Mooh247:


.Na una wey dey borrow money without income or purpose I pity


.

Ur mind rest that's why you talk this1

MrPADDY:
Sad development for the lenders and the borrowers. The federal government should have found a way to regulate the sector, instead of forcing them to close shops.

they should ban it outrightly and give license to only about 5 to operate. They are too many jare and they have successfully enslaved Nigerians.

When there was no loan companies, Nigerians found a way to survive.

kunlesehan:
Exactly. The action is a bit harsh.

How can the government regulate a criminal entity that is not registered and operate from a hideout. It took the fccpc several months to track them down. Are you trying to say arm robbery is a good thing and should be allowed because it provides income for some criminal elements?

The shutting down isn't complete without Lcredit on that list

Aderewah:
Lol. What about their loans?

Gone with the wind

My dude would be the happiest man for now bcus, He's indebted to nearly all enlisted companies

Chai and remain small make I apply for loan yesterday oh

Regulate them instead of an outright ban, getting quick loans from conventional banks is not easy, they provide jobs and assist people financially though their excesses need to be curbed

ednut1:
You have no means of repaying yet people borrow from there why Is that not criminal intent

I pray God provide a better job for you. Harassing and defaming people is not your destiny

it seems those telling these online apps to get license don't know it will stop their flow operations



take 10k to pay 16100 back in two weeks


take 4000 to pay 7500 back in a week



if they should get license or registered under Nigeria banking policy, such fraud interest rates won't happen and this means they're not gaining anything



they should be banned from Nigeria space, let Nigerians manage what they've

MadamVanessa:





Nice one if it's true.

This thing has plunged a lot of people into pitiable debt.

But I don't know how someone can loaned money and find it very hard to pay back on the agreed date. When the loan company start disgracing them, they start crying foul. Some of them will run to nairaland to seek for help. Very stupid and uselesssss people infact thieves. I don't blame loan companies at all for their actions.

Loansharking is illegal under every jurisdiction worldwide, condemned by every single religion on the planet

I have observed with dismay the attitude of some overzealous Nairalanders who are in the habit of always shouting "Go and Pay" each time issues concerning These loan sharks and their terrible uncultured approach to banking is raised here. Those goons always appearing as saints are usually the line debtors. What is bad is bad, not paying a loan taken is bad. but conventional banks have standard rules and approach. Don't give loans if you can't collect a security. Things are hard for Nigerians, these loan sharks should know that and stop giving out these loans. That method of calling out debtors by degrading their reputation all over the social media space is very unconventional and stupid.

Leemao @ easy credit

williams77:
Regulate them instead of an outright ban, getting quick loans from conventional banks is not easy, they provide jobs and assist people financially though their excesses need to be curbed

There are so many of them operating legally and within the confines of the law. These ones are not registered and operate illegally

Sigh. The two companies I'm owing are not there. Lcredit and Ajeloan

danniyal:

I pray God provide a better job for you. Harassing and defaming people is not your destiny

i dont work for a loan company. But I believe anyone who take money there without means or intention of paying should be jailed

Thank God that our complaints have reached the right quarters.

I also want to commend Google for their timely clampdown on some of them.

However, these loan apps will soon come up with other names so we all must be on the lookout to report them as soon as they resurface.

How can you give someone 7k to repay 12k in 7 days?

That is taking advantage of someone's predicament.

You should give loans to help, not exploit people.

You will see some giving loan of 3k. What can 3k buy in Nigeria today?

If you don't have the wherewithal to go into professional lending, then DON'T.

Stop exploiting people.

MadamVanessa:





Nice one if it's true.

This thing has plunged a lot of people into pitiable debt.

But I don't know how someone can loaned money and find it very hard to pay back on the agreed date. When the loan company start disgracing them, they start crying foul. Some of them will run to nairaland to seek for help. Very stupid and uselesssss people infact thieves. I don't blame loan companies at all for their actions.

People like you are even the most ardent customers of these loan sharks but come here to virtue signal nonsense.

You don't know how someone can borrow and find it hard to pay back??

seborrhic:
Overdue.
Though the average Nigerian has a perchant for not paying back debts,the interest rate of 200-300% per annum or 15-20% per week is just bull shit crazy.

Harsh economic situation and COVID-19 caused it infact it was during this COVID-19 that Nigerians took much loans from these loan sharks because the government failed to provide assistance to cushion the effect of economic hardship already caused by buhari regime add it to the hardship COVID-19 caused

CryptoClub2018:
Those loan apps are criminals and they shouldn't be allowed to operate in our space. They are mostly Chinese and Lebanese companies who doesn't care about privacy invasion. Defamation and blackmail isn't a good strategy for loan recovery

It is a good move. Yes it is.
If you need quick loans for emagencies etc, you should go to your bank and get loans there. Give them collateral and wait 6 months and 5% chance the loan will be approved.
I remember when I needed 100k 11 years ago and micro finance house came to take inventory of up to my pant. Entered my bedroom. Etc.
Nigerians think they are wise yet not.
If you need urgent money borrow from your family!
As for me sha, I will not lend and body money. Little money I gave someone that was due for payment 1 month ago, they guy de do like say him no owe me moni.
All man, to your tent oh Israel!!

unitysheart:


https://punchng.com/fg-shuts-illegal-online-banks-freezes-business-accounts/

So what then happens to people's personal informations like bvn and bank details and all that? Anyways thank God I was about to make payment today to one of them, let me use their money flex this weekend joor. Enough beer to celebrate.

MadamVanessa:





Nice one if it's true.

This thing has plunged a lot of people into pitiable debt.

But I don't know how someone can loaned money and find it very hard to pay back on the agreed date. When the loan company start disgracing them, they start crying foul. Some of them will run to nairaland to seek for help. Very stupid and uselesssss people infact thieves. I don't blame loan companies at all for their actions.

exactly like seriously.. The loan company doesn't chase people who don't borrow.. Dey borrowed but to pay is now a problem

Kingpele:
Good for the fraudsters,
This people will lure u with sweet strategies to get u to apply for loan only to use threats and insults to terrorise you, with what I heard of those that deal with this guys ,it is rather a burden to deal with them

true. Imagine one of them told me to repay my loan so that I'll be offered a business loan.

ednut1:
i dont work for a loan company. But I believe anyone who take money there without means or intention of paying should be jailed

But how can you prove that a person does not want to pay back?

These loan sharks are dubious.

Google does not allow apps that give unreasonably short loan tenure. It is unrealistic. People take these loans because they are desperate. The loan companies know that many Nigerians are poor, so they take advantage of them and drive many into a life of debt.

Splitmind:
Very good.

They should go after Kudabank as well.

Kuda is doing well

ednut1:
You have no means of repaying yet people borrow from there why Is that not criminal intent

No, it's not criminal intent.

If anything, the loan apps are the ones breaking the law by charging 30% interest per week and operating without licenses.

It is the job of the lender to do credit checks. The onus is on the lender to ensure that the information provided by the intending borrower is correct. Has Jimoh Ibrahim ever been arrested for bad loans?

unitysheart:


https://punchng.com/fg-shuts-illegal-online-banks-freezes-business-accounts/

Name of the illegal banks?

ednut1:
i dont work for a loan company. But I believe anyone who take money there without means or intention of paying should be jailed

I also believe that every normal business should operate under the law and perform due deligence and proper kyc before granting loans

What will happen to unsettled loans?

Just thinking aloud.

MadamVanessa:





Nice one if it's true.

This thing has plunged a lot of people into pitiable debt.

But I don't know how someone can loaned money and find it very hard to pay back on the agreed date. When the loan company start disgracing them, they start crying foul. Some of them will run to nairaland to seek for help. Very stupid and uselesssss people infact thieves. I don't blame loan companies at all for their actions.

The problem is that many people are poor.

Some of the things you take for granted are like gold to many other Nigerians.

Ever volunteered for NGOs that cater for the poor? You will see that some people cannot even afford to feed properly.

Poverty is underreported in Nigeria.

Now, these loan apps who should help by giving loans with reasonable tenures and low interest rates are only there to exploit the poor.

If you give people reasonable loan tenures, they will pay back. At least, there will not be many debtors.

einsteine:


No, it's not criminal intent.

If anything, the loan apps are the ones breaking the law by charging 30% interest per week and operating without licenses.

It is the job of the lender to do credit checks. The onus is on the lender to ensure that the information provided by the intending borrower is correct. Has Jimoh Ibrahim ever been arrested for bad loans?

banks are supposed to obtain collateral before giving him loans. But the bank execs are his friends so anything goes in that industry

I remember warning these stupid idiots that one day they will overdo one of their workers said nothing will happen