Don't blame them, Nigerians are bad debtors,I have over 12 people owing me almost 2.5m in this naija alone like we don't borrow money ourself,if you borrow a British money he will do anything to pay back but our ppl here no send. You have to beg them like you're the one owing them before they pay,one is still giving me flimsy excuse right now after he promised to pay today o

jaxxy:
They need to calm down and rather work on better time frames for their loans. Many people want to pay bt aren’t finding it easy.

The economy is so toxic for many it takes help from friends to keep them sane and sound. Let these loan coy have some human consideration.

Are you aware that these loan companies also need to pay interest on deposits and investments which they give out as loans to the general public?

Why call them fintechs? Chinese triads laundering their illicit money by lending at 50% per week is what they are calling fintech?

To avoid been embarrassed, after taking your loan, go.to app.settings under settings. Select app setting a den look for app permissions and remove all permission assigned to the loan app. From that moment they will.notnbt able to.access your contact list to get your friends number. Or possibly delete the loan app from your phone after borrowing. I be proud Nigerian

How can they intelligently recover the loan ,I want to learn

robosky02:




When you come on line don't just start by insulting read first


In the article somebody applied for extension and paid outstanding

Only to be called by his pastor that the loan company told him his member is a fraudster
When he has already paid.

The question is why all the names when you can intelligently recover debts

To be fair, I don't blame them.

Simdyofficial:
Anybody owing should pay.. Very simple.. This is business..

Agreed. But how about a scenario where a debtor to these companies saves your number (a business number) because he made enquiries about your offering. Then the loan company bombards you about someone you don't know who owes them.

The loan companies are not doing their due diligence properly and then burden people who weren't party to the loan

FindX:


Nah him be shege??

U wont understand bro.. Its a long story

Melv4:
How can they intelligently recover the loan ,I want to learn

By doing a proper customer profiling

how can i get that kind of loans? pls recommend a working app

Who wrote this nonsense!

EXLOVER:
Some people take loan with the plans of not paying back, some will even wish you death, so that the loan will die too.


5 years ago a girl collected loan from me to pay her fees, the babe owe me for a year and 2 months, i later collected sex and 10k from her

Oga the oga

Oldmansense:
To avoid been embarrassed, after taking your loan, go.to app.settings under settings. Select app setting a den look for app permissions and remove all permission assigned to the loan app. From that moment they will.notnbt able to.access your contact list to get your friends number. Or possibly delete the loan app from your phone after borrowing. I be proud Nigerian

Spoken like a true thief that you are!

abbey621:


That's no excuse, if you sign a loan contract and you default, they have every right to pursue you even to hell and back. I'm surrpirsed they have not started arresting people, a competent lawyer can tie it down to fraud as most Nigerians never truly had any intention of paying it back.

I didn’t say they shouldn’t pay their loans. It’s irresponsible not to pay ur loans. I’m just saying give them better payment plans or Smtn than chasing them or embarrassing them.

Many of these people are bigger than the loans they are chasing them about for. They can do better.

Even amcon hasn’t arrested anyone for not repaying billions oo.

What did these loans coy do for their many customers during the pandemic or post pandemic?

You cannot lend money at such high interest rate and such short tenor and not expect default. Also, their staff salaries are linked to the loan recovery so many of those staff go overboard in trying to extract payment. Anybody so slandered should not pay the loan back, that way they would soon understand that shaming is not a loan recovery method. It's not as if they would undo the social damage after you pay back.

robosky02:




When you come on line don't just start by insulting read first


In the article somebody applied for extension and paid outstanding

Only to be called by his pastor that the loan company told him his member is a fraudster
When he has already paid.

The question is why all the names when you can intelligently recover debts

He's working with one those loan shark companies.

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Chuksmonika:
Stay away from Sokoloan, Kash Kash, Lcredit, and one other loan app( I can't recall the name now).

If you must borrow, take from Palmcredit, fair money, Branch and Carbon. These four apps will never send messages to your contacts if you default. Rather, they will embarrass you with calls every now and then urging you to pay up. They won't involve your contacts.

Haven said this, don't rush and collect money and refuse to pay up thinking they give free money oo. He who borrows MUST pay.

Lcredit is the worst of them all... Thank God I'm alive to type this.. I contemplated suicide two months ago when I defaulted just 5k... Things was so tough...

MrFollowFollow:


Are you aware that these loan companies also need to pay on deposits and investments which they give out as loans to the general public?

Yes probably some took loans to loan. That’s why Better structure is needed and u must put the economic realities in mind also. It affects every business.

Mind u these are mostly soft loans I’m guessing.


What did these loans coy do for their many customers during the pandemic or post pandemic?

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We know them

when taking the loans don't let them have the numbers of ur friends and relatives, simple

robosky02:




In the voice the warri little girl


"No be sa I no ho pay, them for just flog than to send her home "



https://www.youtube.com/watch?v=VPq4_DXcX5U




Like seriously, there are better ways to recover loans than shame, abuse and tarnish the image of their clients

Give an example of the better way.
Or those days of microfinance bank when one my shakara paddy. I did not see him with his car for a while. I asked him, he said it had a fault. 1 week later same story. I now told him let me call my mechanic for him, the guy made me start making phone calls wasting my credit. It was his neigbour on the other flat that felt sorry for me and told me in private not to waste my time. He said few weeks before, they heard commotion at the gate by 2am. It was the microfinance that came with police and area Boys. The guy and his wife were handcuffed together and trying to keep silent so neighbour's wount know.
Omo. The next morning. Nigger sold his car to the nearby mechanic just to quickly pay.
Bros, took loan, first thing he did was buy 42 inch TV those days, redecorated his crib, paid children's school fees and was flexing.

MITCHELL96:
Loan no good oo, Avoid it!!

I shaa remember one of my guy that collected 25k from one loan app, BRANCH by name, till today he never paid them back, they disturbed him for months and later gave up chai!! Basil, You get mind

Kindly advice him to go and pay the loan except he is not interested in building an empire that might involve seeking credit facility later in future.
Those loan sharks do not use the credit bureau that's why they go all out defaming customers, Branch and others that uses the bureau need not shame you, whenever you need a serious facility locally or even a foreign financial house, they will contact the bureau and will know if you are credit worthy.
I recently applied for a loan from a micro finance bank, while still talking to the guy about it, no form filled yet, just chatting, the guy knows just my name and phone number, he mentioned that I took a loan from Branch (about 3yrs ago), I was surprised and I told him yes but I paid already in due time, he said he knows, he was just informing me.
There is also a story here(NL) about a guy that wanted to collect huge facility from a bank, but it was discovered that he owed ₦10k or so to a financial institution, seems he even forgot ever owing such again since there is a change in status, he had to pay the debt to access the facility he is seeking for his business.
@op, NITDA should investigate without having to wait for individual complaint, it can be done under public interest, so they have no excuse except they are getting something from it

Bonemeal96:
Nothing ever work in this shithole country

I blame Lord Lugard

why can't they borrow from their bank, I normally borrow from my GTBANK every month, 17k with no interest rate, interest rate-only occur when the validity of repayment ends, they start to charge me 200 Naira every month, they even sent me a message that I can borrow up to 200k with 2years repayment, with just 4k interest rate, am to pay 8,500 Naira every month for 2years period.

I got that message from my phone,
I delete it fast fast.


Guys weh no get girl friend get peace of mind.

This loan people are useless, things they can't try in countries God created

Embedding trackers in a app to harvest private data, what an unlawful act

Na only dem know wetin dem use dere money do.
Just try borrow to play 2 odd, e no dey ever enter. I tire for these guys

abbey621:


If you fail to pay your debts, they can use any and all legal means to recover the debts including calling family members and friends. It is not a crime and Nigerian law does not give protection against such things. Even in the USA, they will call and expose you including damaging your credit profile leaving you unable to get a loan in the future from anywhere.

Calling family members is a legal means of collecting loans they are not aware of?

una go de try sound educated when u are not.

Oldmansense:
To avoid been embarrassed, after taking your loan, go.to app.settings under settings. Select app setting a den look for app permissions and remove all permission assigned to the loan app. From that moment they will.notnbt able to.access your contact list to get your friends number. Or possibly delete the loan app from your phone after borrowing. I be proud Nigerian

That won't work. What they do is download your contacts at the point of applying for the loans, and also download the first five numbers you have called and first five numbers you received call for (from your call log). Removing permissions after becomes a waste of time.

Damidave1124:
I received two messages from them last month, claiming one of my female friend is a fraudster on the run, called her to confirm, she said I should forget them, that she doesn't have their time now.

My question now is what if they refuse to pay them, what will happen?

But if I may ask you. If that same girl wants to borrow from you or someone close to you tomorrow, will you give her or accent to it

collinometricx:


Calling family members is a legal means of collecting loans they are not aware of?

una go de try sound educated when u are not.

Have you ever signed a loan application and read the terms and conditions of the contract? I suggest you don't embarrass yourself any further!

Offpoint1:
Some threatening to tag my number along with the defaulters.

Which kind nonsense be that?