unitysheart:


I haven't even defaulted before they messaged my people that they should warn me not to default so that they won't label me a fraudster. I took up the matter with the company and dem begin beg.

I swear, with this, I wouldn't pay back. If I had some loose cash, I'll take some legal actions. Even though I know the case may end up inconclusive and I wouldn't get anything out of it. It would give me pleasure seeing us both waste some money in court.

omasco922:
They are just unprofessional.
How can you as a loan lender do such thing and expect the borrower to repay. Most borrower has the genuine mind to repay, may be they did not get the money on time. After adding late interest fee, you still go and disgrace him. Now your action has cause damage to him and also the loan company which made their actions childish.

They did it also to me. Since they have don their worst, I block all their number both phone and whatsapp ontill I'm ready to repay. I'm no longer rushing to repay.
And before I repay, they must first send apology messages to all my contact and also remove all the overdues.

I told one that 10m naira is not enough to compensate me for what they have done. She later sail they cannot remove all the overdue that they will remove some amount. But when the time comes they will remove all.

imagine they are unprofessional I swear after d damage

FuckDModz:
They'll keep sending the messages and tracking your bank account until you pay up.

Nigerians are difficult people. Why take a loan when you have no means of paying it back?

Some of these fuc.king bastards have means of paying back, but they would rather receive payment for their pathetic services with another person's account just to pepper the loan company.

The best way to go about this is still imprisonment!
Idiots should be imprisoned if they fail to pay back a non-collateral loan after some time.

see this person, u no knw something u dey talk about, lets say u get a loan of 10k to pay back 14k in 6 days, something unplanned happens and u defaulted just a day, and ur overdue interest is like 2k, and after some days u decide to pay the loan [14k], u observed that the loan and the overdue charge is like 28k, u paid the 14k and yet they started defaming u just to force u to pay, will u still pay them. These loan companies are evil.

cassidy1996:
compensate weytin?

if dem nor use iron hand for some people, dem nor go pay

And in your mind, defamation is the same thing as iron hand.

Karlovych:
Some of these people intentionally take these loans knowing that they have no desire nor intentions to pay back, one recently bragged here that his friend took some loans and fled to Europe to further his education and he too is planning to do the same. Sometimes you begin to wonder if wickedness originated from Nigeria.

but wat of adding as much as 50 percent interest on a repayable loan of 6 days to 8 days is that also not cheer wickedness what sort of biz can one engage in that will give u dat profit within such period .....

Myexdisturbs:
Pay your loans, criminal Nigerians. You guys don't seem to talk about defaulters. Nonsense

Nigeria self own loans they can't pay it finish till 20 century

JubrinElSudan:
But Nigerians need to do better. Some people borrow money from these Apps with the mindset of not paying back, some borrow when they know that they don't have any source to repay the money at the particular time the money will be due for payment. But then there are genuine ones who couldn't pay back at the due date.

the app should stop borrowing them money or do due diligence in giving out loans...

Most of these app companies are not registered lenders in the first place ..no physical address.. ask them to give u an address so that u can discuss ..but they will rather turn insult

ivolt:


They don't beg.

They do.

Just report the loan sharks here: lenderstaskforce@fccpc.gov.ng

They need to understand that they can be right and still be guilty at the end of the day.

Karlovych:
Some of these people intentionally take these loans knowing that they have no desire nor intentions to pay back, one recently bragged here that his friend took some loans and fled to Europe to further his education and he too is planning to do the same. Sometimes you begin to wonder if wickedness originated from Nigeria.

That can only be tried with these unregulated Chinese loan sharks..
Licenced commercial Bank in Nigeria will write d embassy on ur case... U might get deported... believe me a friend got deported cos of unpaid loan to firstbank

adonainana:


I’m not even commenting on thier interest rates I was commenting on the business model to start with

Who on earth comes to a country like Nigeria and start giving unsecured loans to people they have never met before

Even the ones that have met the people they wanted to borrow almost paid back the loan money they borrowed someone else with thier LIFE

If the foundation is Shaky then there is nothing else to discuss

Also I’m sure The high interest rates exists so they can be able to recoup thier losses from those that default from money made from debtors that didn’t default

The business model of these loan companies is tantamount to a foreign company like that some years ago who wanted to start a bicylce e hailing online sharing scheme and the advice to them was you come to Nigeria with the company for such a business and you leave after one year with sense

You can’t give Nigerians unsecured loans bro

May God really bless you.

So irresponsible lending. Even foreign companies secure their lending with validated means of income. How can you give students and dependent people loan and you're surprised when they don't pay back. And folks here are blaming 'Nigerians' for not being trustworthy.

Give anyone free money anywhere in the world and they'll take it. Especially when they know you can't get it back. It's not about Nigerians. It works in other countries because they have a strong credit reporting system with real consequences. Not spamming and defaming people to their contacts.

Oga no pay any thing.


Nothing dey happen.

Sowiki:
It's no news to any Nigerian that Online Loan operators resort to blackmailing their clients when they default in paying up their loans as and when due.

The blackmail usually comes in form of sending series derogatory and defaming messages to all the contacts on the defaulting client's phone. The message could be targeted at a prospective employer, client, inlaw or just any important contact on the client's contact list. The damage this can cause to the client can only be imagined.

While it's wrong to default in paying up the loan, is this approach not too drastic and unprofessional?

Question : After doing their worst and subjecting a client to this level of ridicule, does the client still have to pay back the loaned sum? If yes, how does the loan operators compensate him for the damaged caused to his person?

They will send a text using same mediums and tender an unreserved apology. They can add lies to it like the initial txt was sent in error pls ignore. Mr so and so is one of our responsibile and respectable clients.

Very disgusting attitude indeed. Why borrow loan when you cannot pay back? When you don't pay back it affects their business as well.

temmypotter:
There’s some Seriously wrong with you OP and everyone on who thinks this way, Hian! Why are Nigerians so untrustworthy and irresponsible, you collect loans you have no intention of paying back and then start crying wolf when a business that’s loosing money starts pursuing you for what you duly owe them

I think anyone borrowing meagre sums from these companies are people who lack credibility else why can’t you ask friends and family for such sums, but you will now take a loan from loan sharks cause it’s accessible and start avoiding them and not picking calls when the money is due

It’s a disgusting attitude!

DubaiLandLord1:
The CBN will soon make a law, if you borrow and you don't pay back... Anytime wey money enter the bank account linked to your BVN, them go comot your money with interest sef.

I don't understand why some of una go dey borrow money without paying back.

Bullshit

The law is already in place, it's called Global Standing Instructions.It mandates any financial institution to deduct any monies in your favor in an event of unpaid debt

Sowiki:
It's no news to any Nigerian that Online Loan operators resort to blackmailing their clients when they default in paying up their loans as and when due.

The blackmail usually comes in form of sending series derogatory and defaming messages to all the contacts on the defaulting client's phone. The message could be targeted at a prospective employer, client, inlaw or just any important contact on the client's contact list. The damage this can cause to the client can only be imagined.

While it's wrong to default in paying up the loan, is this approach not too drastic and unprofessional?

Question : After doing their worst and subjecting a client to this level of ridicule, does the client still have to pay back the loaned sum? If yes, how does the loan operators compensate him for the damaged caused to his person?

This mischievous and scandalous loan company has been sending me such unsolicited messages regarding different people and I have warned them seriously not to send such idiotic and none sense messages. Was I there when any loan transaction was been concluded or did any of them submit my name as a referee or guarantor.

neutralmind:


A global standing order is executed with consent.

Cbn can not effect deductions on an account because of loans.

If I owe a creditor and I promise to repay from a specific account in bank A. I therefore give the creditor permission to debit my account in case of default.


The creditor or CBN can not debit my account in bank B without my consent.

If they do the case will end up in court and I will surely win.

Most loan beneficiaries consent to this at the point of taking the loan, mostly under the terms and conditions.

DubaiLandLord1:
The CBN will soon make a law, if you borrow and you don't pay back... Anytime wey money enter the bank account linked to your BVN, them go comot your money with interest sef.

I don't understand why some of una go dey borrow money without paying back.

Bullshit

That law is in place already. I think commercial banks are adopting it.

Laws of and for borrowing a loan.
1: Don't Borrow or take a Loan because you are hungry
2: Don't Borrow or take a Loan to Marry or plan your wedding.
3: Don't Borrow or take a Loan to bury your loved ones.
4: Don't Borrow or take a Loan to start a new business.
But
Borrow or take a Loan to Boost your business.
There wouldn't have been Dangotes, Otedolas, Tinubus, Stan Ekes, Innoson motor without borrowing from the banks, they Borrow They Pay Back ,They Prosper. So Can you
Go ahead to boost your business.
Join me on Carbon! I use Carbon for my free banking, high interest savings, instant loans, monthly interest payments and more. Get started here: https://share.getcarbon.co/GJV9

ivolt:


They don't beg.

They actually do

temmypotter:
There’s some Seriously wrong with you OP and everyone on here who thinks this way, Hian! Why are Nigerians so untrustworthy and irresponsible, you collect loans you have no intention of paying back and then start crying wolf when a business that’s loosing money starts pursuing you for what you duly owe them

I think anyone borrowing meagre sums from these companies are people who lack credibility else why can’t you ask friends and family for such sums, but you will now take a loan from loan sharks cause it’s accessible and start avoiding them and not picking calls when the money is due

It’s a disgusting attitude!

If u see the way whites abuse insurance, u will weep for insurance companies operating in US and some European countries.

So thinking it's only nigerians that abuse things is uncall for.

Tunex252:
A friend of mine got a small android phone, buy a new sim card and save random numbers on the phone, then he went ahead and borrowed 25k from this loan sharks, they sent all sort of messages and insult to him, the guy insulted them back say what else can they do, only to defame and send stupid messages to his contacts, then he told them he his not going to pay back and they should do their worst.. omo na dem later beg my guy oo serious begging

bros u lie...

Myexdisturbs:
Pay your loans, criminal Nigerians. You guys don't seem to talk about defaulters. Nonsense

don't mind dem

DubaiLandLord1:
The CBN will soon make a law, if you borrow and you don't pay back... Anytime wey money enter the bank account linked to your BVN, them go comot your money with interest sef.

I don't understand why some of una go dey borrow money without paying back.

Bullshit

This is one of the reasons a credit base system will continue to be allien in Nigeria. People just don't want to pay back.

DubaiLandLord1:

I don't understand why some of una go dey borrow money without paying back.

Bullshit

Bros, I tire o!
Person dey sell fried fish jejely for one corner, e nor call u and e nor force u. U ask how much, im say one slice na for 5k, u carry one smell am and u nor stop at that, u com throw am for mouth, chew and swallow. Oya na time to come pay, u com dey speak grammar say e too expensive after d thing don start to dey digest for ya belle. Abeg, tell me if she grab ya trousser with ur manhood dey rough handle u, who cause d embarrassment in d first place?

For me, I still find it difficult to understand why people are blaming these so-called "loan sharks". They had their Terms & Conditions which people accept before taking these loans. Why would they even default? Personally I use them, but I pay way before my supposed repayment date and follow them up with mails to avoid all these stories that touch!

Always use fake contacts when running these apps .Simple and Short

Falter79:
Loan app is a very bad idea

i don't tink so,those app dey help at times

Elsueno:

Forget this shyt...this loan sharks know Nigerians well, well....80% of Nigerians do not like paying debt especially the educated ones.....9 out of 10 people who refused to pay money borrowed from me have the leeway to pay but all they do is change road when they sight u

hahahahaha to do gud for the country nah crime itself,bcus they will make u regret ur gud deed.

I remember when one of these fintechs wanted to start up in 2015... I told them during interviews... Lending money to nigerians without collaterals is very risky!

I can only imagine what their portfolio at risk will look like today

temmypotter:
There’s some Seriously wrong with you OP and everyone on here who thinks this way, Hian! Why are Nigerians so untrustworthy and irresponsible, you collect loans you have no intention of paying back and then start crying wolf when a business that’s loosing money starts pursuing you for what you duly owe them

I think anyone borrowing meagre sums from these companies are people who lack credibility else why can’t you ask friends and family for such sums, but you will now take a loan from loan sharks cause it’s accessible and start avoiding them and not picking calls when the money is due

It’s a disgusting attitude!

Is there any law guiding these companies operating the loan app? Certainly not. It means the business is illegal and extortion oriented. They have no authority to give any one loan. That is why they are adopting this blackmailing to pressure the defaulters into paying back. They should allow the banks do their jobs. Greedy set of people.

Na you get money wey you won pay na. We want Islamic banking

Jmichael1:


hahahahaha to do gud for the country nah crime itself,bcus they will make u regret ur gud deed.

Those guys are not out to do good. They are doing illegal business. It is a coded ponzi scheme. They give you 20k and collect 25k in two weeks and then elevate your collectable loan to 50k to pay back 60k. Is the not MMM. No pity from this end. I just saved the number that's was calling me to remind me about some one I should know as spam. No more hello to those recorded blackmail.