
You are too kind..

RapistOnBail:

You see one of the many reasons not




I once gave a so called fri”ENEMY” of mine money to pay for an apartment cos I wasn’t in town and I wanted making payments ASAP to secure this apartment.

I called the Bandit who refused picking my calls ever since I started pressurizing him to either pay for the house or send me back my funds.

Las las, the idiot sent me back about 30% of the money I gave him.

I sit on my throne and watch him suffer. I’m waiting for his eventual death which will mean nothing to me.

Ciao.

1 Like

Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Kaiser20: 8:24am On Sep 14, 2021
einsteine:


Sorry, these are not the type of loans that help grow businesses. These are usurious loans. The companies can't even put their actual interest rate on their Google play page because Google would remove them from the playstore if it is known they charge such interest. We are talking 50-60% weekly interest here and you are talking about business growth.
Some criminals will beg beg to borrow loans they have downloaded almost all the loan Apps on internet, But when it get to paying back the loans they will claim the company is not registered.
YOu people are criminals.
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Curious345: 8:26am On Sep 14, 2021
Please stay away from SNIPER.
rapwizzy:
I've been looking for this opportunity for a few months ago... I started borrowing money from these 2 lending company gocash and lcredit,earlier this year,never knew it was a big mistake that I made.
It all started well,but I later realised that the interest is too high for me on weekly basis. So,I decided to pay their money back and stop borrowing from any of them again. But I was broke for few days, I couldn't pay back my loan on time. To my biggest surprise, the next thing I saw was,I started receiving messages from my customers,family friends and my in-laws. That somebody sent them some what's app messages that I defrauded their company and I ran away with their company money. And with my findings it's the 2 lending company that did it. So, I decided not to payback a penny from the loan. And since then I've been waiting for their police.
How do they expect me to payback after all they did? I borrowed #37500 and they expect me to pay #75,000 and still counting.
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by hopefulLandlord: 8:29am On Sep 14, 2021
RapistOnBail:

You see one of the many reasons not to trust Nigerians with your money?

They come begging and dying for loans. Give them and see if you’ll get it back in due time.

Op,

You and other Nigerians who are loan defaulters are MAD!!!





I once gave a so called fri”ENEMY” of mine money to pay for an apartment cos I wasn’t in town and I wanted making payments ASAP to secure this apartment.

3 days passed and this caretaker kept telling me she hasn’t received any payment from any of my friends she saw when We went for the inspection.

I called the Bandit who refused picking my calls ever since I started pressurizing him to either pay for the house or send me back my funds.

Las las, the idiot sent me back about 30% of the money I gave him.

As a wise business man, I took the 30% and left the rest for him.

Today, the guy is broke and helpless. He has lost the only source of livelihood and can’t call me for any help.

I sit on my throne and watch him suffer. I’m waiting for his eventual death which will mean nothing to me.

Ciao.

that escalated quickly
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by DrDax: 8:38am On Sep 14, 2021
Kingcalls:
They can't arrest u... its even illegal to arrest anyone that has a bad loan... thats y these companies should put documents in place like getting a collateral....they can only use corrupt police to intimidate u... as long as u dint drop a post dated cheque , no one can charge u to court for failing to pay a loan... unless if its stated in the contract and u accept it but they don't put such in contracts cos its illegal... no one can go to jail for failing to pay a loan, unless they can prove beyond reasonable doubt that u diverted the funds for some other personal use ..then they can turn it to a fraud case

1. Yes, they can arrest him for default and institute legal action.

2. They will generally not do that because the law is sympathetic towards the borrower. The court can allow the debtor to spread repayment for an indefinite period, 5 -10 years, especially if he can prove that he is bankrupt.

3. Worse still for the lender, bankruptcy law can free the borrower from the debt.

4. So they resort to underhand tactics and intimidation to get their money back.

5. Shaming the debtor is a powerful tool that works well in our clime. It is illegal, sue the lender.

But most importantly,

PAY YOUR DEBTS, DON'T RUIN ANOTHER MAN'S BUSINESS.
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by tpappy: 8:47am On Sep 14, 2021
Sometimes most of us are quick to condemn people, tagging him onigbese, saying why did he borrow money, if you can't help out try and keep quiet. you don't know the situation that person was in before sorting through that means, my brother God will provide for you , try and pay them gradually. some of them commenting are not saint. They are also defaulter ....

3 Likes

Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by xtremeTall(m): 8:51am On Sep 14, 2021
Try and pay up bro,
I’m also a victim but I’ve payed up
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by NLKing01: 8:53am On Sep 14, 2021
Someone is talking from experience. You better listen
AntiWailer:
Just look for their money and pay back.

Yes they can arrest u if they trace u. They have touts and crazy people on their payroll.

They will beat hell out of u and u won't be able to trace it to any loan company. They will humiliate u badly.


Please and please don't fall for the temptation of collecting another to pay this off, u will enter a strange web of loans u won't be able to manage.

My advice is that don't fall for temptation of those loan sharks. Most of them are just hiding under digital app, na Weyrey dey behind them !
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Bahamas95(m): 8:56am On Sep 14, 2021
You are a fvcking thief!

You better look for a way to pay back the money instead of focusing on what they will do to you.

Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Bakerdav: 9:00am On Sep 14, 2021
ezegold4we:
They will not arrest u, all they will do is to put your account details And bvn number under automatic credit to Their account,

The only thing that will stop u From paying them is two things,one is if you are no Longer existing on Earth and The second one is if you stop Making use of all ur bank accounts becos that bvn number u gave to Them is linked to all ur account's,

Finally try and pay becos Right now, Ur Bill is increasing on a daily basis due to extra interest being accmulated
oh yes u r right that wat they will keep doing?
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Joshuazedd(m): 9:07am On Sep 14, 2021
If you like leave it for a year. Their interest in that 15k will continue to rise like ijebu garri till e reach 1million. Are you ready to pay back 1million for just 15k you took when you've finally made significant progress in life?

1 Like

Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Nicerazor(m): 9:09am On Sep 14, 2021
Is it 15m? Or 150k loan? You collected 15k loan and still brought it to front page.
You don’t collect loans to solve problems.
You collect loans to grow your business which will yield profits in return.
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Nobody: 9:18am On Sep 14, 2021
The simple answer is NO... You can't be arrested... They gave you the loan on their own risk.. if you have to pay, pay them back but if they dare message your contacts, make sure you don't pay back even a dime...


And to those ignoramus claiming they'll be debiting all your accounts linked with your bvn, all I can say is, continue in your ignorance..

Guy no over think am and no let anybody for here put unnecessary pressure for your body... You no commit crime wey them go arrest you..

Naim make wey banks them dey collect collateral before them give loan because you can never be 100% certain the borrower will pay back hence you can enforce the law on him to take the collateral as agreed, in order to balance up the loan... Those loan apps are just thieves in disguise, using blackmails as a means of getting back their loan..

relax.. nobody go arrest you..

3 Likes

Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Solatium(m): 9:22am On Sep 14, 2021
Anuoluwagbemiga:
Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages to some people on my WhatsApp contact that I'm dubious bla bla bla and im planning to pay it back but they are not ready to listen and they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that **** ****
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.[/img]Hello nairalanders,I borrowed 15000 from a app loan and I failed to return the money on the date I suppose to .Now they keep sending messages to some people on my WhatsApp contact that I'm dubious bla bla bla and im planning to pay it back but they are not ready to listen and they even said they will publish my name may be on news papers.please what else can they do to me.pleaee don't mind my typo error

Good day, please be informed that (my name)
is indebted to a loan company and has refused to pay, is acting dubious kindly notify he to avoid being publish as a criminal.to pay today to avoid embarrassment.




Though it is bad on your part to default on your payment,it is also wrong on their part to send such a message out.

Reach out to them via their contact and tell them you will pay them once things improved,but they need to stop those messages and if Dem no gree stop the message,bone them,make them suffer tainting your name and pay them at your own convenient time

1 Like

Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by zoomman(m): 9:23am On Sep 14, 2021
RapistOnBail:

You see one of the many reasons not to trust Nigerians with your money?

They come begging and dying for loans. Give them and see if you’ll get it back in due time.

Op,

You and other Nigerians who are loan defaulters are MAD!!!





I once gave a so called fri”ENEMY” of mine money to pay for an apartment cos I wasn’t in town and I wanted making payments ASAP to secure this apartment.

3 days passed and this caretaker kept telling me she hasn’t received any payment from any of my friends she saw when We went for the inspection.

I called the Bandit who refused picking my calls ever since I started pressurizing him to either pay for the house or send me back my funds.

Las las, the idiot sent me back about 30% of the money I gave him.

As a wise business man, I took the 30% and left the rest for him.

Today, the guy is broke and helpless. He has lost the only source of livelihood and can’t call me for any help.

I sit on my throne and watch him suffer. I’m waiting for his eventual death which will mean nothing to me.

Ciao.

Common , that's too harsh, though what ur frienemy did was wrong but don't dead wish him na.
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Nobody: 9:24am On Sep 14, 2021
rapwizzy:
I've been looking for this opportunity for a few months ago... I started borrowing money from these 2 lending company gocash and lcredit,earlier this year,never knew it was a big mistake that I made.
It all started well,but I later realised that the interest is too high for me on weekly basis. So,I decided to pay their money back and stop borrowing from any of them again. But I was broke for few days, I couldn't pay back my loan on time. To my biggest surprise, the next thing I saw was,I started receiving messages from my customers,family friends and my in-laws. That somebody sent them some what's app messages that I defrauded their company and I ran away with their company money. And with my findings it's the 2 lending company that did it. So, I decided not to payback a penny from the loan. And since then I've been waiting for their police.
How do they expect me to payback after all they did? I borrowed #37500 and they expect me to pay #75,000 and still counting.

So that picture is what they sent to your contacts on Whatsapp right?
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Solatium(m): 9:31am On Sep 14, 2021
rapwizzy:
I've been looking for this opportunity for a few months ago... I started borrowing money from these 2 lending company gocash and lcredit,earlier this year,never knew it was a big mistake that I made.
It all started well,but I later realised that the interest is too high for me on weekly basis. So,I decided to pay their money back and stop borrowing from any of them again. But I was broke for few days, I couldn't pay back my loan on time. To my biggest surprise, the next thing I saw was,I started receiving messages from my customers,family friends and my in-laws. That somebody sent them some what's app messages that I defrauded their company and I ran away with their company money. And with my findings it's the 2 lending company that did it. So, I decided not to payback a penny from the loan. And since then I've been waiting for their police.
How do they expect me to payback after all they did? I borrowed #37500 and they expect me to pay #75,000 and still counting.



just ignore them until they come back to their senses,and when they reach out to you tell them to wipe off the crazy interest and reset to pre agreed rate and fashion out a way to pay them,that is the best way to handle such a situation

1 Like

Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Smokey222(m): 9:35am On Sep 14, 2021
Don't be ungrateful, pay what you owe
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by Realmarvel1989(m): 9:37am On Sep 14, 2021
App loan !!! Pls stay away from it.
I join many app loan since November 2020 uptil now no any months i wont borrow money from dem. Cox the more you borrow and pay off with you salary a must you must come back to apply again. Still praying hard for God to pull me out from app loan just like bet naija nd baba ijebu once you addicted it takes grace of God to be free. Since 2018 have paid interested upto 150k
Re: Can I Be Arrested For Defaulting On A loan To A Loan App? by poiZon: 9:52am On Sep 14, 2021
Mynd44:
What sort of badly behaved people are we in Nigeria?
While the loan company have no right to access your contact list and call you names (that permission agreement you agreed to regardless), you are also a huge part of the problem.

Those of you who default on these loans and act a certain kind of way don't even know the extent your behaviour damages society. People like you are the reason the honest serious ones and small scale businesses can't get loans because the loan providers have either lost confidence in the system or has gone bankrupt.

The casual way you are even going about it says you are more bothered about what they can or cannot do to you than actually doing what you are supposed to do which is pay back your loan
Govt wey dey owe people nko...
Are they not people like us?
We live in a country where things happens outside our plans.
I collected loan from them onetime, had in mind to pay cos i was expecting money from someone who owed me. But the person didnt pay me, i defaulted in repaying as at the tine my loan repayment was due. It happens, forecasting is something that is some crazy events. Even economists do fail in their forecasting, punters and pundits also fail in their forecasting. Even meteorlogists also fail in their forecasting.. He failed to pay doesnt mean he wont pay...so tagging him with all sorts of name doesn't make sense.
Govt dey owe, people protest, dey invite police to stop dem.
Dangote dey owe, the other day bankers went to sen andy ubah to harrass him over unpaid debts. Ifeanyi ubah, so manybig guys are debtors.

3 Likes

(1) (2) (3) (4) (5) (6) (7) (8) (Reply)

Naira Exchange Rates Today / Naira Appreciates Against Dollar / Top 5 Most Richest Nigerians

(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. 88
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.