Diffdeef:


How long have you been owing palm credit & amount ?

wetin happen? You wan pay for me?

wilsonlexis:


much respect to your dad, but its not always like that bro, most major business empire you see trending depend on financial support either from a bank or a financial entity. The major problem comes from we that go to borrow , to understand the agreement and structure of this loans, how the operate, the tenor period, interest rate ,moratorium, does it have a financial impact on their business, what is the turnaround time, can they meet up...e.t.c

but most Nigerians throw in their pen and sign and divert this funds for something else, no business plan and the end it affects them.somepeople borrow more than what they really need it for.
you see some people just starts a business and already jumping for a loan people are not patient to push their boat a little, borrow little and move high and especially on business which is a first time try.

very well said,i think this has been the problem..some people will go and take loan for business try

Joysticks:
So the banks are giving out loans to their friends without collaterals. Meanwhile, if an ordinary man go to the bank for loan they will be asking for collaterals and stringent conditions? They are using depositors fund to gamble.

No offence but looking at your comment you sound so naïve, a bank is a business organization they are there to make money, the idea of banking on loans is to take those excess and give out as loans and they are expected to be paid back.

there are conditions called the 5C considered before loans are disbursed
condition, collateral, covenant, capacity and condition which the most important is character most people , even in your community is easy for them to ask you for money but paying back is climbing the mount Everest so the bank falls on the safe C which is the collateral so if they default they could use it to realize their facility back.
Now on the theory why you think the give their friends as you claim most of this big men you see have collaterals to back up this their loan request and note the bank gives 50% of the force sale value on their collaterals with the combination of their bank turnover so you see its even more easy to give a big man performing well who may bring his one year turnover on his bank statement which may show 700million naira than an individual whose one year turn over has not even crossed 300 thousand naira and has no collateral to back his loan.
that's where this online financial support apps comes in people jump at it to take loans which is very very easy but they forget that on application of this loan and process which your phone number and account details, are all requested even BVN because KYC(know your customer) and EDD(enhanced due diligence) is carried out digitally on you, your phone contacts are copied automatically on their system even private information are taken, on default of this digital loans automated messages are sent to your phone contacts informing them you took a loan and are defaulting and this will be sent frequently , even your work place, church or whatever organization you joined will be notified and trust me you don't want such embarrassment.

JavaScript90:
Very good. Nigerians don't like paying their debts. I wonder the tree they think the lender plucked the money from.

Na for this nairaland a chronic debtor was looking for a way to tarnish sokoloan image simply because sokoloan sent embarrassing messages to his contacts when he defaulted despite agreeing to such when he accepted their terms.

Government should employ this method so that loan apps and other lenders can easily collect back their loans.

NO HIDING PLACE FOR CHRONIC DEBTORS
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I agree with you there shouldn't be a hiding place for debtors

thaoriginator:



Amen dearly.

Man just dey vex these days, it shall come to pass by God's grace.


Thank you

Amen.

thaoriginator:
wetin happen? You wan pay for me?

Modified*

Diffdeef:
have a deadline by next week,to be honest dunno if i can meet up,I wanna know the actions to expect from them if eventually i don't meet up,you grab ?

Nothing will happen. Just deactivate your ATM card you registered with so they can't get access to your account.


But expect barrage of calls and sms with threat of lawsuit against you till them go tire.

But try pay when you dey okay o

thaoriginator:
Nothing will happen. Just deactivate your ATM card you registered with so they can't get access to your account.


But expect barrage of calls and sms with threat of lawsuit against you till them go tire.

But try pay when you dey okay o

Okay.

thaoriginator:
Nothing will happen. Just deactivate your ATM card you registered with so they can't get access to your account.


But expect barrage of calls and sms with threat of lawsuit against you till them go tire.

But try pay when you dey okay o

You must be a crook

JavaScript90:
Very good. Nigerians don't like paying their debts. I wonder the tree they think the lender plucked the money from.

Na for this nairaland a chronic debtor was looking for a way to tarnish sokoloan image simply because sokoloan sent embarrassing messages to his contacts when he defaulted despite agreeing to such when he accepted their terms.
Government should employ this method so that loan apps and other lenders can easily collect back their loans.

NO HIDING PLACE FOR CHRONIC DEBTORS
Hello, I am a fullstack web developer. I develop all types of website. I major in developing complex custom website or mobile app for businesses and startups. If you have an idea and need a competent programmer to translate your idea into codes, I am the right man for the job. Click my username to see my WhatsApp number on my profile

You must be a sokoloan agent........
Judge this case: My colleague in the office borrowed 18k from them to pay back 27k in 14days. Unfortunately for him, the loan expired a week before salary payment. He managed to raise 17k and pay, pleading to pay the rest in 1 week when salary comes. The next day, his loan sms went viral. Sokoloan tarnished his image, sending sms and whatsapp chat along with his photo to all his contacts. Since they succeeded in tarnishing his image, the guy swore he'll never ever pay again. Now they are begging him to pay, he said NEVER.
Pls judge this very well

teacherbim:

You must be a crook

No ma'am.

Na condition make crayfish bend o

Diffdeef:


Yeah sure i will,but do they call or message contacts in your phone ?

Not really bro.. Palmcredit are not that rude. They're full of diplomacy.

.

JavaScript90:
Very good. Nigerians don't like paying their debts. I wonder the tree they think the lender plucked the money from.

Na for this nairaland a chronic debtor was looking for a way to tarnish sokoloan image simply because sokoloan sent embarrassing messages to his contacts when he defaulted despite agreeing to such when he accepted their terms.

Government should employ this method so that loan apps and other lenders can easily collect back their loans.

NO HIDING PLACE FOR CHRONIC DEBTORS
Hello, I am a fullstack web developer. I develop all types of website. I major in developing complex custom website or mobile app for businesses and startups. If you have an idea and need a competent programmer to translate your idea into codes, I am the right man for the job. Click my username to see my WhatsApp number on my profile

As much as i support ur stance towards repayment and recovery, i will actually want you to reflect of the activities of the shylocks called loan app, how can u charge 50% rate for a tenor of 7 days, isnt that more trouble for a troubled man seeking a soft landing for his financial issue.

Buhari see wetin Nigerians learn from you to dey collect loans without payment.

I don't know if loan app is included or only bank alone.

In this kind of reverse economy ,high cost of business setup,taken loan to do bizness makes matter worst.

Oh

Sleep again you no see anything

FalseProphet1:
I see banks running out of cash in the coming months cos the leaders would have looted anything that looks like money away from the surface of the map of Nigeria, I see Nigerians resorting to saving money inside kolo, stockings and inside cooking pot, I see the use of horses and donkeys becoming an option for most people due to hardship.

This I have seen.

teacherbim:

I understand,I started a new job last month and they use only access bank , if you do not have account with access, they open it for you and I was owing access bank, immediately my first salary was paid , access feducted their money, it was painful but I thank God that has been settled.

Aha, congratulations dear. Happy for you o